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HomeMy WebLinkAboutFirst Steps to Success LLC-3/22/2010The Parties Disaster Recovery Business Rental Assistance Program Contract 0 J d .0 `0 LL CONTRACT # BRAP087 AWARD DATE: , 2010 PROJECT COMPLETION DATE: September, 2010 CITY: City of Waterloo CONTACT PERSON: Noel Anderson, Director of 715 Mulberry Street Community Planning and Development Waterloo, Iowa 50703 Email: Noel.Anderson@Waterloo-ia.org Phone: (319) 291-4366 Fax: (319) 291-4262 BUSINESS: First Steps to Success, CONTACT PERSON: Terry Kalvig LLC. Email: tkalvig@firststepstosuccessllc.com 501 Sycamore St. Suite 507 Phone: (319) 433-5475 Waterloo, Iowa 50703 Fax: FORGIVABLE LOAN AMOUNT: $11,078.76 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 [04/10] to [09/10]. • 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"). Sign ure Ajoir Si I n�I�� �• ���� -err JA I Ui � va�� e P1,Nam and Title Print/Name'and Title r � ?bit) ca3 /60720/® Date Dat FOR THE BUSINE k i,, N re 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 ELEVEN THOUSAND SEVENTY EIGHT DOLLARS AND SEVENTY SIX CENTS ($11,078.76) 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 # BRAP087 (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. First Steps To Success, LLC. By: ftl �vu. (A, Signature 1 -e -/ I Vt Print Name, Title Address: 501 Sycamore St. Suite 507 Waterloo, IA 50703 Date ©3/r 4120 r d Contract #BRAP087 7