898-Amended&Restated SAA Loan AMENDED AND RESTATED
LOAN AGREEMENT
THIS AMENDED AND RESTATED LOAN AGREEMENT, entered into this
~ day of April, 2002, by and between the SANFORD AIRPORT AUTHORITY
("Borrower") and the CITY OF SANFORD, FLORIDA ("Lender"),
.... WITNESSE'TH: ...............
WHEREAS, the parties previously entered into a Loan Agreement and Promissory
Note dated October 2, 2001, and the parties desire co amend and restate the same to
reflect an increased loan amount of One Hundred Twenty Two Thousand Dollars
($122,000.00), for a total obligation of Five Hundred Ten Thousand Seventy-Five Dollars
( $ 510,075.00); and
WHEREAS, the Borrower has previously entered into joint participation agreements
with the Florida Department of Transportation ("FDOT") to provide seventy-five percent
(75%) of the funds necessary for land acquisition to expand Runway 9L-27R at the
Orlando Sanford Airport; and
WHEREAS, due to the eminent extension of East Lake Mary Boulevard/Silver Lake
Drive by Seminole County, Florida, Borrower expects land values in the area to escalate in
the near future, making land acquisition by Borrower significantly more expensive; and
WHEREAS, the Borrower does not presently have the funds available to take
advantage of the FDOT joint participation agreements; and
WHEREAS, the Lender has agreed to lend the Borrower the sum of up to Five
Hundred Ten Thousand Seventy-Five Dollars ($510,075.00) to assist Borrower with its
local share of the FDOT joint participation agreements for land acquisition, upon the terms
and conditions contained in the Promissory Note dated October 2, 2001, and as modified
by the Amended and Restated Promissory Note of even date herewith and as set forth
below,
NOW, THEREFORE in consideration of the sum of Ten Dollars ($10.00), the
mutual promises and covenants contained herein, as well as other good and valuable
consideration not specifically mentioned, the parties agree as follows:
1. RATES AND TERMS:
a. The $510,075.00 loan will not be amortized but will be payable in
fifty-nine ~59) consecutive monthly interest payments on the unpaid
principal balance beginning February 1, 2002. The Borrower has
already drawn down funds on the original $388,075.00 loan,
therefore, the funding date for purposes of this document shall be
January 11, 2002 (the "Funding Date"). The entire principal
balance and all accrued interest shall be due and payable in full sixty
(60) months after the Funding Date.
b. The interest rate charged will be variable and will be equivalent to the
Florida State Board of Administration rate received by Lender on its
accounts or interest charges on Lenders' line of credit. The intervals
for interest rate adjustment will be adjusted as the rate is adiusted on
Lender's other funds. The Amended and Restated Promissory Note
includes provision for adjustment of interest installments concurrent
with interest rate changes.
c. The loan will be documented by an Amended and Restated
Promissory Note from the Borrower to the Lender on terms set forth
above.
2. USE OF FUNDS:
a. Loan funds will be utilized to pay for the Borrower's local share of
FDOT joint participation agreements provided for the purpose of land
acquisition to expand Runway c2L-27R.
b. No loan funds may be used for the payment of any costs unrelated to
land acquisition except by written agreement of the parties.
3. SECURITY:
a. A general pledge on the revenues of the operation of the Orlando
Sanford Airport, which pledge shall be subordinate to all past pledges.
4. HISCELLANEOUS:
a. The Lender and Borrower will insure that all local, State, or Federal
laws and re~nents' ~ 'm~t i~c~Ction With ~'fi~ L~n
Agreement.
b. The Lender and Borrower will insure that loan funds are disbursed for
planned loan purposes only.
c. The Borrower has approved of the loan through its board of directors.
d. The Borrower shall be responsible for payment of any required state
documentary stamp taxes on the Promissory Note, as Amended.
S. ADVERSE CHANGE: Prior to any disbursement under the loan, Borrower
shall advise Lender if there has been an unremedied adverse change since the date of the
Loan Agreement in the financial or any other condition of the Borrower which may
warrant withholding or not making such disbursement.
SANFORD AIRP AUTHORITY_.
By.~-~-~
William R.
Chairma, S E A
Attested by: /
~deDnaL~CEO
Mayor
AMENDED AND RESTATED
PROMISSORY NOTE
$510,075.00 Sanford~ Florida April .c~ 2002
FOR VALUE RECEIVED, the undersigned promises to pay to the order of
THE CITY OF SANFORD, FLORIDA
at P.O. Box 1778, Sanford, Florida 32772
or at such place as the holder of this note may designate ir~-wri~ing, ~he principal sum of
FIVE HUNDRED TEN THOUSAND SEVENTY-FIVE DOLLARS ($510,075.00)
together with interest thereon from date of funding at the rate set forth in the Amended
and Restated Loan Agreement of even date herewith on the unpaid balance until paid.
This note is payable in fifty-nine (59) consecutive monthly interest only payments
on the unpaid principal balance commencing February 1, 2002. The interest rate is
subject to change based upon a change in the rate received by the City of Sanford, Florida
from the Florida State Board of Administration on its reserve accounts. This note is due
and payable in full sixty (60) months after the Funding Date (as defined in the Amended
and Restated Loan Agreement), including the entire unpaid principal balance plus accrued
interest.
If default be made in the payment of any installment under this note, and if such
default is not made good within thirty (30) days then the entire principal sum and accrued
interest shall at once become due and payable without notice at the option of the holder of
this note. Failure to exercise this option shall not constitute a waiver of the right to
exercise the same at a later time for the same default or for any subsequent default. [n the
event of defaults in the payment of this note, and if the same is placed in the hands of an
attorney at law for collection, the undersigned hereby agrees to pay all costs of collection
including a reasonable attorney's fee. Presentment, protest and notice are hereby waived.
THIS AMENDED AND RESTATED NOTE REPLACES THAT CERTAIN PROMISSORY
NOTE DATED OCTOBER 2, 2001.
SANFORD AIRPORT AUTHORITY
By: ' '
William Miller, its ~ha*
Attested by: ~~~nt