Settlement Note Clause Samples
A Settlement Note clause defines the process and documentation required to confirm the completion of a transaction or settlement between parties. Typically, it outlines the obligation for one party to issue a formal note or statement detailing the terms, amounts, and timing of the settlement, which may be used as evidence of payment or fulfillment of contractual obligations. This clause ensures that both parties have a clear, written record of the settlement, reducing the risk of disputes and providing a reliable reference for future dealings.
Settlement Note the Settlement Note to be executed by Borrower to the order of Fleet on or before the Closing Date in the form of Exhibit A-1, to evidence the outstanding Settlement Loans owing to Fleet from time to time pursuant to Section 3.1.3
Settlement Note. On the Closing Date and subject to the satisfaction of the conditions precedent set forth in PARAGRAPH 4, the remaining balance owed to the RTC by Dunes pursuant to the Dunes Settlement Agreement (after giving Dunes a credit in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) in consideration of the transfer of the San Diego Property and after receipt of the Cash Payment in the amount of $290,000) shall be reduced to a total sum of Two Million Seven Hundred Ten Thousand Dollars ($2,710,000.00).
Settlement Note. Contemporaneous with this Settlement Agreement, EVO will issue a promissory note to Falcon in the form attached hereto as Exhibit A. The Settlement Note is intended to settle Falcon’s claims related to the Loan.
Settlement Note. Under the Second Master Lease Offer, Company executed and delivered a promissory note in favor of HCRI in the original principal amount of $1,500,000.00 ("Settlement Note"). The Settlement Note will be secured by a leasehold mortgage against Balanced Care Tenant (HCN), Inc.'s leasehold interest in the Master Lease Properties. The Settlement Note was executed and delivered by Company to HCRI on December 21, 2001. The Settlement Note and the Settlement Payments from Company to HCN are in consideration for, among other things, the releases contemplated herein, the dismissal of the HCN Litigation, and the transfer of operations of the Transfer Facilities to the New Operators (defined below).
Settlement Note. 1. The Settlement Note, substantially in the form as described in Exhibit B, attached hereto, fully executed in the amount of One Million Two Hundred Thousand Dollars ($1,2000,000) having a term of twenty four (24) months, with payment of thirty five percent (35%) of the principal due exactly twelve (12) months from the date of the Settlement Note, and the remaining sixty five (65%) being due on the maturity date. The Settlement Note shall carry simple interest of twelve percent (12%) per annum payable monthly. Interest for the first six (6) months of the term shall accrue to the Settlement Note amount.
2. FLES shall take such steps to ensure that a UCC 1 has been filed in the state of Nevada against any and all assets of FLES as collateral against the Settlement Note.