PROMISSORY NOTE Borrower Program: Clinton Parkway Apartments KS40-0156-026 Lender Program: Moving To Work Demonstration Program Reserves (MTW) ______________________________________________________________________________ Purpose: In order to fund the substantial rehabilitation needed to Clinton Place Apartments, 2125 Clinton Parkway, Lawrence Kansas, a property of the Lawrence-Douglas County Housing Authority, to restore it to a viable and habitable affordable senior housing development. _______________________________________________________________________________ Principal Amount: $ Open Interest Rate: 0.000% Date of Note: January 2007
This note shall remain open from January 1, 2007 until December 31, 2008 or until all construction and physical improvements are completed. Upon completion of all approved physical improvements the board of Commissioners will establish the final amount of the note due and payable to the Moving to Work Demonstration (MTW) Reserves. This Note document will be amended at that time to reflect the final and total amount of the loan. Funds to complete the Clinton Place improvements will be transferred monthly from the MTW Money Market Account number 257000144 and reflected on the General Ledger account 10 01 1162.3 0; into the Clinton Place Business Checking Account number 613264891 and reflected on the General Ledger account 14 01 111.11 0.
Payment: Upon approval of the final loan amount the Board of Commissioners will establish an amortization and payment schedule.
Amendments: Nothing in this Note shall restrict or limit the Board of Commissioners’ from future action to amend this agreement by increasing, extending or forgiving this loan.