1987-110-RES WHEREAS, by letter to the Mayor of Paris, dated May 22, 1987, (the "Commitment") and accepted on
RESOLUTION NO.
87-110
WHEREAS, by letter to the Mayor of Paris, dated May 22,
1987, (the "Commitment") and accepted on behalf of the City
on June 3, 1987, by authority of Resolution No. 87-043
passed by the City Council of the City of Paris on April
13, 1987, the National Trust for Historic Preservation
agreed to make a loan to the City in the principal amount of
$50,000.00 (the "Loan") for the purposes and on the terms
and conditions set forth in the Commitment; and,
WHEREAS, the City intends to use the proceeds of the
Loan to assist in the construction of permanent sheds for
the City's historic Market Square Farmers' Market; and,
WHEREAS, the City will execute a promissory note (the
"Note"), to evidence the Loan, in the form of Exhibit A
attached hereto; and,
WHEREAS, there have been submitted to this meeting the
Note and related documents to be executed on behalf of the
City to evidence and secure the Loan; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PARIS, That the City shall borrow the Loan pursuant to the
terms and conditions of the Commitment; and,
BE IT FURTHER RESOLVED, that, all actions by Billy Joe
Burnett, Mayor, in accepting the Commitment are hereby
approved; and,
BE IT FURTHER RESOLVED, that, Billy Joe Burnett, Mayor
of the City of Paris, be, and he is hereby authorized and
directed to execute on behalf of the City of Paris the Note
in the form attached hereto as Exhibit A and to execute any
other documents required in connection with the Loan.
Passed and adopted this 19th day of October, 1987.
ATTEST:
~~\.~~~)
Mattie unning am, C'ty C erk
APPROJED AS;%' FORM:
A ~ /./
PROMISSORY NOTE
$50,000
Paris, Texas
Date:
FOR VALUE RECEIVED, the City of Paris, a municipality
of the State of Texas (the "Undersigned"), promises to pay
to the National Trust for Historic Preservation in the
United States (the "National Trust"), or order, at 1785
Massachusetts Avenue, N.W., Washington, D.C. 20036 or at
such other place as the holder hereof may designate, the
principal sum of Fifty Thousand Dollars ($50,000.00),
together with interest thereon at the rate of eight percent
(8%) per annum, payable in lawful money of the United States
of America in immediately available funds, as follows:
Interest, at the rate specified, shall be payable on
the unpaid principal balance of the Loan quarterly,
commencing on the first (1st) day of the fourth (4th) month
following the date hereof and continuing on the first (1st)
day of each third (3rd) month thereafter until the first
(1st) day of the fourth (4th) month following the first
(1st) anniversary hereof. Commencing on such date,
principal and interest shall be payable in sixteen (16)
equal quarterly installments, based on four-year
amortization, until the final quarterly payment when the
entire unpaid principal balance, and all accrued and unpaid
interest thereon, shall be due and payable in full.
Any payment hereunder shall be applied first to the
payment of interest and then the halance to the payment of
principal.
The Undersigned shall have the right at any time and
from time to time to prepay all or part of the principal sum
without premium or penalty upon the payment of accrued
interest to the date of such prepayment.
Time is of the essence of this Promissory Note, and in
the event that any payment of principal and/or interest as
provided herein is not made within thirty (30) days of the
date that such payment is due, a "late charge" of four
percent (4%) of the quarterly installment of delinquent
principal and/or interest only may be charged by the holder
for the purpose of defraying the expense incident to
handling such delinquent payment, but in no event shall
these late charges be assessed so as to exceed the maximum
leqal rate of interest.
-2-
If default shall be made in the timely payment or
performance of any provision of this Promissory Note, and
such default shall not be cured within thirty (30) days, or
if the Undersigned shall file or there shall be filed
against the Undersigned a petition in bankruptcy or a
petition seeking relief under any insolvency act or law,
State or Federal, now or hereafter existing, or if default
shall be made in the performance of the financial assistance
commitment by and between the Undersigned and the National
Trust, dated May 22, 1987, as may be amended from time to
time (the "Commitment"), then the entire principal balance
and all accrued interest thereon then unpaid shall, at the
option of the holder, become at once due and payable.
Failure to exercise this option shall not constitute a
waiver of the right to exercise the same in the event of any
subsequent default.
The Undersigned hereby waives demand, notice of
presentment, notice of dishonor, protest, and notice of
protest of this Promissory Note. The Undersigned agrees to
pay all reasonable expenses of collection, including
reasonable attorneys' fees, incurred in the enforcement or
collection of this Promissory Note.
Nothing contained in this Promissory Note or in any
other document evidencing or securing this Promissory Note
shall be deemed to establish or require the payment of a
rate of interest in excess of the maximum rate lawfully
chargeable. In the event that the rate of interest so
required to be paid exceeds the maximum rate lawfully
chargeable, the rate of interest to be paid shall be
automatically reduced to the maximum rate lawfully
chargeable, and to the extent necessary to accomplish the
foregoing, any excess interest reserved, charged or taken
shall be automatically credited on account of the principal
indebtedness, provided 'that no such credit shall operate as
a cure or waiver of any event of default occasioning
acceleration.
This Promissory Note is issued under and entitled
the benefits of the Commitment, to which Commitment
reference is hereby made for a statement of the rights
respect thereto of the holder of this Promissory Note.
the event of any conflict between the terms hereof and
terms of such Commitment, the terms of such Commitment
govern.
to
in
In
the
shall
-3-
The validity and construction of this Promissory Note
and all matters pertaining thereto are to be determined in
accordance with the laws of the State of Texas.
IN WITNESS WHEREOF, the Undersigned has caused its hand
and seal to be affixed hereto on the date and year first
hereinabove written.
(Corporate Seal)
CITY OF PARIS
ATTEST:
Matt1e Cunn1ngham, City Clerk
By:
Billy Joe Burnett, Mayor