HomeMy WebLinkAbout2006-222 Agreement - Morical House
PAYMENT AGREEMENT
Premises:
1 . On May 3, 2005, the City obtained a Judgment against Morical
House for unpaid taxes, penalties and interests that as of
November 26, 2006 had an outstanding balance of $2,219.16,
including court costs and post judgment interest.
2. On November 25, 2005, the City obtained a Judgment against
Morical House for unpaid taxes, penalties and interests that as of
November 26, 2006 had an outstanding balance of $4,181.44,
including court costs and post judgment interest.
3. On April 28, 2006, the City obtained a Judgment against Morical
House for unpaid taxes, penalties and interests that as of
November 26, 2006 had an outstanding balance of $8,009.82,
including court costs and post judgment interest.
4. On May 15, 2006, the City obtained a Judgment against Morical
House for unpaid taxes, penalties and interests that as of
November 26,2006 had an outstanding balance of $1 ,478.93,
including court costs and post judgment interest.
5. Morical House filled transient occupancy tax returns for the months
of July, August, and September 2006, but did not make tax
payments. As of November 26, 2006, the total outstanding balance
for these months, including tax, penalties and interest is $4,472.85.
6. On November 14, 2006, City sent a letter to Morical House
indicating an intent to pursue foreclosure of the judgment liens
against the real property holdings if Morical House did not make
arrangements to pay the outstanding judgments and delinquent
amounts.
7. Morical House responded with an offer to make $1,000.00 per
month payments on the outstanding amounts owed until paid.
Now Therefore, the parties agree as follows:
1 . The premises are deemed true and are herein incorporated by
reference.
2. Morical House will make timely payment on all future taxes coming due
during the term of this Agreement.
3. Interest will accrue on outstanding amounts at the rate of 1 % per
month until the entire amount is paid off.
4. Morical House will execute the attached promissory note for the
delinquent outstanding amounts to be collected.
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5. Time is of the essence of this Agreement.
6. A default in the terms of this Agreement or in the terms of the
Promissory Note shall be considered a default of all provisions.
7. In the event of a default, all principal, interest and late fees become
immediately due and collectible at the option of the City.
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Dated this ~ day of
,2006
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Promisor: Alicia Y. Hwang
CITY OF ASHLAND
PROMISSORY NOTE
$20,362.20
Ashland, Oregon, November 26,2006
For value received, I, Alicia Y. Hwang, promise to pay to the order of the City of
Ashland, Oregon, ("City"), at City Hall, 20 East Main Street, Ashland, Oregon or
such other place as the City may designate, the principal sum of twenty thousand
three hundred sixty-two dollars and twenty cents ($20,362.20), plus accrued
interest, at the rate of one percent per month from this date until paid; and plus
any late fees as provided below; payable in monthly installments of not less than
$1,000.00 in anyone payment; interest shall be paid monthly and is included in
the minimum payments above required; the first payment to be made on or
before 5:00 p.m., Tuesday, January 2, 2007. Subsequent payments shall be
made monthly on or before 5:00 pm on the 1st day of each month, until the whole
sum, principal and interest has been paid. Late fees shall be paid as provided
below.
Any installment not paid by the 1st of the month in which it is due shall be
assessed a late fee in the amount of $25.00. If any payments are delinquent, all
principal, interest and late fees 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. If this note is turned over to a collection agency for collection,
then pursuant to ORS 697.105, the collection agency fees up to, but not
exceeding 50% of the remaining balance on the note, including all accrued
interest and late fees, shall be added to the amount due. In addition to the
aforementioned remedies, the City may pursue any other remedy provided for in
law or equity.
Promisor: Alicia Y. Hwang