HomeMy WebLinkAboutPromissory Note - 03/27/2018 PROMISSORY NOTE
$325,957.00 03.2. 7. 2_08
Date
FOR VALUE RECEIVED,the undersigned Renton Housing Authority (RHA), (the
"Borrower") at 2900 NE 10th St., Renton, WA 98056 promises to pay to the order of City of
Renton (City) (the "Lender"), at 1055 South Grady Way, Renton, Washington 98057, (or at other
such place Lender may designate in writing),the principal sum of Three Hundred Twenty-Five
Thousand Nine Hundred Fifty-Seven Dollars and No Cents ($325,957.00), with interest of
percent 1.7% per annum as follows:
1. TERMS OF REPAYMENT
A. Payments
Unpaid principal shall accrue interest from the date each element of the
principal was paid by the Lender at a rate of 1.7% annually until paid.
B. Due Date
The unpaid principal and accrued interest shall be payable upon the closing of
the sale of that property generally known as the Phase II parcel located generally
south of Harrington Avenue NE and between Sunset Lane NE and Sunset
Boulevard NE (the "Due Date").
C. Application of Payments
All payments on this Note shall be applied first in payment of accrued interest
and any remainder in payment of principal.
2. PREPAYMENT
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the
Due Date.
Renton Housing •uthor,
Name: nrk Gro }'
Its: Executive Director
Date: Q.r. 27 2-0/8
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