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HomeMy WebLinkAboutA&S Petroleum, Inc.-Jumpstart Small Business Assistance Program Contract-12.08.2008 Jumpstart Small Business Assistance Program Contract CONTRACT # AWARD DATE: PROJECT COMPLETION DATE: JBC18 i 9, f , 2008 t M - , 2009 CITY: City of Waterloo CONTACT PERSON: Noel Anderson, Director of 715 Mulberry Street Community Planning and Development co m Waterloo, Iowa 50703 Email: Noel.Anderson©waterloo-ia.org Phone: (319) 291-4366 a Fax: (319) 291-4262 BUSINESS: A & S Petroleum, Inc. CONTACT PERSON.��1 fi i , 127 Jefferson Street Email: Waterloo, Iowa 50701 Phone: ca.II) 0 6b� Fax: 1f j,(' 233 --t- 2 + c FORGIVABLE LOAN AMOUNT: $25,000.00 •5 30. 3 TERMS OF FORGIVENESS: PROJECT DESCRIPTION: O w The Business must: This Forgivable Loan is provided by the City to the LL ; • Complete the Project by the Business to complete the Project as described in c L Project Completion Date. its application and summarized here. Funds shall c • Re-open its business within 12 be used by the Business for [DESCRIBE]: •y a) months of the Award Date. m 2 • Not be in default of any term of cv d 1-4 thisContract. 5-e e ,,,1-*t44) to Q AWARD AMOUNT: $0.00 (� 3 :° d CONDITIONS OF AWARD: PROJECT DESCRIPTION: RS e, ." • Submit documentation of Energy Efficiency Funds shall be used by the c w qualifying purchases for Business for [DESCRIBE]. T. i' reimbursement. ) c • Purchases must meet the w standards set by the Iowa Office of Energy Independence. 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- Jumpstart Small Business Financial Assistance General Provisions (October 2008), (2) Exhibit B- Business's Promissory Note, and (3) Exhibit C -Business's Application for Jumpstart Small Business Financial Assistance. The Parties have entered into this Contract, effective as of the last date stated below (the "Contract Effective Date"). FOR THE CITY: FOR THE BUSINESS: .z ))1(.4"1"/ HA-` . SignatureS Signature Print Name and Title Print Name and Title Date Date Contract#JBC18 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, IOWA, at its office at 715 Mulberry Street the sum of TWENTY FIVE THOUSAND DOLLARS ($25,000.00) with interest at a rate of 0 % plus, in the event of a default as defined in Contract # JBC18 (the "Contract"), any costs and expenses that may be assessed as allowed under 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. A & S PETROLEUM, INC By: Signat e Print Name, Title Address: 127 Jefferson Street Waterloo, IA 50701 Date 4-0/— Contract Contract#JBC18 6 t_r . -