HomeMy WebLinkAbout2010-008 Promissory Note - Roth SECURED PROMISSORY NOTE
The undersigned, Ronald Roth, promises to pay to the order of the City of
Ashland, Oregon, at 20 East Main Street, Ashland, OR 97520 o the sum of
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Fk�arltFuEro�iq.vo six wN� �o /,o. Dollars 35 2510. without
interest thereon, in monthly installments of Seven Hundred, Fifty Dollars ($750.00) or
more each month, commencing with the first monthly installment due on the 1s day of
February, 2010, and continuing with a like installment on the first day of each month
thereafter until the entire balance is paid in full; provided that if the undersigned pays
all of the installments required to be paid hereunder in compliance with paragraph
11.c of the Compliance Agreement of the parties of even date herewith, other than
the sum of $10,000.00, or if the undersigned pays all of the sums payable hereunder
other than the sum of $10,000.00 by May 1, 2011, then the undersigned shall be
relieved of any obligation to pay the remaining $10,000.00 and this note shall be fully
satisfied. In addition to the foregoing, if the balance payable under this note is paid in
full by May 1, 2011, other than the sum of $10,000.00 and other than the lesser of ten
percent (10 of the original amount of this note or $3,500,00, whichever is lesser, then
this note shall be fully satisfied and discharged.
In the event that any installment is not paid by the due date, time of payment
and performance being of the essence, there shall become immediately due and
payable a late payment penalty in the amount of ten dollars ($10.00) per day for
each day after the due date of such installment until the installment is paid, together
all late payment penalties that accrue to the date that both the late installment and
late payment penalties are paid.
If any installment is not paid within ten (10) days after the due date thereof,
this shall constitute a default, provided that the holder of this note shall not exercise
any remedy provided for such default unless the undersigned fails to remedy such
default within five (5) calendar days after the delivery of a written notice of such
default to the undersigned in the manner provided hereafter. In order to remedy
such default, the undersigned must pay the late installment together with all late
payment penalties that accrue to the date that both the late installment and late
payment penalties are paid.
Notice of default shall be delivered to the undersigned in any one or more of
the following manners: (1) by personal delivery; (2) by mailing the same to the
undersigned by first class mail and certified mail, return receipt requested, addressed to
6950 Old Highway 99 South, Ashland, OR 97520; or (3) by affixing the same securely to
the front door of the residence of the undersigned at the foregoing address.
This note is secured by a trust deed (the "Trust Deed of even date herewith. Any
breach of the Trust Deed that is not remedied within ten (10) days after the delivery of a
written notice of such breach to the undersigned specifying the nature of the breach shall
constitute a default hereunder. Notice of a breach of the Trust Deed shall be delivered in
one or more of the manners required for delivery of a notice of nonpayment.
In the event of a default that is not remedied within the time permitted for
such remedy, in addition to the remedies provided in the Trust Deed, the holder of this
note shall have the right to declare the entire balance payable hereunder immediately due
and payable and take action to collect the same.
In the event of any legal action to collect any sum payable under the terms of this
note, the undersigned shall pay the reasonable attorney fees of the holder of this note to
be set by the court at trial and on appeal.
This promissory note implements the court approved Compliance Agreement
entered into between the parties in December 2009.
Dated: This 2.5 of _PS./ Q Atz.p" 2009.
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Ronald E. Roth