HomeMy WebLinkAboutStudio 3k-7/26/2010The Parties
Disaster Recovery Business Rental Assistance Program Contract
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CONTRACT #
BRAP097
AWARD DATE:
i vly76,2010
PROJECT COMPLETION DATE:
December, 2010
CITY: City of Waterloo
715 Mulberry Street
Waterloo, Iowa 50703
CONTACT PERSON: Noel Anderson, Director of
Community Planning and Development
Email: Noel.Anderson@Waterloo-ia.org
Phone: (319) 291-4366
Fax: (319) 291-4262
BUSINESS: Studio 3k
10W4th St
Waterloo, Iowa 50702
CONTACT PERSON: Helen Saffold-Redding
Email: heavensscent337@yahoo.com
Phone: (319) 504-1668
Fax:
FORGIVABLE LOAN AMOUNT:
$5,400
TERMS OF FORGIVENESS:
PROJECT DESCRIPTION:
The Business must:
This Forgivable Loan is provided by the City to the
■ Locate in a business rental
Business to complete the Project as described in
space that was physically
its application and summarized here. Funds shall
damaged by the 2008 natural
be used by the Business for rental assistance for
disaster(s).
the period [07/10] to [12/10].
• Enter into a minimum one-year,
market -rate lease.
• Remain open for the duration of
the six-month period for which
rental assistance is awarded.
• Not be in default of any term of
this Contract.
THE UNDERSIGNED AGREE to be bound by the terms and conditions stated above and the
following documents incorporated by this reference and attached to this Contract: (1) Exhibit A- Disaster
Recovery Business Rental Assistance Program General Provisions (July 2009), (2) Exhibit B -
Business's Promissory Note, and (3) Exhibit C -Business's Application for Disaster Recovery
Business Rental Assistance Program assistance. The Parties have entered into this Contract, effective
as of the last date stated below (the "Contract Effective Date").
FOR THE FOR THE BUSINESS:
Sig tur
Print ame and Title Print Name and Title
Date` 200 Date - 7.--;215/1
EXHIBIT B - BUSINESS'S PROMISSORY NOTE
PROMISSORY NOTE -FORGIVABLE LOAN
FOR VALUE RECEIVED, the undersigned promises, in the event this Forgivable
Loan is not forgiven, to pay to the order of the CITY OF WATERLOO, at its office at 715
Mulberry Street, the sum of FIVE THOUSAND AND FOUR HUNDRED DOLLARS
($5,400) with interest at a rate of 0 % plus, in the event of a default, any costs and
expenses that may be assessed as allowed under Contract # BRAP097 (the "Contract")
and as stated below.
The terms and conditions by which forgiveness of this Loan may occur are as
specified in the Contract.
Upon default, the whole amount then disbursed to Business shall become
immediately due and payable at the option of the holder.
The undersigned, in case of suit on this note, agrees to pay on demand all costs
of collection, maintenance of collateral, legal expenses, and attorneys' fees incurred or
paid by the holder in collecting and/or enforcing this Note on default.
Makers, endorsers and sureties waive demand of payment, notice of non-
payment, protest and notice. Sureties, endorsers and guarantors agree to all of the
provisions of this note, and consent that the time or times of payment of all or any part
hereof may be extended after maturity, from time to time, without notice.
By:
Print Name, Title
Address: 10 W 4th St
Waterloo,IA50702
Date / r /r ----H)
Contract #BRAP097 7
CS