HomeMy WebLinkAboutPROMISSORY NOTE - Shiel Sexton/CRC/$406,658.34 - Feinstein build out PROMISSORY NOTE
$406,658.34 Date Due: June 30, 2015
On this l' day of May, 2012, for value received, The City of Cannel Redevelopment
Commission ("Borrower") promises to pay to the order of Shiel Sexton Company, Inc., an Indiana
corporation, its successors and assigns (the "Lender") the principal sum of Four Hundred Six
Thousand Six Hundred Fifty-Eight and 34/100 Dollars ($406,658.34), together with interest on the
unpaid principal balance of this Promissory Note (the `Note"), at the rate of four percent (4%) per
annum from the date of this instrument, and nine percent (9%) per annum after maturity until paid,
plus attorneys' fee and costs of collection, and without relief from valuation and appraisement laws.
Both principal and interest and all other sums due hereunder shall be payable at the office of Lender,
at 902 N.Capitol Ave., Indianapolis, IN 46204 or at such other place either within or without the State
of Indiana, as Lender hereof may from time to time designate.
Should the Borrower fail to make the payment when due, Lender may pursue it rights to
collect the amount due including,but not limited to foreclosure.
Borrower shall make an initial payment of One Hundred Thousand and 00/100 Dollars
($100,000.00) plus accrued interest no Lender by June 30, 2012. The remaining balance shall be paid
in three (3) annual installments of June 30, 2013, June 30, 2014 and June 30, 2015, subject to the
terms and conditions of this Note.
The initial payment of$100,000.00 paid by Borrow to Lender shall be contributed to the The
Center for Performing Arts in Carmel, Indiana in exchange for a previously negotiated naming rights
and sponsorship package.
Borrower shall have the right to prepay, in full or in part, the obligation evidenced by this
Note, at any time or from time to time,without penalty and without notice to Lender. Interest shall be
prorated if the principal is prepaid by the Borrower.
Except as herein otherwise provided, all parties to this Note, including endorsers, sureties and
guarantors, hereby jointly and severally waive presentment for payment, demand, protest, notice of
protest,notice of demand and of nonpayment or dishonor and or protest, and any and all other notices
and demands whatsoever, and agree to remain bound hereby until the principal and interest of this
Note are paid in full, notwithstanding any extensions of time for payment which may be granted by
Lender, even though the period of extension be indefinite, and notwithstanding any inaction by, or
failure to assert any legal tights available to Lender of this Note.
If the obligations evidenced by this Note, or any part hereof, are placed in the hands of an
attorney for collection,whether by suit or otherwise, at any time, or from time to time, Borrower shall
be liable to Lender, in each instance, for all costs and expenses incurred in connection therewith,
including,without limitation, reasonable attorneys' fees.
If default shall be made in the payment of principal on this Note as stipulated above or in the
payment of any other sums due hereunder, or should any default be made in the performance of any of
the terms,covenants and conditions contained herein,then in any or all of such events,at the option of
Lender, the entire outstanding principal balance of this Note, together with all accrued unpaid interest
thereon and all other sums advanced by Lender on behalf of Borrower shall become and be
immediately due and payable then or thereafter as Lender may elect.
If any clauses or provisions herein contained operate or would prospectively operate to
invalidate this Note,then such clauses or provisions only shall be held for naught, as though not herein
contained and the remainder of this Note shall remain operative and in full force and effect.
IN WITNESS WHEREOF, Borrower has executed this Note under seal as of the day and year
first above written.
The City of Cannel Re.-velopment Commission
fly)eki ,A070
By: auv Hammel-
Title: Pre siJpnf
Feinstein Promissory Note Payment
Beginning Add: Less:
\._,..ii Date Balance Interest (1) Payment Balance
4/30/12 $406,658.34 $1,336.96 $0.00 $407,995.30
5/31/12 407,995.30 1,386.07 0.00 409,381.37
6/30/12 409,381.37 1,345.91 (100,000.00) 310,727.28
7/31/12 310,727.28 1,055.62 0.00 311,782.90
8/31/12 311,782.90 1,059.21 0.00 312,842.11
9/30/12 312,842.11 1,028.52 0.00 313,870.63
10/31/12 313,870.63 1,066.30 0.00 314,936.93
11/30/12 314,936.93 1,035.41 0.00 315,972.34
12/31/12 315,972.34 1,073.44 0.00 317,045.78
1/31/13 317,045.78 1,077.09 0.00 318,122.87
2/28/13 318,122.87 976.16 0.00 319,099.02
3/31/13 319,099.02 1,084.06 0.00 320,183.09
4/30/13 320,183.09 1,052.66 0.00 321,235.74
5/31/13 321,235.74 1,091.32 „_ •0 322,327.06
6/30/13 322,327.06 1,059.71 (123,386.77) 200,000.00
7/31/2013 200,000.00 679.45 0.01 200,679.45
8/31/2013 200,679.45 681.76 0.00 201,361.21
9/30/2013 201,361.21 662.01 0.00 202,023.22
10/31/2013 202,023.22 686.33 0.00 202,709.55
11/30/2013 202,709.55 666.44 0.00 203,375.99
12/31/2013 203,375.99 690.92 0.00 204,066.91
1/31/2014 204,066.91 693.27 0.00 204,760.18
2/28/2014 204,760.18 628.31 0.00 205,388.48
3/31/2014 205,388.48 697.76 0.00 206,086.24
4/30/2014 206,086.24 677.54 0.00 206,763.79
5/31/2014 206,763.79 702.43 0.00 207,466.22
6/30/2014 207,466.22 682.08 (108,148.30) 100,000.00
7/31/2014 100,000.00 339.73 0.00 100,339.72
8/31/2014 100,339.72 340.88 0.00 100,680.60
9/30/2014 100,680.60 331.00 0.00 101,011.61
10/31/2014 101,011.61 343.16 0.00 101,354.77
11/30/2014 101,354.77 333.22 0.00 101,687.99
12/31/2014 101,687.99 345.46 0.00 102,033.45
1/31/2015 102,033.45 346.63 0.00 102,380.09
2/28/2015 102,380:09 314.15 0.00 102,694.24
3/31/2015 102,694.24 348.88 0.00 103,043.12
4/30/2015 103,043.12 338.77 0.00 103,381.89
•
5/31/2015 103,381.89 351.22 0.00 103,733.11
6/30/2015 $103,733.11 $341.04 ($104,074.15) $0.00
(1) The interest rate is 4%and is compounded monthly.
