HomeMy WebLinkAbout1992-169 Prom Note - MedingerPROMISSORY NOTE
$62,250.00 Medford, Oregon June 8 , 1992
I/WE, JOINTLY AND SEVERALLY, PROMISE TO PAY TO THE ORDER OF
CITY OF ASHLAND, a Municipal corporation AT PLACE DESIGNATED BY
BENEFICIARY, THE SUM OF
SIXTY TWO THOUSAND TWO HUNDRED FIFTY AND NO/100 ....
DOLLARS,
WITH INTEREST THEREON AT THE RATE OF 9 PERCENT PER ANNUM FROM
June 22, 1992 UNTIL PAID, PAYABLE IN ANNUAL INSTALLMENTS OF
NOT LESS THAN '$6,225.00 IN ANY ONE PAYMENT; INTEREST SHALL BE PAID
ANNUALLY AND IS IN ADDITION TO THE MINIMUM PAYMENTS ABOVE REQUIRED; THE
FIRST PAYMENT IS TO BE MADE ON THE 22 DAY OF .June ~ ~9 93, AND A
LIKE PAYMENT ON THE SAME DAY OF EACH YEAR THEREAFTER, UNTIL THE WHOLE
SUM, PRINCIPAL AND INTEREST HAS BEEN PAID. IF ANY OF SAID INSTALLMENTS .IS
NOT SO PAID, ALL PRINCIPAL AND INTEREST TO 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 HEREON; 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.
THIS NOTE IS SECURED BY A DEED 0F TRUST OF EVEN DATE HEREWITH WHICH
CONTAINS A CONSENT CLAUSE.
VINCENT L. OREDSON