Contracts & Agreements_2-1960 - Laserfiche WebLink

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ACREEfrt-; The parties hereto; the Board of Parking Place Co ,- :.stoners, a bo :; created under Section 31770 of the Streets €nd Highways Code of the State of California, and the City of Redl—.s, a municipal corporation, agree to the inp. vestment of monies from the Water Department, Legal and Capital Reserve Fund in the Vehicle Parking District No. 1 of the City of Redlands subject to the terms of the "lnstalent Note contained herein. INSTALLMENT NOTE For value received, the Board of Parking Place Commissioners promises to pay in lawful money of the United States of America to the order of the City of Redlands, the principal sum of twenty thousand and no/100 dollars ( 20,000.00) with interest at the rate of four percent ( ) per annum in like lawful money from Jazz 15, 1960 until paid. That interest shall accrue on the annually decreasing balance of the principal amount, and p nt of the principal interest shall be in five successive installments of four thousand and no/100 dollars ($4.0t .00) or more plus accrued interest, beginning January 15, 1961 and annually thereafter until paid in full, If default be a in the p r nt when due of part of the principal or interest, it is n, eed that the entire remaining *aid principal balance n accrued interest shall co x diately due payable without notice at the option of the holder of this note. Further, it is agreed that the unpaid principal balancer accrued interest shall bee due and payable upon written notice by the holder of this note, which notice must be given not les than. ninety (90) days prior to such demand. Dated at Red1 s, California, this _...�.' ea.., day of ]'nni,n,nnt , 1960. ,/ /-" Z,u.r r7 ,� �� 4r�P a .ayor of the City of'ledl a, Chairman of he Hoard o ar California Place Commissioners Attest: FI 7 � er