HomeMy WebLinkAbout2014-012 Rev Promissory AMND #1 - Brammo
AMENDMENT NO. 1
TO REVISED PROMISSORY NOTE DATED JULY 23, 2013
BY BRAMMO, INC., TO CITY OF ASHLAND, OREGON
DATED: This 3 I day of T4a0 ARV 12014
MAKER: Brammo Inc. ("Brammo")
PAYEE: City of Ashland, Oregon, a municipal corporation of the State of Oregon ('City")
WHEREAS, Brammo has provided to City a Revised Promissory Note of July 23. 2013
(`Note") documenting Brammo's loan repayment obligation to the City in the amount of
$390,000 together with interest thereon at the rate of 5.00% per annum, and a further obligation
to the City to satisfy the terms of a Financial Assistance Award Contract in the amount of
$28,100 together with interest thereon at the rate of 5.00% per annum; and
WHEREAS, this Note made no provision for penalties for late payment of amounts due
and payable to the City; and
WHEREAS, the sole remedy provided in the Note for failure to pay when due the
principal or interest due on the Note or of any of the said installments is acceleration of
Brammo's obligations, plus costs and attorney fees; and
WHEREAS, the parties wish to add a late payment penalty provision to the Note.
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained
herein, the parties agree as follows:
1. The following new paragraph is added to the Revised Promissory Note of July 23,
2013 as Section 12:
"12. Any payment to City of Ashland after the due dates shown in Sections 1 and 2 of this
agreement shall be subject to the following late payment penalties:
• 0-30 days after due date: 0.5% interest per day, compounded daily;
• 31-60 days after due date: I% interest per day, compounded daily;
• 61 days or more after due date: 2% interest per day, compounded daily.
Receipt of late payment shall not be considered a cure for default under Section 6 of this
revised promissory note."
Amendment to Revised Promissory Note
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2. Except as modified by this Amendment, the Promissory Note of July 23, 2013 is ratified
and affirmed by the parties.
MAKER: PAYEE:
Cit of Aland
By: C~
Scher, Chief Executive Officer City Administrator
State of Oregon
County of Jackson 2
This _instrument was acknowledged before me ?n. 3 2014, by
t.LIV~ XLiKitC,` as City Adminstr or of th City of Ashland, Oregon.
OFFICIAL SEAL
DIANA R SHIPLET
NOTARY PUBLIC-OREGON
COMMISSION NO. 454135 Notary Public -State of re n
MY COMMISSION EXPIRES NOVEMBER 28, 2014 My Commission Expires:
State of Oregon
County of Jackson
This instrument was acknowledged before me on ~anua~,i c?$ , 2014, by Craig Bramsher as
Chief Executive Officer of Brammo, Inc.
OFFICIAL SEAL
ELIZABETH ANNE HAINES NotaW Public - State of Oregon
NOTARY PUBLIC-OREGON My Commission Expires: LtiyL_-2! 5 '70'
COMMISSION NO. 480934
--T-•T--7- 7
MY COMMISSION EXPIRES SEPTEMBER 25, 2017
Amendment to Revised Promissory Note
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