HomeMy WebLinkAboutSBT, Inc.-Disaster Recovery Business Rental Assistance Program Contract-09.28.2009 Disaster Recovery Business Rental Assistance Program Contract
CONTRACT# AWARD DATE: PROJECT COMPLETION DATE:
BRAP043 _, 2009 , 2009
CITY: City of Waterloo CONTACT PERSON: Noel Anderson, Director of
715 Mulberry Street Community Planning and Development
w Waterloo, Iowa 50703 Email: Noel.Anderson@Waterloo-ia.org
a) Phone: (319) 291-4366
aFax: (319) 291-4262
.c BUSINESS: SBT, Inc. CONTACT PERSON: Jim O'Regan
F- 402 E 4th St Email: jim@sbt.net
Waterloo, Iowa 50703 Phone: (319) 440-0431
Fax:
a) FORGIVABLE LOAN AMOUNT: $50,000
c
co TERMS OF FORGIVENESS: PROJECT DESCRIPTION:
y The Business must: This Forgivable Loan is provided by the City to the
a 1 • Locate in a business rental Business to complete the Project as described in
1a space that was physically its application and summarized here. Funds shall
c a, damaged by the 2008 natural be used by the Business for rental assistance for
c disaster(s). the period [09/09] to [02/10].
i .' ■ Enter into a minimum one-year,
N o market-rate lease.
C L- • Remain open for the duration of
u) the six-month period for which
m 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 CITY: FOR TH BUSINESS:
Signature SiSigyi, ure
-----fi OA i A t/Lak m i ukt Ckti 01( e--' j ,-- L2 4.r 5, i
Print.Name and Title i Print Name and Title
C't/' (SI C' ) f L..- 2I —
Date Dafe
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 FIFTY THOUSAND DOLLARS ($50,000) 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# BRAP043 (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.
SBT, Inc.
By:
�
, /n
nature
Print Name, Title'
Address: 402 E 4th St
Waterloo, IA 50703
Date ri `Lc.- -1, 2'w 5
Contract#BRAP043 7