Holland Energy Fund Loan Agreement Page | 3
Payments received by the Holland Board of Public Works will be first applied to utility charges for electric,
water and sewer, then to other utility charges and then to your loan payments described in paragraph 1.
RECORDING OF MEMORANDUM AND NOTICE OF ON-BILL PAYMENT. You agree that we may
record a Memorandum and Notice of On-Bill Payment signed by you with respect to your Property. T
orandum will be discharged or terminated by the Holland Energy Fund recording a notice of
8. PREPAYMENT: You may pre-pay the amount of principal, interest and other charges owed under this
Agreement, in full or in part, at any time without penalty.
EFAULT. You will be in default under this Agreement if you do not make a payment of the amount
required on or before the date it is due. You will be in default if you break any promise or representati
that you made in connection with this loan or if you made any false or misleading statements in your loan
lication. You will also be in default if something happens that we believe may seriously affect your
ability to repay what you own under this Agreement or if you are in default under any other lo
eement you have with us.
TIONS AFTER DEFAULT. When you are in default, we may demand immediate payment of t
entire unpaid balance under this Agreement. You waive any right you have to receive demand for
payment, notice of intent to demand immediate payment and notice of demand for immediate payment. If
we demand immediate payment, you will continue to pay interest at rate provided for in this Agreement,
until what you owe has been repaid. We may also exercise any other rights given by law when you are i
You also agree that the payments due under this Agreement may be enforced in the same manner as
charges for electric services which may include shut off of electric service to the Property and placing the
delinquent amounts on the real property tax bill for the Property. Once placed on the tax bill, the
amounts due will be a lien on the Property with the same priority and collected in the same
manner as real property taxes and all fees and charges applicable to delinquent taxes will apply.
ACH PERSON RESPONSIBLE. Each person who signs this Agreement will be individually an
ointly responsible for paying the entire amount owed under this Agreement. This means we can enforc
rights against any of you individually or against all of you together.
12. LATE CHARGE. If you are late in making a payment, you promise to pay the late charge shown in
he Truth in Lending Disclosure. If no late charge is shown, you will not be charged one.
ELAY IN ENFORCING RIGHTS. We can delay enforcing any of our rights under this Agreement
any number of times without losing the ability to exercise our rights later. We can enforce this Agreement
against your heirs or legal representatives.
ONTINUED EFFECTIVENESS. If any part of this Agreement is determined by a court to be
unenforceable, the rest will remain in effect.
TICES. Notices will be sent to you at the most recent address you have given us in writing. Notice
to any one of you will be notice to all. In the event that you sell or transfer the Property, you agree
that we may send notices and provide information about this Agreement to anyone who acquires
an interest in the Property.
otice to the Holland Energy Fund shall be in writing and delivered or mailed by certified mail to the
offices of the Holland Energy Fund, Attn. Finance Department, at 270 S. River Ave., Holland, MI 49423.
16. COMPLETE AGREEMENT. This Agreement is the complete agreement between the parties and
upersedes any prior representation, negotiation or agreement between the parties.
MENDMENTS. This Agreement may only be amended or changed by an agreement in writin
igned by Holland Energy Fund, any other attempted or alleged amendments or changes shall be voi
and of no effect.
OVERNING LAW. This Agreement shall be governed by the laws of the State of Michigan and
applicable federal law.