Iowa Economic Development Authority_Cancellation of Kunkel Bounds CEBA LoanIOWA ECONOMIC DEVELOPMENT AUTHORITY
200 East Grand Avenue I Des Moines, Iowa 50309 USA I Phone: 515.725.3000
iowaeconomicdevelopment.com
May 25, 2012
Mr. Timothy Kunkel, President
Kunkel & Associates, Inc.
401 Data Court
Dubuque, IA 52033
RE: Cancellation of Security Documents
Funding Agreement #06 -CEBA -037
Dear Mr. Kunkel:
RECEIVED
12 JUN -5 AM 9: 04
City Clerk's Office
Dubuque, IA
I ( AMA
economic development
We are in receipt of the final loan payment for the above referenced contract. Because the loan
has been paid in full and the forgivable loan has been forgiven, the original Personal Guaranty
and Promissory Notes have been canceled and are enclosed, along with a copy of the Release
of Real Estate Mortgage document which has been filed with Dubuque County. The original
Promissory Notes signed by the City of Dubuque will also be returned to them.
Should you have any questions regarding this matter, please feel free to contact me at
515 - 725 -3041 or Kristi.steil(c�iowa.gov. Thank you.
Sincerely,
dGAuat,D s;tv,1
Kristi Steil
Project Assistant
Compliance Team
/ks
Enclosure
cc: IEDA Compliance file
Mayor Roy Buol, City of Dubuque
i/& /7o ��
Governor Terry E. Branstad I Lt. Governor Kim Reynolds I Director Debi V. Durham
CANCELED
DATE S 2512- I
CEBA Funding Agreement Exhibit Al- Community's Promissory Note (Forgivable Loan)
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned promises, in the event
this Forgivable Loan is not forgiven, to pay to the order of the IOWA DEPARTMENT
OF ECONOMIC DEVELOPMENT, at its office at 200 East Grand, Des Moines, Iowa
50309, the sum of THIRTY SEVEN THOUSAND FIVE HUNDRED DOLLARS
($37,500) with interest at a rate of 0% unless an Event of Default occurs, in which case
interest shall be at the default rate set forth in Contract number P0603M00866
( "Contract "). The terms and conditions by which forgiveness of this Loan may occur are
as specified in the Contract.
Interest shall first be deducted from the payment and any balance shall be applied on
principal. Upon default in payment of any interest, or any installment of principal, the
whole amount then unpaid shall become immediately due and payable at the option of the
holder.
The undersigned, in case of suit on this note, agrees to pay on demand all costs of
collection, maintenance of collateral, legal expenses, and attorneys' fees incurred or paid
by the holder in collecting and/or enforcing this Note on default.
This note shall be secured by the Security specified in the Contract.
Makers, endorsers and sureties waive demand of payment, notice of non - payment, protest
and notice. Sureties, endorsers and guarantors agree to all of the provisions of this note,
and consent that the time or times of payment of all or any part hereof may be extended
after maturity, from time to time, without notice.
ADDRESS:
City Hall
50 West 13th Street
Dubuque Iowa, 52001
City of Dubuque
BY:
ATTES / L
�'gnature)
Date
CANCELED
DATE ry -25 - 12- KS
CEBA Funding Agreement Exhibit Al- Community's Promissory Note (Loan)
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned promises to pay to the order
of the IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT, at its office at
200 East Grand, Des Moines, Iowa 50309, the sum of THIRTY SEVEN THOUSAND
FIVE HUNDRED DOLLARS ($ 37,500) with interest thereon at ZERO PERCENT
(0 %) to be paid as follows:
60 monthly payments of $625.00 beginning on the first day of the fourth month
from the date Award funds are disbursed. Final payment may vary depending upon dates
payments are received.
Interest shall first be deducted from the payment and any balance shall be applied on
principal.
Upon default in payment of any interest, or any installment of principal, the whole
amount then unpaid shall become immediately due and payable at the option of the
holder.
The undersigned, in case of suit on this note, agrees to pay on demand all costs of
collection, maintenance of collateral, legal expenses, and attorneys' fees incurred or paid
by the holder in collecting and/or enforcing this Note on default.
This note shall be secured by the Security specified in the Contract.
Makers, endorsers and sureties waive demand of payment, notice of non - payment, protest
and notice. Sureties, endorsers and guarantors agree to all of the provisions of this note,
and consent that the time or times of payment of all or any part hereof may be extended
after maturity, from time to time, without notice.
ADDRESS: City of Dubuque
City Hall
50 West 13th Street
Dubuque Iowa, 52001
BY:
Roy /euol, Mayor
ATTES