HomeMy WebLinkAbout95- Reliable Transaction Processing Addendum to Loan Agreement
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ADDENDUM TO LOAN AGREEMENT
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THIS ADDENDUM TO LOAN AGREEMENT is made and entered into this 1"1
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day of -ILfJ-R-Ll-------, 1995, by and between RELIABLE TRANSACTION
PROCESSING, INC. , hereinafter referred to as "Borrower", and the CITY OF
BOZEMAN, hereinafter referred to as "Lender".
WHEREAS, Borrower and Lender have entered into a loan agreement dated
March 8, 1994; and
WHEREAS, the Borrower has proposed a rescheduling of the loan payments
due to the slow progress and startup of RTP; and
WHEREAS, the parties desire to reschedule the loan payments,
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
CONTAINED HEREIN, the parties agree as follows:
2. Interest Rate and Repayment of Loan. Change to read as follows:
The note attached hereto as "Exhibit A" shall bear interest at seven (7)
percent. Accumulated interest and penalties, as of April 15, 1995, in the
amount of $8,323.20, shall be paid in three equal payments of $2,774.40,
payable on April 15, 1995, July 15, 1995, and October 15, 1995. Beginning
May 15, 1995, the principal balance of $173,000 shall be amortized over a
SIX (6) year period of time at the above stated interest rate payable in
monthly installments of $2,949.48, becoming due and payable on the 15th
day of each month with the first payment due on May 15, 1995 and
continuing each month thereafter until all principal and interest is paid in
accordance with the amortization table attached hereto as "Exhibit B" which
by this reference is made a part hereof. The Borrower will pay a late
charge of two percent (2%) of the scheduled payment for any payment not
made by the 20th day of the month in which it is due. All payments shall
be first applied to penalties, then interest and thereafter to principal. There
will be no penalty for prepayment of the loan.
This section of the loan agreement will be amended at closeout of the
project to provide for reduction in the interest rate of the loan equal to one-
eighth of one percent per each full-time equivalent position filled by a low-
or moderate-income person as defined by the Federal Standard for
Definition of Low- and Moderate-Income Status; provided, however, that in
no event shall the interest of the loan agreement be reduced below five (5)
percent per annum.
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ADDENDUM TO LOAN AGREEMENT
RELIABLE TRANSACTION PROCESSING, INC.
PAGE 2 OF 3
Exhibit A. Promissorv Note.The Promissory Note for the payment of the loan
shall be set out in Exhibit A - Amended, attached hereto and made a part of this
addendum.
Exhibit B Amortization Schedule. The Amortization Schedule for the payment
of the loan shall be as set out in Exhibit B - Amended, attached hereto and made
a part of this Addendum.
Except as specifically modified herein, the original agreement of 8 March
1994 shall remain in full force and effect and the parties shall be bound by all
terms and conditions thereof.
IN W ITNES S WHEREOF, the parties hereto do make and execute this
agreement the day and year first above written.
RELIABLE TRANSACTION PROCESSING,
BORROWER ....... +""-''''''''-'_._.~.~'---''~'\
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~y: ~~ I. -Simmon
Pr sident
STATE OF MONTANA)
:ss
County of Gallatin )
On the E- day of -'J~ ' 1995, before me, a Notary Public for
the State of Montana, personally appeared Arnulf I. Simmon, known to me to be
the President of Reliable Transaction Processing, Inc., the corporation that
executed the foregoing Addendum to Loan Agreement and acknowledged to me
that he executed the same for and on behalf of said corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal
on the day and year first written above.
~/J;teq~
Residing at: ~.............
My Commission xpires:~J~ J19L:.
ADDENDUM TO LOAN AGREEMENT
RELIABLE TRANSACTION PROCESSING, INC.
PAGE 3 OF 3
LENDER, CITY OF BOZEMAN
~~ )
By:
Jam s E. Wysocki, City Manag
STATE OF MONTANA )
:ss
County of Gallatin )
On the ~_ day of ~ ' 1995, before me, a Notary Public
for the State of Montana, person lly appeared James E. Wysocki, known to me to
be the person described in and who executed the foregoing Addendum to Loan
Agreement as Manager of the City of Bozeman, whose name is subscribed to the
within instrument and acknowledged to me that he executed the same for and
on behalf of said City.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal
on the day and year first written above.
