PROMISSORY NOTE (3)CITY OF CLEARWATER COMMUNITY REDEVELOPMENT AGENCY
PROMISSORY NOTE
THIS AGREEMENT, entered into this J-044' day of F-eLtta , 2019, by and
between the Community Redevelopment Agency of the City of Clearwater, Florida
(hereafter "CRA"), whose address is P.O. Box 4748, Clearwater, Florida 33758-4748, a
public body corporate and politic of the State of Florida and Tequilas Mexican Grill &
Cantina LLC, d/b/a Tequila's Mexican Grill and Bar whose address is 422 Cleveland St.,
Clearwater, FL 33755 (hereinafter "Borrower").
WITNESSETH
WHEREAS, the CRA has committed CRA funds to be applied for recruitment and
relocation to the Community Redevelopment Area (CRA Redevelopment Incentive
Funding); and
WHEREAS, the types of incentives contemplated by this program include other
financial incentives to retain and attract businesses Downtown; and
WHEREAS, in order to achieve the concentration and/or location of the desired
business in the Downtown, the Plan contemplates that it may be necessary to negotiate
with existing tenants in regard to existing leases or terms for relocation; and
WHEREAS, the Borrower has requested buildout assistance for the interior
renovation and equipping of space at 422 Cleveland Street, Clearwater, FL 33756;
NOW THEREFORE, in consideration of the premises, the mutual covenants, and
promises contained herein, and other good and valuable consideration, the Borrower and
the CRA agree and covenant each with the other as follows:
A. GENERALLY
The foregoing recitals are true and correct and are incorporated in and form a part of this
Promissory Note.
B. BORROWER'S PROMISE TO PAY
For value received, the undersigned ("Borrower") promises to pay the sum of 35% of
eligible improvement costs not to exceed $100,000.00 in U.S. dollars to the order of the
lender. The lender is the Community Redevelopment Agency of the City of Clearwater,
organized and existing under the laws of the State of Florida and located at 600 Cleveland
St., Suite 600, Clearwater, Florida 33755.
C. INTEREST/FORGIVENESS
Funds shall be provided in the form of zero percent (0%) interest loan -to -grant to the
Borrower, which, barring a default by the Borrower, the City will forgive at a rate of twenty
percent (20%) per year over the five-year loan -to -grant term so long as Borrower remains
a tenant at 422 Cleveland St., Clearwater, FL 33756 and operates as a food or drink
business at that location which is open a minimum of Wednesday through Saturdays from
5:00 p.m. until 10:00 p.m.
D. PAYMENT
The Borrower agrees to repay the City the loan balance if it fails to perform any of the
covenants or agreements contained in the Loan -to -Grant Agreement or this Promissory
Note.
E. DEFAULT BY BORROWER
This loan may be terminated in its entirety or disbursement of loan funds may be withheld
for the following, which shall constitute a default under this Promissory Note and Buildout
Assistance Agreement: (a) failure to operate the business, (b) eviction; or (c) vacation of
the premises by the Borrower.
F. MISCELLANEOUS PROVISIONS
Execution of this Promissory Note by the Borrower is a representation that the Borrower
is competent, familiar with the terms of the Rental Assistance Agreement, and fully
intends to honor the agreement.
This Note shall be governed by the laws of the State of Florida, and venue shall be in
Pinellas County.
Should any section or part of any section of this Promissory Note be rendered void,
invalid, or unenforceable by any court of law, for any reason, such a determination shall
not render void, invalid, or unenforceable any other section or any part of any section in
this Note.
This Note is non -assignable by the Borrower.
F. COPY RECEIVED
1. Borrower hereby acknowledges receipt of a copy of this instrument.
IN WITNESS WHEREOF, the Borrower and the CRA have executed or caused these
presents to be executed by its respective authorized representatives to be effective as of
the day and year first above written.
In the presence of:
BORROWER:
Borrower Signatur
STATE OF FLORIDA )
COUNTY OF PINELLAS )
The foregoing instrument was acknowledged before me this l a" day of
, 20tC, byV.e�,dCa rimr who is personally known to me or produced
as identification.
i9.
Date
2 1211 q
Date
Print/Type Name: Ptnn.e..S G eR___
Notary Public
Notary Public State of Florida
Anne J Fogarty France+� My Commission GG 207014
? Expires 05/24/2022