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BK - 00026 PG:0118 <br />received, the first $30,000 of said funds shall be paid directly to the County as repayment for this loan. <br />However, nothing herein shall limit the Borrower's absolute obligation to repay the loan in $30,000 <br />annual increments [or the reduced annual amount] at some time during the calendar year, regardless of <br />the source of funds or the need to maintain a working capital reserve fund. If not sooner paid, the <br />entire remaining indebtedness shall be due and payable on January 1, 2019. Unless otherwise <br />provided, this Note may be prepaid in full or in part at any time without penalty or premium. Partial <br />prepayments shall be applied to installments due in reverse order of their maturity. <br />Borrower's existing 501(c)(3) organization shall remain in existence until the terms of this loan are <br />fulfilled. Borrower shall make every effort to ensure all of Borrower's Board of Director positions are <br />filled. Borrower's Board of Directors shall not change Borrower's by -laws without approval from the Lee <br />County Board of Commissioners. Until full repayment of this loan, the Borrower shall provide the County <br />Manager and the County Attorney with, at least, 48 hours prior written notice of any Board of Directors <br />meeting or Executive Board Meeting and shall allow the County Manager or his designee and the County <br />Attorney or his designee to attend said meetings. In the event the Borrower determines it is in the best <br />interests of the economic development activities of Lee County to form a successor or new corporation <br />or entity to provide its functions, it will not do so without the prior written approval of the County and <br />without the written assumption of this debt, with the approval of the County, by the successor or new <br />corporation or entity. If the terms of this Promissory Note and Loan Agreement are not fulfilled <br />according to its terms, County reserves the right to withhold future funding to Borrower or its successor <br />or equivalent organization. <br />In the event of (a) default in payment of any installment of principal or interest hereof as the same <br />becomes due and such default is not cured within ten (10) days from the due date, or (b) default under <br />the terms of any instrument securing this Note, and such default is not cured within fifteen (15) days <br />after written notice to maker, then in either such event the holder may without further notice, declare <br />the remainder of the principal sum, together with all interest accrued thereon and, the prepayment <br />premium, if any, at once due and payable. Failure to exercise this option shall not constitute a waiver of <br />the right to exercise the same at any other time. The unpaid principal of this Note and any part thereof, <br />accrued interest and all other sums due under this Note and the Deed of Trust, if any, shall bear interest <br />at the rate of eight percent (8 %) per annum after default until paid. All parties to this Note, including <br />maker and any sureties, endorsers, or guarantors hereby waive protest, presentment, notice of dishonor, <br />and notice of acceleration of maturity and agree to continue to remain bound for the payment of <br />