R95-57 AUTHORIZING AGREEMENT DOWNTOWN RENTAL REHAB

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c� . - • .. Revised 3/95 LOAN N0. City of Decatur, Illinois , Downtown Rental Rehabilitation Program • Promissory Note Decatur, Illinois , 19 For value received, the undersigned (borrower) , jointly and severally promise to pay to the order of the City of Decatur, a municipal corporation (City) at its office, c/o Treasurer' s Of- fice, City of Decatur, One Gary K. Anderson Plaza, Decatur, I1- linois, or at such place as it shall designate in writing, the sum of Dollars ($ ) , with no in- terest, the full amount of the balance due ten years from the date of this Note, subject however, to all of the conditions, hereinafter stated, the violation of which shall be considered a default in the terms of this Note: This Note is� secured by a Mortgage (mortgage) on the premises on even date herewith executed by the borrowers to the City. The terms and conditions contained in this Note shall be considered a part of the mortgage the same as if this Note wer� set forth in its entirety in the Mortgage. The terms and condi- tions of the mortgage shall be considered to be set forth in this Note the same as if such terms and conditions were set forth in their entirety in this Note. If the borrower defaults in the performance of any of the terms or conditions in this Note or powntown Rental Rehabilita- tion Contract, or in the Mortgage given to secure this obliga- tion, then the balance of the principal sum above stated and any other payments due under this obligation shall, at the option of the City, without notice, become immediately due and payable by borrower to the City. The failure by the City to exercise its �, option contained in this paragraph shall not constitute a waiver ' of the right of the City to exercise it in the event of any sub- '� sequent default . If the borrower follows all conditions of the Note Downtown Rental Rehabilitation Contract and Mortgage, then immediately after the ten year period expires, the Note and Mortgage will be forgiven in full . The undersigned agree to pay all expenses of the City in en- forcing the terms of this Note including but not limited to non- court collection costs as well as attorney fees, court costs, service fees and other expenses of court or non-court collection proceedings .