C'6t~ ~
Notary Public for St te of Montana
Residing at Bozeman, M~ <1 '1 J.,
My Commission Expires: 1/; I
LEGAL REVIEW (approved as to form)
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Paul J. ~y Attorney
ATTEST:
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Robin L. Sullivan
City Clerk
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EXHIBIT A - AMENDED
PROMISSORY NOTE
$173,000.00 at 7% I annum for j d1-' ~') , ;J
Bozeman, Montana
______________________, 1995
FOR VALUE RECEIVED, Reliable Transaction Processing, Inc.,
2050 Fairway Drive, Building B, Bozeman, Montana, hereinafter referred to as
"Borrower", promise to pay to the order of the City of Bozeman, Montana, 411 East
Main Street, Bozeman, Montana, the sum of ONE HUNDRED SEVENTY THREE THOUSAND
and NOIlOOths DOLLARS ($173,000.00) as follows:
Monthly payments of principal and interest in the amount of TWO
THOUSAND NINE HUNDRED FORTY NINE AND 48/100THS ($2,949.48) shall be made
commencing on the fifteenth (15th) day of May, 1995 with subsequent monthly
payments being due on the fifteenth (15th) day of each month thereafter until all
principal and interest is paid. In Addition, all interest and penalties accrued as of the
fifteenth (15th) day of April, 1995, the sum of EIGHT THOUSAND THREE HUNDRED
TWENTY THREE AND 20/100ths ($8,323.20), will be paid in equal installments of TWO
THOUSAND SEVEN HUNDRED SEVENTY FOUR AND 40/100ths ($2,774.40) on April 15,
1995, July 15, 1995, and October 15, 1995. The Borrower agrees to pay a late charge
of two per cent (2%) of the scheduled installment for any payment not made by the
20th day of the month in which it becomes due and payable. Interest will continue to
accrue on both the delinquent payment and unpaid balance. All installments shall be
first applied to penalties, then interest and thereafter to principal. There will be no
penalty for prepayment of the loan.
/e ' 1995.
DATED THIS IY_ day of ~ .
RELIABLE TRANSACTION PROCESSING, INe.
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STATE OF MONT ANA )
ss
County of Gallatin )
On the J_LJ.__ day of __~-----~_, 1995, before me, a Notary
Public for the State of Montana, person lly appeared Arnulf I. Simmon, known to me
to be the president of Reliable Transaction Processing, Inc., the corporation that
executed the foregoing Promissory Note and acknowledged to me that he executed the
same for and on behalf of said corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal
on the day and year first written above.
~4.a:t~~~
Notary Public for State of Montana
Residing at Bozeman, Mc;na
My Commission Expires:. .~.)0 ) ~cr b
(SEAL)
, . ,-n~ EXHH3'IT R AMENDED
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Page 1 MORTGAGE AMORTIZATION RUN DATE: 03/06/'::
LOAN RTP
Debt: $173000.~ Rate: 7.00Y. Payment Periods: 72
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Debt Term: '_9_,~Yr.s;: 0 Mos Amortized Ove)": {; Yr.s, o Mos
Pa.yment Pl"incipal Interest Balance
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1 2949.48 - 1940.31 1009.17 171059.69
2 2949.48 1';;'51.63 9'37.85 169108.06
3 294'3.48 1963.02 986.4E. 167145.05
4 2949.48 1974.47 975.01 165170.58
5 2949.48 1985..98 963.50 163184.60
6 2'949.48 1997.57 951 . 91 161187.03
7 2949.48 2009.22 940.26 1!59177.81
8 294$.48 2020.94 928.54 157156.88
9 2949.48 2032.73 916.75 155124.15
10 2'949.48 2044.:59 904.8'3 153079.56
11 2949.48 2056.52 892.96 151023.04
12 2949.48 20G8.51 880.97 148954.53
1 35393.74 24045.47 11348.27 148'354.53
13 2949_48 2080.58 858.90 146873.95
14 2':149.48 20'32 ~ 72 856.76 144781.24
15 2949.48 2104.9:2 844.56 142676.32
16 2949.48 2117.20 832.28 140559.12
17 2949.48 2129.55 819.93 138429.57
18 2'349.48 2141.97 807.51 136287.60
19 2949.48 2154.47 795.01 1:34133.14
20 2949.48 2167. (/4 782.44 131966.10
21 2949.48 217'9.68 769.80 129786.42
22 2'34'3. 48 2192.3',3 757.09 127594.03
23 2949.48 2205.18 744.30 125388.85
24 2949.48 2218.05 731. 43 123170.81
'2 35393.74 25783.73 9610.01 123170.81
25 2949.48 2230.98 718.50 120939.83
26 2':'49. 48 2244.00 705.48 1186'35.83
27 2'94'9.48 2257.0'9 692.39 116438.74
