8816-15 Authorize $676,500 loan with OPWC for Watermain Replacement Project

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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 sonic 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 terns of the Project Agreement including the terns or the time for the payment of any pail 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 tern, 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 shalt 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: 12650 Detroit Avenue, Lakewood, OH 44107. 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 Cuyahoga 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: G Jenniferr ae/Finance Director Cit akewood, Ohio