HomeMy WebLinkAbout2002-192 Promissory Note - KeenerAshland, Oregon November ~, 2002
The
PROMISSORY NOTE
The City of Ashland, a Municipal Corporation ("Maker"), hereby prbmises to pay
to Florence E. Keener and Gary L. Keener, Co-Trustees of the Harold Keener and
Florence E. Keener Joint Revocable Living Trust dated August 10, 1995 ("Holder"), or
order, in lawful money of the United States of America, the principal amount of one
hundred twenty-one thousand eight hundred seventy-five dollars ($121,875.00), together
with interest thereon at the rate of 5.25% per annum on the unpaid principal balance from
December 5, 2002 until paid in full. Maker will make payment on this Note over a
period of ninety six (96) months, at the rate of one thousand five hundred fifty-seven
dollars and forty-eight cents ($1,557.48)per month, with the first payment due January
5 , 2003, and on the same day each month thereafter until the Note is paid in full, by
sending payments to, and payable to, "Florence E. Keener, Trustee", unless instructed in
writing by the acting Trustee or Co-Trustees of the Harold Keener and Florence E. -/?
Keener Joint Revocable Living Trust dated August 10, 1995, as the case may be, to make(',~
payment to a different payee. Said payments include principal and interest, and the
interest is non-taxable. Payments will be applied first to fees, reserves, if any; late charges
if any; interest based on a 365 day year, with the remaining balance' to principal.
Maker's obligation may not be assigned without the express written consent of the
Holder, which consent may be denied for any reason.
Maker may not pre-pay this Note without the written consent of Holder, which
consent may be withheld for any reason. If pre-payment is allowed, there will be a pre-
payment penalty, consisting of (1) payment of all interest which would have accrued for
the remaining term of the Note but for the pre-payment, plus (2) the payment of the total
amount of tax that is owing by Holder to any state and the federal govemment as a
consequence of the pre-payment. It is a requirement of this Note that the Maker provide
reporting forms to the Holder showing that the interest paid each year by Maker to
Holder is non-taxable.
If a payment is ten (10) days or more late, Maker will be charged 5.0% of the
unpaid portion of the regularly scheduled payment. Upon any default, Holder may
declare the entire unpaid principal balance on this Note, and all accrued, unpaid interest
immediately due and payable, and then Maker will pay that amount, including the pre-
payment penalties stated above.
The terms of this Note and the Trust Deed of even date herewith are binding upon
the heirs, successors, and assigns of the parties.
Should any action or proceeding be instituted to collect on this Note due to any
default of Maker, including any failure to pay any pre-payment penalties that are due and
owing, the prevailing party shall be entitled to an award of attomey fees incurred in
connection with said collection efforts, including any attomey's fees incurred in
connection with any appellate proceedings, in amounts to be determined by the
appropriate court or courts.
The authorized representative of the City of Ashland, by executing this Note, on
Maker's behalf represents and warrants that he/she has approval from the City to execute
this Note, and that the Ashland Parks Commission and the Ashland City Cohncil have
performed all steps and requirements of the law to authorize and approve the execution of
both this Note, and the accompanying trust deed securing re-payment of the Note of the
same date herewith.
CITY OF ASHLAND, a Municipal Corporation
By:
Its authorized represented
A ¢r T tle
Par! (?'The JELD-WEN Family
LATE CHARGE ADDENDUM
TO COLLECTION ESCROW INSTRUCTIONS
SELLER: Keener
BUYER: City of Ashland
BUYER AGREES TO PAY SELLER A LATE CHARGE OF $ 77.87 ON AlgY
PAYMENT NOT RECEIVED BY THE COLLECTION DEPARTMENT BY THE 15th
DAY OF EACH MONTH. PAYMENT SHALL BE APPLIED FIRST TO PAYOR'S FEES,
SECOND IN THE FOLLOWING ORDER: LATE CHARGES, NEXT ACCRUED INTEREST,
NEXT PRINCIPAL BALANCE. INTEREST SHALL NOT BE COMPUTED ON ACCRUED
LATE CHARGES. ESCROW AGENT IS NOT RESPONSIBLE FOR DETERMINING OR
Al)VISING PAYOR OR PAYEE WHETHER PROVISION FOR LATE CHARGE IS IN
COMPLIANCE WITH STATE OR FEDERAL LAW.
THERE IS A MONTHLY FEE OF $1.50 FOR THIS SERVICE.
THE FEE WILL BE PAID BY X PAYEE PAYOR.
SELLER Florence Keener
SELLER
BUYER City of Ashland
BU%fER
1501 E McA ~d,'ews Rd · PO Box 1804 · Medford, Oregon 97504 ' 541 77%7660 · Fax 541 77q-35(b