Agenda - 12-20-94 - Contract - Laserfiche WebLink

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SECTION 2 . ADVANCE OF FINANCING PROCEEDS 2 . 1 Advances by Lender. Subject to the terms and conditions of this Contract, Lender hereby agrees to advance to the County an aggregate amount of up to NINE MILLION, SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($9 , 600, 000 . 00) , representing the above-referenced Financing Proceeds . The Financing Proceeds shall be used solely for the purpose of constructing the Improvements . Interest shall accrue on the total amount of the advanced Financing Proceeds outstanding from time to time at a fixed rate of 5 .710, based upon a year having 365 days (or 366 days, as the case may be) , for the actual number of days in any interest calculation period, and shall be paid in accordance with the provisions of Section 3 below. 2 .2 Security Instrument. All advances made by Lender to or for the benefit of the County under this Contract will be secured by the Deed of Trust, which shall constitute a first priority lien on the Property and a first priority security interest in any and all fixtures, if any, 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 fifteen years, in the amount of $480, 650 . 00 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, 3