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2024 CDBG Subrecipient Agreement <br />Promissory Note <br />Exhibit "D" <br />interest in excess of the maximum permitted by any applicable usury statute or any other law (the <br />"Maximum Rate"). If this Note or any other such instrument does so provide, the provisions of this <br />paragraph shall govern, and neither Maker nor any endorsers of this Note nor their respective heirs, <br />personal representatives, successors, or assigns shall be obligated to pay the amount of interest in excess <br />of the Maximum Rate. In such event, the interest rate in excess of the Maximum Rate shall be reduced by <br />appropriate credits to the balance owing at maturity hereunder so that the Maximum Rate shall not be <br />e xceeded. <br />13. Notice. Any demand or notice to be made or given under the terms hereof or any instrument <br />n ow or hereafter relating to or securing this Note by the Holder to Maker shall be effective when mailed, <br />e mailed, or delivered by registered mail, postage prepaid, to the Maker to the addresses set forth in the <br />Loan Agreement. <br />14. Governing Law. This Note shall be governed by and construed in accordance with the laws of <br />the State of Washington and applicable federal law. <br />15. Nonrecourse. Notwithstanding any other provision hereof or of any other instrument relating <br />to or securing this Note, the Maker, their managers, members, officers and employees shall not have any <br />personal liability for the indebtedness evidenced hereby or any deficiency judgment, and upon the <br />occurrence of a default or event of default hereunder, the Holder hereof shall look solely to the <br />instruments by which this Note is secured and the Premises constituting the security, together with the <br />rents, issues, and profits thereof for satisfaction of the indebtedness, and resort shall not be made to any <br />other property of the Maker; PROVIDED, HOWEVER, that nothing herein contained shall limit or be <br />construed to limit or impair the enforcement against said Premises of the rights and remedies of the <br />Holder hereof, including the joinder of the Maker in any action to foreclose the liens and security interests <br />securing this Note, and PROVIDED, FURTHER, that nothing herein shall diminish Maker's liability for <br />damages or deficiencies resulting from theft, waste, fraud, material misrepresentation or misuse of rents. <br />16. Loan Agreement. This Note is subject to the terms and conditions of the Subrecipient <br />Agreement between the Maker and Holder dated as of the Click or tap here to enter text. day of <br />Click or tap here to enter text. Click or tap here to enter text (the "Loan Agreement") <br />Disbursement of the funds evidenced by this Note is to be made subject to the terms and conditions of <br />said Loan Agreement. <br />17 Casualty Loss or Condemnation. In the event of any fire or other casualty to the Project <br />or eminent domain proceedings resulting in condemnation of the Project or any part thereof, Maker shall <br />have the right to rebuild the Project, and to use all available insurance or condemnation proceeds to which <br />Maker is entitled therefor, PROVIDED that (a) such proceeds are sufficient to keep the Loan in balance <br />and rebuild or cause the rebuilding of the Project in a manner that provides adequate security to Holder <br />for repayment of the Loan, or, if such proceeds are insufficient, then Maker shall have funded any <br />deficiency, (b) Holder shall have the right to approve plans and specifications for any major rebuilding and <br />the right to approve disbursements of insurance or condemnation proceeds to which Maker is entitled <br />for rebuilding under a construction escrow or similar arrangement, and (c) no material default then exists <br />u nder the Loan Documents. If the casualty or condemnation affects only part of the Project and total <br />rebuilding is infeasible, then proceeds to which Maker is entitled may be used for partial rebuilding and <br />3of4 <br />