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HomeMy WebLinkAboutBrad Howe - $45,000 Disbursements of Loan Proceeds from the Borrower Loan Account to(or for the account of)Borrower in the amount of the"Total Authorized Disbursement"line in the"Amount of Authorized Disbursement"column(see form of notice below)shall be made in accordance with the terms and conditions of the Agreement,the other Loan Documents, and the Disbursement Instructions promptly upon receipt by Lender of a notice in the following form signed by the President, Vice President, Secretary, or Executive Director of CRC: Regions Bank hereby is instructed to make a disbursement of Loan Proceeds from the Borrower Loan Account to (or for the account of) Borrower in: (a) the amount of the "Total Authorized Disbursement" line in the"Amount of Authorized Disbursement" column below; and (b) accordance with the terms and conditions of the Agreement, the other Loan Documents, and the Disbursement Instructions. Purpose of Authorized Disbursement Amount of Authorized Disbursement Amount to be paid by Carmel Theater Development Company,LLC as per the Sculpture Improvements installment purchase contract Invoice 481-A(Brad Howe) July 2011 $ 25,000.00 Invoice 481-B(Brad Howe) July 2011 $ 20,000.00 Total Authorized Disbursement $ 45,000:00 All terms used in these Disbursement Instructions without definition shall have the meanings ascribed thereto in that certain Loan Agreement (Sculpture Improvements), dated September_, 2011, by and between Lender and Carmel Theater Development Company, LLC. Dated: 77-2.4.7/ CITY OF CARMEL REDEVELOPMENT COMMISSION By Printed e c S. Olds Ix Title E Xe c(44-i Ye V I re c4 o l" It is acknowledged and agreed by the parties that CRC has reserved the right to require, as a condition of authorizing disbursement of Loan Proceeds from the Borrower Loan Account to (or for the account of) Borrower:(a)completion of a satisfactory inspection by CRC of the portions of the Sculpture Improvements to which the disbursement relates; and (b) receipt of customary submittals. BRAD HOWE July 28, 2011 Carmel Redevelopment Commission 30 W. Main Street, Suite 2000 Carmel, IN 46032 INVOICE # 481-A Description: Commission of Sculpture— 12'h. stainless steel and multi-colored automotive polyurethane paint Price: $ 100,000.00 Promotional discount fir the City of Carmel ,S 20,000.00 Total (To be paid in four (4) installments) $80,000.00 A First deposit(materials deposit)of$25,000.00 to be paid within 2 weeks of signing of contract. .! Second installment of$20,000.00 when sculpture is 50%completed in studio A Third installment of$20.000.00 when sculpture is 100%completed in studio Final installment of$15,000 upon installation of completed sculpture on site. A Proposed installation date: 8 weeks from time of first deposit. A City of Carmel will agree to use the artist's name whenever possible in conjunction with photography of sculpture used in advertising and promotional materials for the City of Carmel. A Crating and shipping cost not included. Total Due 1st Installment: $25,000.00 Thank you, 423 LATIGO CANYON RO.-\1) • MAI,IBU • CALIFORNIA 90265 TEL • 818-865-8594 FAX • 818-865-8216 Ii rid howe radhowc@bradhov,,c.com BRAD HOWE July 28, 2011 Carmel Redevelopment Commission 30 W. Main Street, Suite 2000 Cannel, IN 46032 INVOICE # 481-B Description: Commission of Sculpture— 12'h. stainless steel and multi-colored automotive polyurethane paint Price: $ 100,000.00 Promotional discount for the City of Carmel wf 20,000.00 Total (To be paid in four (4) installments) $80,000.00 A First deposit(materials deposit) of$25,000.00 to be paid within 2 weeks of signing of contract. A Second installment of$20,000.00 when sculpture is 50%completed in studio A Third installment of$20.000.00 when sculpture is 100%completed in studio A Final installment of $15,000 upon installation of completed sculpture on site. A Proposed installation date: 8 weeks from time of first deposit. A City of Carmel will agree to use the artist's name whenever possible in conjunction with photography of sculpture used in advertising and promotional materials for the City of Carmel. A Crating and shipping cost not included. Total Due 2nd Installment: $20,000.00 Thank you, 423 1.ATIGO CANYON ROAD • MAI,IBU • CALIFORNIA 90265 '1'131, • 818-865-8594 FAN • 818-865-8216 bradhowc@bradhowc.com