HomeMy WebLinkAboutPromissory Note - 03/27/2018 - Paid in Full Q pub
PROMISSORY NOTE
$325,957.00 03.2. ' J. 2-0/8
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 arinum 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"bepayable 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. P REPAYMENT
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the
Due Date.
Renton Housing litho(
Name:: ark Gro
Its: Executive Director :J-:
1w� Date: O.T. 27 2 /e
NOTE-Page 1 of 1 • •
�_ - ondo Pavone, Mayo• - City of Renton
CITY OF � r o
'rFat��r
December 31, 2019
John Poulsen, Chief Financial Officer
Renton Housing Authority
Renton, WA
Re: CAG-16-185
Dear Sir,
This letter is to confirm receipt of the Renton Housing Authority's payment in the amount of
$335,584.27, which represents $325,957.00 in principal and $9,627.27 in interest, for the Sunset Area
Demolition Loan. This payment was the final payment required under the terms of the loan and the
loan is now PAID IN FULL.
Sincerely,
711
X 3a�a�,
Misty4A. Baker
Senior Finance Analyst
City of Renton