Secured By Deed Of Trust And Security Agreement
ADVERTISEMENT
1
2
3
4
5PROMISSORY NOTE
SECURED BY DEED OF TRUST AND SECURITY AGREEMENT
Borrowers: Solvang Brewing Company, Inc.
Note Date: __________, 2015
1547 Mission Drive
Loan Amount: $200,000
Solvang, CA 93463
Loan Number: #59270
Renfrow Family Properties, LLC
625 Atterdag Road
Solvang, CA 93463
FOR VALUE RECEIVED, Solvang Brewing Company, Inc. a California corporation
and
,
Renfrow Family Properties, LLC, a California limited liability company (jointly “Borrowers”)
jointly and severally promise to pay to the City of Lompoc, a California municipal corporation
or order (“City”) the principal sum of Two Hundred Thousand Dollars ($200,000), with
principal and interest) (“Loan”) upon the terms and conditions set forth below. All terms not
specifically defined herein shall have the meanings given to such terms in that certain Loan
Agreement of even date herewith between Borrowers and City (“Loan Agreement”).
1.
Disbursement of Loan. The Loan shall be disbursed pursuant to the Loan Agreement.
2.
Interest, Payments and Maturity Date. Commencing on the Note Date (defined
above) the outstanding principal shall bear interest at four percent (4%) per annum.
The Note shall be fully due and payable eight (8) years from the Note Date (“Maturity
st
Date”). Commencing on May 1, 2016, and on the first (1
) day of each month
thereafter, Borrowers shall make monthly payments of principal amortized over seven
(7) years plus interest at the specified rate until the first to occur of the Maturity Date or
the Loan is paid in full. Upon Borrowers’ request from time-to-time, City shall provide a
payment schedule based on the outstanding principal amount. Any payment not paid
timely shall be subject to the Late Charge (as defined in Section 6). The Loan shall be
disbursed and subject to the terms of the Loan Agreement.
3.
Payment Directions; Late Payment Charges. All payments shall be paid in lawful
money of the United States of America at such places as the City may designate in
writing from time-to-time. Unless otherwise agreed to in writing or otherwise required by
applicable law, payments will be applied first to accrued, unpaid interest, then to
principal, and any remaining amount to any unpaid collection costs, late charges and
other charges. All payments shall be made to the City at the City Treasurer's office
located at Lompoc City Hall, Post Office Box 8001, Lompoc, California 93438-8001.
Payments must be identified as E.D. Loan #59270. Any payment not received by City
by 5:00 p.m. by the tenth (10) day of each month will be deemed “late” and the City
may, at its sole option, assess the Late Charge (as defined in Section 10).
4.
Security Documents. This Note is secured by that certain Deed of Trust and
Assignment of Rents, Security Agreement and Fixture Filing of even date hereof (“Deed
of Trust”) recorded against the real property located at 222-234 North H Street,
Page 1 of 5 Pages
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Miscellaneous