Agmt17 Town of Woodside - Laserfiche WebLink

Browse Search

AGREEMENT NOW, THEREFORE, for good and valuable consideration, including the mutual promises and covenants contained herein, the Parties agree as follows: 1. Loan Amount. The Parties agree that the total amount owed by Woodside to the City for Woodside TCSAD's portion of SVCW capital improvement and repair costs ("Loan") is Fifty-nine Thousand Dollars ($59,000.00), plus interest calculated at the rate established in paragraph 3. The Loan shall be evidenced by a Promissory Note in substantially the form attached to this Agreement as Exhibit B. 2. Term of the Loan. The Loan shall be for a term of up to ten (10) years, commencing upon the Effective Date and expiring December 31, 2026. 3. Interest Rate. Interest shall accrue on the principal balance outstanding, calculated annually at the rate of the most recent quarterly interest rate published by the State of California Treasurer's Local Agency Investment Fund (LAIF) as of December 31 of each year. 4. Renavment of Loan. Principal and interest shall be payable annually on December 31 in accordance with the attached Exhibit A — Principal and Interest Repayment Schedule. 5. Ootional Preoavment of Loan. The Loan may be repaid without penalty at any time during the term thereof by fully paying the outstanding principal balance and interest current to the date of repayment. 6. Delinouent Pavments. Payments which are not received by City by their respective due dates as set forth in Exhibit A shall be deemed delinquent and shall accrue interest at the most recent LAIF rate from the respective due dates until paid. Woodside shall have a 30 - day grace period from date of invoice in which to make the respective payments referred to herein. 7. Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of California. Any action to foreclose upon, or enforce or interpret any of the provisions of this Loan Agreement shall be brought in San Mateo County. IN WITNESS WHEREOF, the Parties are authorized to and have executed this Agreement as of the date set forth above. Notices given pursuant to this Agreement shall be sent to the address and to the attention of the individual(s) shown in the signature blocks below. All such notices shall be deemed to have been duly given and received upon mailing, delivery by courier or personal delivery service, or by email, provided that email delivery shall be effective when the sender has received an electronic confirmation of delivery. The Parties may alter or modify their notice address by delivery of written notice pursuant to the terms of this Agreement. [Signature Page Follows] REV: 02-17-17 EI Page 2 of 6 ATTY/AGR.2017.038/Town of Woodside - Inter -agency Loan Agreement