28 2949.48 2270.25 679.23 114168.49
29 294'3.48 2283.50 665.98 111884.99
30 2949.48 229G.82 652.66 109588.18
31 2949.48 2310.22 633.26 107277.96
32 2949.48 . 2323.69 625.79 104954.27
33 2349.48 2337.25 612.23 102617.02
34 2949.48 2350.88 5'~8. 60 100266.. 14
35 2949.48 2364.59 584.89 . 97901.56
36 2949.48 2378..39 571. 09 95523.17
3 35393.74 276.47.64 .7746.10 '35523. 17
37 2949.48 2392.26 557.22 93130..91
-------------------------------- Continued --------------------------------
L.:.^II.LUl, I U t"'\i'II.-I'tL.JLU
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Page 2 MORTGAGE AMORTIZATION RUN DATE: 03/06/9:
LOAN RTP
Debt: $173000.0 Rate: 7.00% Payment Periods: 72
Debt Term: 6 Yrs, o Mas Amortized Over; 6 Vr s, o Mos
Payment Principal Interest Bal an,: e
====~================~====~=====~=~===~=====================~=========~=====
38 294'3.48 2406.22 543~26 90724.6'3
39 294'9.48 2420.25 529.23 88304.44
40 2949.48 2434.37 515.11 85870.08
41 294'9.48 2448.57 500.91 83421.51
42 2'349.48 2462.85 486.63 80958.66
43 2949.48 2477.22 472.26 78481.44
44 2949.48 2491.67 457.81 75989.77
45 2949.48 2506.21 443.27 73483.56
46 294'3.48 2520.83 428.65 70'362.74
47 :294'3.48 2535.53 413.95 68427.21
48 2949.48 2550.32 399.16 65876.89
4 35333.74 29646.28 5747.46 65876.8':1
49 2949.48 2565.20 384..28 63311.69
50 2'94'3.48 2580..16 36'9.32 60731. 53
51 2949.48 2595.21 354.27 58136~33
52 2'949.48 2610.35 33'9.13 55525.98
53 2949..48 2625.58 323.90 52'300. 40
54 2949.48 2640.89 308.59 5025'3.51
55 2949.48 2656.30 293.18 47603.21
56 2949.48 2671.79 277.69 44931.43
57 2949.48 2687.::18 262..10 42244..05
58 294'3.48 2703.06 246.42 39540.99
59 2949.48 2718.82 230.66 36822.17
60 294'3.48 2734.66 214..80 34087.49
5 35393.74 31789.40 :3604.34 34087.49
61 2949.48 2750.64 198.84 313::16.85
62 2949.48 2766.68 182.80 28570. 18
63 2949.48 2782.82 166.66 25787~36
64 294'3..48 2799.05 150.43 22988.31
65 2949.48 2815.38 1~4..10 20172.93
66 2949..48 2831.80 117.68 17341. 13
67 2949.48 2848.32 101. 16 14492.82
68 2949.48 2864.94 84.54 11627.88
69 294'3.48 2881. 65 67.83 8746..23
70 2'949.48 2898.46 51 . 02 5847.77
71 2949.48 2915.37 34.11 2932.40
72 2949.51 2932.40 17.11 0..00
6 35393.77 34087.49 1306.28 0.00
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TOTAL 212362.46 173000.00 39362.46 0.00
=========~=======:====~======= End of Report ========================~~==
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PERSONAL GUARANTEE OF ARNULF I. SIMMON
THIS IS AN AGREEMENT OF GUARANTEE by Arnulf 1. Simmon
("Guarantor") , to the City of Bozeman, a Municipal Corporation
( "ObI igee " ) , of payment of any and all funds loaned to Reliable
Transaction Processing, Inc. from the City of Bozeman through its
revolving loan fund pursuant to a certain Loan Agreement with
Obligee by Reliable Transaction Processing, Inc. ("Obligor") .
For value received, Guarantor guarantees to Obligee payment in
full for any funds loaned to Reliable Transaction Processing, Inc.
from Obligee pursuant to that certain contract of Obligor with
Obligee, described as Loan Agreement dated March 8, 1994 along with
any and all promissory notes and amendments, addenda, and
modifications to the Loan Agreement.
Guarantor consents to any extension of time of performance
and/or payment of the whole or any part of the Loan Agreement or
any addition or change of the Loan Agreement and waives notice of
that consent.
This guarantee and every part of it shall bind Guarantor's
heirs, executors, administrators and assigns.
Dated this IT day of ~.c: , 1995.
GUARANTOR:
STATE OF MONTANA )
) ss.
County of Gallatin )
On this ~ day of ~ ' 1995, before me the
undersigned, a Notary Public f the State of Montana, personally
II .. At <# . ."
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appeared ARNULF I. SIMMON, known to me to be the person whose name
is subscribed to the within instrument and acknowledged to me that
he executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
Notarial Seal the day and year first above written.
(SEAL)
Q;~ ~ (fLH"~
Not ry Public or th~ ~
Montana, residing at _ Y-cJI'~'"
My Commission Expire . . f) JdJ9-b