HomeMy WebLinkAbout2002-213 Promissory Note - OSFPROMISSORY NOTE
$390,000.00
Ashland, Oregon, -~,:~.,.w,~,,.~ [) , 2002
For value received, the undersigned corporation promises 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 Three hundred ninety thousand dollars and no cents
($390,000.00), plus accrued interest, at the rate of 5.58% per annum from the date
specified in the State of Oregon Economic and Community Development Department Loan
Agreement with the City of Ashland, Project No. L01012, compounded annually on
November 1 of each year, until paid.
Subject to any provisions of the City of Ashland Grant and Loan Agreement with
Oregon Shakespeare Festival Association dated September 21,2001, and this note
requiring earlier payment, principal and interest shall be payable in installments in those
amounts and on those dates set forth on the attached payment schedule until the whole
sum, principal and interest has been paid.
If any installment is not paid, all principal and interest 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, the corporation promises and agrees 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.
Oregon Shakespe~'e Festival Association
By:
Title:
By:
Title:
PAGE 1 of 1 - PROMISSORY NOTE G:\legal\PAUL\OSF\prommisorynote 1-02.wpd
AYOR:
PAYEE:
DUE DATES:
Principal
Interest
Term 25 Years
Oregon Shakespeare Festival
City of Ashland
November 1, 2002 Through
390,000.00
5.58%
25 PAYMENTS
Payment
Interest
November 1, 2026
Principal
Balance
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
1 2OO2
1 2003
1 2004
1 2005
1 2006
1 2007
1 2008
1 2009
1 2010
1 2011
1 2012
1 2013
1 2014
1 2015
1 2016
1 2017
1 2018
1 2019
1 2020
1 2021
1 2022
1 2023
1 2024
1. 2025
1. 2026
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
29 301.64
29 301.64
29.301.64
29,301.64
29,301.64
29,301.64
29 301.64
29 301.64
29,301.64
29,301.64
29,301.64
29,301.64
29,301.64
31,152.47
22.
21.
20.
2O
19
19
18
18
17
17
16
15.
14.
14.
13
12
11
10
9
8
7
5
4
3
1
119.73
361.25
975.49
453.58
959.85
.438.58
.939.97
310.04
696.71
,049.16
410.31
646.13
884.15
079.66
266.52
335.51
388.80
389.27
359.53
221.19
,044.90
802.97
504.05
108.04
646.44
7 181.91
7 940.39
8 326.15
8 848.06
9 341.79
9 863.06
10 361.67
10991.60
11 604.93
12 252.48
12 891.33
13 655.51
14 417.49
15 221.98
16.035.12
16.966.13
17912.84
18 912.37
19 942.11
21 080.45
22.256.74
23,498.67
24,797.59
26,193.60
29,506.03
382,818.09
374,877.70
366,551.55
357,703.48
348,361.70
338,498.64
328,136.97
317,145.38
305,540.45
293,287.96
280,396.63
266.741.12
252.323.64
237.101.66
221 066.54
204 100.41
186 187.57
167275.20
147333.09
126 252.63
103,995.89
80,497.22
55,699.63
29,506.03
0.00
\\finance~,cctgWnnual\Notes\NR_OSF Parking Structure.xls