HomeMy WebLinkAbout5.285 Original Contract.7
666268-
ASSUMPTION OF LID LIABILITIES
An agreement made March 17, 1992, between LBR Construction,
Inc., a Washington Corporation, located at 618 South Peabody
Street, Suite H, Port Angeles, Washington 98362, herein referred to
as "purchaser and the City of Port Angeles, a municipal
corporation of the State of Washington, herein referred to as "lien
holder," with respect to the assumption of any and all liabilities
for principal, interest, penalty, and delinquent interest on
certain LID assessments described as follows:
All outstanding principal, interest, penalty and
delinquent interest on LID assessments in the total sum
of $53,895.82 for improvements made to the described real
property through LID No. 204, covering real estate
located in the City of Port Angeles, Clallam County,
State of Washington, and described as follows:
Lots 11 -20, Block 401, Townsite of Port
Angeles, Clallam County, Washington.
SECTION I.
Purchaser hereby specifically assumes the obligation of paying
the LID liability debt herein described.
SECTION II.
This Assumption Agreement shall obligate the Purchaser to pay
interest to the City of Port Angeles on the declining balance of
the LID liability at 12% per annum from the date of execution of
this agreement, and shall require a balloon payment of the total
balance due and owing one (1) year from the date of execution of
the Assumption Agreement by the City of Port Angeles. There shall
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be no prepayment penalty. The City of Port Angeles shall allow a
release of individual lots from the LID lien hold on a per lot
basis, for a payment in full of that portion of the LID assessment
liability attributable to said lot, as determined by the City of
Port Angeles. The amounts paid for release of LID assessment
liability as to individual lots shall be deducted from the balance
due at the one -year anniversary.
LBR CONSTRUCTION, N
By
Rick Anderson/ President
Date Z 5;--
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CITY OF PORT ANGELES
J. -mes ry, H. lett, Maer
Date:
ATTEST:
VOL 954 PALE 50