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DEVELOPMENT IMPACT FEES FINANCING AGREEMENT
A NOTE BETWEEN THE CITY OF REDLANDS ("OBLIGOR")
AND SAMUEL IRETON("OBLIGEE")
The City of Redlands is agreeable to financing your development impact fees in the
amount of$4,485.00 over a twenty-four month period with an interest rate of 5.75%
for the first twelve months and 6.25% for the thirteenth through twenty-fourth months
of the agreement. Your monthly payments will be $198.27 for each of the first twelve
months and $198.81 for the duration. Your first payment becomes due on April 1,
1994 with final payment due on March 1, 1996. The amortization of the note is as
follows:
Payment Principal
N m er Due Princinal In rst Tom fang&
1 04-01-94 176.78 21.49 198.27 $4,308.22
2 05-01-94 177.63 20.64 198.27 4,130.59
3 06-01-94 178.48 19.79 198.27 3,952.11
4 07-01-94 179.33 18.94 198,27 3,772.78
5 08-01-94 180.19 18.08 198.27 3,592.59
6 09-01-94 181.06 17.21 198.27 3,411.53
7 10-01-94 181.92 16.35 198.27 3,229.61
8 11-01-94 182.79 15.48 198.27 3,046.82
9 12-01-94 183.67 14.60 198.27 2,863.15
10 01-01-95 184.55 13.72 198,27 2,678.60
11 02-01-95 185.44 12.83 198.27 2,493.16
12 03-01-95 186.32 11.95 198.27 2,306.84
13 04-01-95 186.80 12.01 198.81 2,120.04
14 05-01-95 187.77 11.04 198.81 1,932.27
15 06-01-95 188.75 10.06 198.81 1,743.52
16 07-01-95 189.73 9.08 198.81 1,553.79
17 08-01-95 190.72 8.09 198.81 1,363.07
18 09-01-95 191.71 7.10 198.81 1,171.36
19 10-01-95 192.71 6.10 198.81 978.65
20 11-01-95 193.71 5.10 198.81 784.94
21 12-01-94 194.72 4.09 198.81 590.22
22 01-01-96 195.74 3.07 198.81 394.48
23 02-01-96 196.76 2.05 198.81 197.72
24 03-01-96 197.72 1.09 198.81 0.00
P.O. BOX 3005 REdLANDS, CA 92373
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
the Redlands Plaza, 2 East Citrus Ave., Suite 15B.
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.
(D
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Approved by:
March 15 1994
EP
Sweh Larson, Mayor
Date
< City of Redlands ("Obligor")
x
Accepted By: 41
"Samuel Ireton ("bbiig-ee") Date
2