Sample Promissory Note - Ohio Public Works Commission (Page 2 of 2) in pdf

Appendix C-1, Promissory Note - Page 2

local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or

refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior

forbearance.

The Recipient and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or

interest due on this Note, or any part thereof, does hereby expressly agree that any renewal, extension or

modification of the terms of the Project Agreement including the terms or the time for the payment of any part of

this Note may be made or extended without notice and without releasing or otherwise affecting liability of said

parties on this Note.

NOTE: If a project completion report is not received within sixty (60) days from the estimated project

completion date the project may be terminated at the sole discretion of the Director. Upon notification of

termination a revised amortization schedule will be provided based on the actual amount of OPWC financial

assistance borrowed. After project termination no further disbursement activity will be allowed.

The waiver by Lender or failure to enforce any other term, covenant or condition of this Note, or the Project

Agreement and all appendices thereto or to declare any default hereunder or thereunder, shall not operate as a waiver

of any subsequent default or affect the right of Lender to exercise any right or remedy not expressly waived in

writing by Lender. The unenforceability or invalidity of any one or more provisions of this Note shall not render any

other provision herein contained unenforceable or invalid.

This Note and all of the Project Agreement and all Appendices thereto have been executed and delivered in the State

of Ohio and shall be governed by and construed in accordance with the laws of the State of Ohio. Any notice to the

Recipient provided for in this Note shall be given by mailing such notice by certified mail, addressed to the

Recipient at the following address: 215 E. Main Street, Glenville, OH 43222 . Any notice to the Lender shall be

given by mailing such notice by certified mail, return receipt requested, to the Lender at the address of the Lender as

may have been otherwise designated by notice to the Recipient.

This Note was executed in Franklin County, Ohio. The Recipient represents that it has received all of the necessary

approvals from its legislative or authorizing body to execute and deliver this Note to the Lender.

By: ______________________________________

Nancy Smith / Finance Director

City of Glenville, Ohio

Sample Promissory Note - Ohio Public Works Commission Page 2