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DEVELOPMENT IMPACT FEES FINANCING AGREEMENT
A NOTE BETWEEN THE CITY OF REDLANDS ("OBLIGOR")
AND LENNY EVANS ("OBLIGEE")
The City of Redlands is agreeable to financing your development impact fees in the
amount of$9,182 over a thirty-six month period with an interest rate of 5.75% for the
first twelve months, 6.25% for the thirteenth through twenty-fourth month and 6.75%
for the twenty-fifth through thirty-sixth month of the agreement. Your monthly
payments will be $ 278.30 for each of the first twelve months, $ 279.71 for the
thirteenth through twenty-fourth month and $ 280.46 for the twenty-fifth through
thirty-sixth month. Your first payment becomes due on April 1, 1994 with final
payment due on March 1, 1997. The amortization of the note is as follows:
Payment Principal
Number DJ& Principal ogres Tota Balance
1 04-01-94 234.30 44.00 278.30 8,947.70
2 05-01-94 235.43 42.87 278.30 8,712.27
3 06-01-94 236.55 41.75 278.30 8,475.72
4 07-01-94 237.69 40.61 278.30 8,238.03
5 08-01-94 238.83 39.47 278.30 7,999.20
6 09-01-94 239.97 38.33 278.30 7,759.23
7 10-01-94 241.12 37.18 278.30 7,518.11
8 11-01-94 242.28 36.02 278.30 7,275.83
9 12-01-94 243.44 34.86 278.30 7,032.39
10 01-01-95 244.60 33.70 278.30 6,787.79
11 02-01-95 245.78 32.52 278.30 6,542.01
12 03-01-95 246.95 31.35 278.30 6,295.06
13 04-01-95 246.92 32.79 279.71 6,048.14
14 05-01-95 248.21 31.50 279.71 5,799.93
15 06-01-95 249.50 30.21 279.71 5,550.43
16 07-01-95 250.80 28.91 279.71 5,299.63
f 17 08-01-95 252.11 27.60 279.71 5,047.52
18 09-01-95 253.42 26.29 279.71 4,794.10
19 10-01-95 254.74 24.97 279.71 4,539.36
20 11-01-95 256.07 23.64 279.71 4,283.29
21 12-01-95 257.40 22.31 279.71 4,025.89
22 01-01-96 258.74 20.97 279.71 3,767.15
23 02-01-96 260.09 19.62 279.71 3,507.06
24 03-01-96 261.44 18.27 279.71 3,245.62
4' P.O. BOX 3005 REDLANDS, CA 92373
Payment Principal
Number DO Princi Io 1QW Balan
25 04-01-96 262.20 18.26 280.46 2,983.42
26 05-01-96 263.68 16.78 280.46 2,719.74
27 06-01-96 265.16 15.30 280.46 2,454.58
28 07-01-96 266.65 13.81 280.46 2,187.93
49 08-01-96 268.15 12.31 280.46 1,919.78
30 09-01-96 269.66 10.80 280.46 1,650.12
31 10-01-96 271.18 9.28 280.46 1,378.94
32 11-01-96 272.70 7.76 280.46 1,106.24
33 12-01-96 274.24 6.22 280.46 832.00
34 01-01-97 275.78 4.68 280.46 556.22
35 02-01-97 277.33 3.13 280.46 278.89
36 03-01-97 278.89 1.57 280.46 0.00
Under the terms of this agreement, the Obligee agrees to make timely monthly
payments within ten days of any monthly due date. Failure to make payment within
ten days of the due date will subject the Obligee to a late fee penalty of 25% of the
current amount owed with an additional penalty of 5% for each day payment is not
received beyond the eleventh day. Failure to make payment within thirty days of the
current monthly due date will subject the Obligee to all penalties and the remaining
principal plus any accrued interest will immediately become due and payable. In the
event that the City must pursue legal remedy to collect the penalties plus the remaining
principal-and'accrued interest, the Obligee agrees to pay the City's legal and
administrative expenses related to the collection effort.
Obligee understands that payments may be mailed to the City Treasurer, P.O. Box
3005 Redlands, CA 92373 or delivered in person at the Treasurer's Office located at
ro
r- the Redlands Plaza, 2 East Citrus Ave., Suite 15B.
ro
1-4
Obligee reserves the right to payoff the remaining principal balance plus any accrued
interest in accordance with the above amortization schedule and payment terms, which
would thereby,terminate this agreement.
Obligor and Obligee agree to the terms of this agreement as evidenced by the signatures
below.
E-4rov"�
0%pp March 15, 1994
>1 Swen Larson,Vayor Date
E-4 City of Redlands ("Obligor")
Accepted b1JT
nny Evans ("Obligee") Date