Board Packet 01 18 06 - Sonoma Marin Area Rail Transit - Home Page

AGREEMENT AND PROMISSORY NOTE
THIS AGREEMENT and PROMISSORY NOTE (hereinafter “the Agreement” or
“Promissory Note”) is made and entered into this 18th day of January, 2006, by and between the
SONOMA-MARIN AREA RAIL TRANSIT DISTRICT (“SMART”) and the NOVATO
CHAMBER OF COMMERCE (“NCC”).
RECITALS
WHEREAS, SMART owns certain property within the City of Novato upon which is
located the old NWP Freight House (hereinafter “the Freight House”); and
WHEREAS, the Freight House needs to be demolished and removed because it has been
severely damaged by fire and it is generally in disrepair; and
WHEREAS, NCC desires to assist SMART in the demolition and removal of the Freight
House; and
WHEREAS, Public Utilities Code section 105250 provides that SMART may
temporarily borrow money in accordance with Government Code sections 53820 et seq. and
53850 et seq.; and
WHEREAS, NCC desires to loan funds to SMART on a temporary basis in order to
facilitate and expedite the demolition and removal of the Freight House;
NOW, THEREFORE, IT IS AGREED as follows:
1. In consideration for SMART executing this Agreement and Promissory Note,
NCC hereby agrees to loan to SMART a sum of money not to exceed to Fourteen Thousand
($14,000) to be used exclusively for the demolition and removal of the Freight House. SMART
may draw upon part or the entire loan amount at any time, subject to the conditions set forth
below regarding termination and repayment of the loan funds.
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