TAXID947033 Deed of Trust - Laserfiche WebLink

Home Browse Search

PROMISSORY NOTE $350,000.00 Ellensburg, Washington Qi,tQ,u ,Q5 ,2023o l-FOR VALUE RECEIVED, KITTITAS COUNTY HISTORICAL SOCIETY (Borrower"), promises to pay to the order of THE COUNTY OF KITTITAS ("Payee"), the sum of Three Hundred Fifty Thousand and no/100 Dollars ($3 50,000.00). TERMS OF PAYMENT: All sums evidenced by this note, principal, and accrued interest, shall be paid as follows: The sum of Three Hundred Fifty Thousand Dollars and no/100 Dollars ($350,000.00 shall only become due should Borrower not abide by the County of Kittitas American Rescue Plan Act Grant Program Agreement signed 2023 This Promissory Note and Deed of Trust entered into contemporaneously herewith, remains in full force and effect for a period of ten (10) years following the final payment of state funds to Kittitas County Historical Society under the County of Kittitas American Rescue Plan Act Grant Program Agreement signed 2023. Upon satisfaction of the ten (10) year term, Kittitas County shall, upon written Kittitas County Historical Society, reconvey this promissory note and Deed of Trust entered contemporaneous ly herewith. Principal is payable in lawful money of the United States. DEFAULT: Time is of the essence with respect to this Note. If Borrower fails to pay any installment required by this Note when due or if any default occurs with respect to the terms and conditions of the real and/or personal property security instruments securing the payment of this Note and of the County of Kittitas American Rescue Plan Act Grant Program Agreement entered into contemporaneously herewith, then Borrower shall be in default on this Note. Upon default, the entire unpaid balance of this Note, principal, and accrued interest, shall become immediately due and payable and the Payee may immediately institute proceedings to collect the entire amount owing herein. In the event of any such default or upon the maturity of this Note, Borrower agrees that the Payee shall be entitled to all rights and remedies allowed by law or equity, in addition to all other rights established by this Note. MODIFICATIONS: No amendment, modification, or waiver of any provision of this Note shall be effective unless it shall be approved and signed by both the Payee and Bomower in writing. APPLICABLE LAW: This Note shall be construed, governed, and enforced according to the laws of the State of Washington. In the event any legal proceedings are commenced to enforce the Borrower's obligations under the terms of this Note, or any obligations of Borrower by virtue of the real and personal property security instruments securing the payment of the indebtedness evidenced by this Note, the venue of any such legal proceeding, shall be laid in Kittitas County, or any county adjoining Kittitas County, State of Washington. KITTITAS COUNTY IIISTORICAL SOCIETY: By Its: Page I ofl