Agenda - 12-05-94 - VII-A - Laserfiche WebLink

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24 tangible personal property, if any, purchased through the use of the Financing Proceeds and used in connection with the operation of the Property. SECTION 3 . INSTALLMENT PAYMENTS 3 . 1 Amounts and Times of Installment Payments. The County shall repay the Financing Proceeds in equal semi-annual installments of principal and interest (herein the "Installment Payments" ) in an amount sufficient to fully amortize the repayment of same over a period of years, in the amount of $ each, with the first such Installment Payment being due and payable on July 15, 1995. If not sooner paid, all remaining principal and interest shall be due and payable by the County on the Maturity Date. Each installment shall be deemed to be an Installment Payment and such Installment Payments shall be sufficient in the aggregate to repay the Financing Proceeds together with interest thereon. 3 .2 Place of Payments. All payments required to be made to the Lender hereunder shall be made at the Lender' s principal office or as may be otherwise directed by the Lender or its assignee. 3 .3 Late Charges . Should the County fail to pay any Installment Payment or any other sum required to be paid to the Lender within fifteen (15) days after the due date thereof, the County shall pay a late charge equal to four percent (4 ) of the delinquent Installment Payment. 3 .4 Abatement of Installment Payments. There will be no abatement or reduction of the Installment Payments by the County for any reason, including, but not limited to, any defense, recoupment, setoff, counterclaim, or any claim (real or imaginary) arising out of or related to any defects, damages, malfunctions, breakdowns or infirmities of or to the Property. The County assumes and shall bear the entire risk of loss and damage to the Property from any cause whatsoever, it being the intention of the parties that the Installment Payments shall be made in all events unless the obligation to make such Installment Payments is terminated as otherwise provided herein. 3 .5 Prepayment of Installment Payments. If the County has performed all of the terms and conditions of this Contract, it shall have the option to prepay the principal component of the remaining Installment Payments, in full or in part, in such order of the due dates thereof as the County shall determine, at any time, at a prepayment price equal to 100 percent (1000) of the principal amount thereof, plus interest accrued thereon to the date of prepayment, upon thirty (30) days' prior written notice to the Lender. 3