"'. F . 1 k3 i)'..Yl L.c..r"`- . _-____ _
' •• , . � mpany, Inc.
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;r``,0 PROMISSORY NOTE STATEMENT
I?.n.s:zt`te rt :&a.+`' 8orlo'vvim rne34*-u riy2a'i'? .or 1
The Center for the Performing Arts,Inc.
s
" a`�r5`. St'atementDate,t' .ad'°t` Promissory!NoieYMaturity0'ate'-
May31,2013 January 31,2012
a£ SCL Promii aliiNote t eiet∎Rate' zry a`F_ac P.ageWjet4
4% 1
To:
Carmel Redevelopment Commission
30 W.Main Street,Suite 220
Carmel,IN 46032
Attn: Les Olds
" ,5,Datt a„ _ ;,. 4_ 1 y de _a",x ,,, 7'1!aid J , Descnpnon 4s, ^. „�,. Amourif .t, Baldnceb`.y
PRINCIPAL:
12/31/10 3953-01 Principal $ 217,413.09 $ 217,413.09
3/31/11 3953-02 Principal $ 125,607.62 $ 343,020.71
4/30/11 3953-03 Principal $ 8,412.21 $ 351,432.92
5/31/11 3953-04 Principal $ 9,851.38 $ 361,284.30
7/31/11 3953-05 Principal $ 26,992.99 $ 388,277.29
8/19/11 3953-06 Principal $ 4,195.85 $ 392,473.14
INTEREST:
5/31/11 May 2011 Interest $ 1,165.33 $ 393,638.47
6/30/11 June 2011 Interest 5 1,191.62 $ 394,830.09
7/31/11 July 2011 Interest $ 1,235.38 $ 396,065.47
8/31/11 August 2011 Interest $ 1,239.58 $ 397,305.05
9/30/1.1 September 2011 Interest $ 1,292.41 $ 398,597.46
10/31/11 October 2011 Interest $ 1,354.14 $ 399,951.60 .
11/30/11 November 2011 Interest $ 1,314.91 $ 401,266.51
12/31/11 December 2011 Interest $ 1,363.21 $ 402,629.72
1/31/12 January 2012 Interest $ 1,367.84 $ 403,997.56
2/29/12 February 2012 Interest 5 1,283.94 $ 405,281.50
3/31/12 March 2012 Interest $ 1,376.85 $ 406,658.34
4/30/12 April 2012 Interest $ 1,336.96 $ 407,995.30
5/31/12 May 2012 Interest $ 1,386.07 $ 409,381.37
6/30/12 June 2012 Interest $ 1,345.91 $ 410,727.28
7/31/12 July 2012 Interest $ 1,055.62 $ 411,782.90
8/31/12 August 2012 Interest $ 1,059.21 $ 412,842.11
9/30/12 September 2012 Interest $ 1,028.52 $ 413,870.63
10/31/12 October 2012 Interest $ 1,066.30 $ 414,936.93
11/30/12 November 2012 Interest $ 1,035.41 $ 415,972.34
12/31/12 December 2012 Interest $ 1,073.44 $ 417,045.78
1/31/13 January 2013 Interest $ 1,077.09 $ 418,122.87
2/28/13 February 2013 Interest $ 976.16 $ 419,099.02
3/31/13 March 2013 Interest $ 1,084.06 $ 420,183.09
4/30/13 April 2013 Interest $ 1,052.66 $ 421,235.74
5/31/13 May 2013 Interest $ 1,091.32 $ 422,327.06
PAYMENTS:
6/28/12 $ (100,000.00) $ 322,327.06
TOTAL DUE $ 322,327.06