2008-039-RES-Authorizing the city manager to execute an irrevocable standby letter fo credit to the office of rural community affairs (orca)

Home Browse Search

CITY OF PARIS LIBERTY NATIONAL BANK SSk 75 6000635 Pp 60X 9037 305 LAMAR AVE. Loan Number 400010238 PARIS, TX 75461 P.O, BOX 919 Date 04-30 2008 P.A.f3IS, TX 754&0 Maturity Date ON OEMANO Loan Amount 5393,520.00 Renewal Of BORROWER'S NAME AND ADDRESS 'F:ENDil QiEAN1E ANDDRESS CTILOILP PRC:CMR "I" Indudes each borrower ahove, lomtly and severally. mearts t712 len.~ pr, its sucGessors and assigns. For value ieceived, I promise to pay to you, or your order, at your address listed above the PRINC{PAL sum of THREE HUNDRED NINETY THREE THOUSAND FIVE HUNDRED TWENTY AND N01100 Dollars $ 393.520.00 1 Single Advance: I will recerve all otthis principal sum on 0430-2008 . No additional advances are contemplated under this note. ❑ Multiple Advance: The principal sum shown above is the maximum amount of principal I can borrow under this note. On I wiil receive the amount of $ and future principal advances are contemplated. Conditions: The conditions for future advances are ❑ Open End Credit: You and I agree that I may borrow up to the maximum amount of principal more than one time. This teature is subject to ali other conditions and expires on ❑ Closed End Credit: You and I agree that I may borrow up to the maximum only one time (and subject to all other conditions). INTEREST: i agree to pay interest on the outstanding principal balance from 04-30-2008 at the rate of 5.000 % per year until DEMAND IS MAOE ❑ Variable Rate: This rate may then change as stated below. , ❑ Index Rate: The future ratewill be the following index rate: ❑ Ceiiing Rate: The interest rate ceiling for this note is the ceiling rate announced by the Credit Commissioner irom time to time. ❑ Frequency and Timing: The rate on this note may change as often as A change in the interest rate will take effeci ❑ Limitations: During the term of this loan, the applicable annual interest rate will not be more than % or less than The rate may not change more than °k each Effect of Variable Rate: A change in the interest rate will have the following effect on the payments: ❑ The amount of each scheduled payment will change. ❑ The amount of the final payment will change. ❑ ACCRUAL METHOD: Interest will be calculated on a ACTUALI365 basis. POST MATURITY RATE: I agree to pay_interest on the unpaid balance of this note owing after maturity, and until paid in tull, as stated below: _ M on the same fixed or variahle rate basis in eftect 6efore maturity (as indicated above). ❑ at a rate equal to ❑ LATE CHARGE: If a payment is made more than days after it is due, I agree to pay a late charge of ❑ ADDITIOiJAL CHARGES: In addition to interest, I agree to pay the tollowing charges which ❑ are ❑ are not included m the principal amount above:" . PAYMENTS: I agree to pay this note as follows: ON DEMAND WITH SEMIANNUAL INTEREST PAYMENTS BEGINNING 01-30-2009 ADDITIONAL TERMS: THIS WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ❑ SECURITY: This note is separately secured by (describe separate document by type and date): lThis section is for youf internal use. Failure to list a sepa-e security Aocument does noi ean the aflreement will nai secure Ihis note.~ FU^nP05E: The purpose of this loan is FUND LETTER OF CREDIT q175 SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE IINCLUDING THOSE ON PAGE 2). I have received a copy on today's date. CITY OF PARIS Signature for Lender PHILIP CECIL, CHAIRMAN UNIVERSAL NOTE "'1984. 1991 A""keis Systems, Inc., St. Cloud, MN Forni UN-TX 3/712002 tU%l(Je I cl 1)