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Home My WebLink About1994-153 Prom. Note - Oak KnollPROMISSORY NOTE $1,691.56 Ashland, Oregon, April 11, 1994 For value received, I (or if more than one maker), we, jointly and severally, promise to pay to the order of the City of Ashland, Oregon, ("City"), at City Hall or such other place as the City may designate, the principal sum of One thousand six hundred ninety one and 56/100 dollars ($1,691.56), plus accrued interest computed on the sum of $1,322.30, at the rate of one per cent per month from this date until paid; and plus penalties computed on the sum of $1,322.30 at the rate of ten per cent per month from this date until paid; payable in weekly installments of not less than $130.00 in any one payment; interest shall be paid weekly and is included in the minimum payments above required; the first payment to be made on or before 5:00 p.m., April 11, 1994. Subsequent payments shall be made weekly on each Friday thereafter, on or before the time set forth above, until the whole sum, principal and interest has been paid. Penalties shall be paid as provided below. If all installments are paid as set forth in this note then the penalties specified above shall be waived by the holder of this note. If any installment is not so paid, all principal, interest and penalties become immediately due and collectible at the option of the holder of this note. If this note is placed in the hands of an attorney for collection, I/we promise and agree to pay holder's reasonable attorney's fees and collection costs, even though no suit or action is filed; however, if a suit or an action is filed, the amount of such reasonable attorney's fees shall be fixed by the court, or courts in which the suit or action, including any appeal therein is tried, heard or decided. °1o PROMISOR reenhorn Enterprises, Inc. By: Title: resider Y. T' ._ Secret ry GUARANTY. The undersigned Guarantors unconditionally and irrevocably guarantee the performance of Greenhorn Enterprises, Inc. ("corporation") of each and every promise and obligation under this promissory note. This guaranty shall be continuing and shall terminate only upon the satisfaction by corporation of each and every one of corporation's obligations under this note in accordance with its terms, including but not limited to payment of the note, interest and penalties. GUARANTORS' CONSENT. Guarantors consent that it will not be necessary for holder, in order to enforce this guaranty, to initiate an action or exhaust legal remedies against corporation. Guarantors consent that this guaranty may be immediately PAGE 1 of 2 - PROMISSORY NOTE (1, agrre\cxtknoll[Rev'd 3/9d> enforced upon nonpayment when due of any amount payable to City of Ashland ("City") under the note. Guarantors consent that City may, from time to time, .extend the time for performance or otherwise modify, alter, or change the note, may extend the time for payment of the note and may receive and accept notes, checks, and other instruments for the payment of money made by corporation without in any way releasing or discharging Guarantors from their obligations under this agreement. This guaranty shall not be released, extinguished, modified, or in any way affected by failure on the part of City to enforce all the rights and remedies available to it under the note. BANKRUPTCY OF CORPORATION. The bankruptcy of corporation shall not relieve Guarantors of their obligations under this guaranty. JOINT AND SEVERAL LIABILITY. This guaranty shall bind Guarantors jointly and severally and their respective heirs, personal representatives, and assigns. ATTORNEY FEES. In the event of any action to enforce any of the terms or conditions of this guaranty, the prevailing party or parties shall be entitled to recover from the other party or parties reasonable attorney fees fixed by the trial court and all appellate courts. GUARANTORS: r PAGE 2 of 2 - PROMISSORY NOTE ovagrrcr\oaknoll(Rev'd 3/94) AYMENT SCHEDULE OAK KNOLL RESTAURANT DELINQUENT FOOD AND BEVERAGE TAX RETURN DATE: 12/31/93 NOTE DATE: 04/11/94 TOTAL 12/31/93 -- - 01/31/94 - 02/28/94 DUE TAX DUE - ---- 900.34 --------- 234.16 --------- 187.80 ---------- 11322.30 PENALTY 01/26/94 90.03 0.00 0.00 90.03 PENALTY 02/26/94 90.03 23.42 0.00 113.45 PENALTY 03/26/94 90.03 23.42 18.78 132.23 INTEREST 01/26/94 9.00 0.00 0.00 9.00 INTEREST 02/26/94 9.00 2.34 0.00 11.34 INTEREST 03/26/94 9.00 2.34 1.88 13.22 TOTAL DUE -------- 11197.43 --------- 285.68 ---------- 208.46 ---------- 11691.56 INTEREST RATE 0.01 0.00019 --- ---------- PAYMENT AMOUN T 130.00 PAYMENT PRINCIPAL TOTAL NO. ---- DATE - PRINCIPALINTEREST AMOUNT BALANCE DUE 1 ---- ---- 04/11/94 --------- 129.77 --------- 0.23 ---------- 130.00 ---------- 11561.79 --------- 11563.74 2 04/18/94 129.70 0.30 130.00 11432.09 11433.74 3 04/25/94 129:7.3 0.27 130.00 1,302.36 11303.74 4 05/02/94 129.75 0.25 130.00 11172.61 11173.74 5 05/09/94 129.78 0.22 130.00 11042.84 11043.74 6 05/16/94 129.80 0.20 130.00 913.04 913.74 7 05/23/94 129.82 0.18 130.00 783.21 783.74 8 05/30/94 129.85 0.15 130.00 653.36 653.74 9 06/06/94 129.87 0.13 130.00 523.49 523.74 10 06/13/94 129.90 0.10 130.00 393.59 393.74 11 06/20/94 129.92 0.08 130.00 263.66 263.74 12 06/27/94 129.95 0.05 130.00 133.72 133.74 13 07/04/94 133.72 0.03 133.74 0.00 0.00 1,693.74