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HomeMy WebLinkAboutPromissory Note - 03/27/2018 - copy PROMISSORY NOTE 7'a`i-?'do $325,957.00 03.a 7. 2.D/8 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: ark Groo Its: Executive Director Date: 05% 2 Z 2-0/5 NOTE-Page 1 of 1