HomeMy WebLinkAboutKing Racing, Inc.-Jumpstart Small Business Assistance Contract-03.23.2009 3- 3-67
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Jumpstart Small Business Assistance Program Contract
CONTRACT# AW�ATE: PROJECT
COMPLETION DATE:
JBC26 , 2009 3
CITY: City of Waterloo CONTACT PERSON: Noel Anderson, Director of
715 Mulberry Street Community Planning and Development
m Waterloo, Iowa 50703 Email: Noel.Anderson@waterloo-ia.org
It
Phone: (319) 291-4366
a`; Fax: (319) 291-4262
H BUSINESS: King Racing, Inc. CONTACT PERSON: .3 k L\ k,`,,,
3345 University Ave Email: rak too a? v►2c,ks. .c o,,,N
Waterloo, Iowa 50701 Phone: 3!q)a3a _(;9 ss c
Fax: 3 i ct ) 3 3 -9 9 8 ?
_ FORGIVABLE LOAN AMOUNT: $22,500.00
.23 TERMS OF FORGIVENESS: PROJECT DESCRIPTION:
c w The Business must: This Forgivable Loan is provided by the City to the
it c ; ■ Complete the Project by the Business to complete the Project as described in
0 L Project Completion Date. its application and summarized here. Funds shall
co • Re-open its business within 12 be used by the Business for [DESCRIBE]:
•N W months of the Award Date.
m' o • Not be in default of any term of
a) y this Contract.
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AWARD AMOUNT: $0.00
L 0
•" w a CONDITIONS OF AWARD: PROJECT DESCRIPTION:
ac • Submit documentation of Energy Efficiency Funds shall be used by the
LL ns w qualifying purchases for Business for [DESCRIBE].
to reimbursement.
a 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:
,W,Signature to
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Print Name and Title ' Print Name and Title
Date Date
Contract#JBC26 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 TWO THOUSAND FIVE HUNDRED
DOLLARS ($22,500.00) with interest at a rate of 0 % plus, in the event of a default as
defined in Contract # JBC26 (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.
KING RACING, INC
By:
(gnat e
) 6\ Ki O c. A€r--
Print Name, Title
Address: 3345 University Avenue
Waterloo, IA 50701
Date 3/ )j'
Contract#JBC26 6