Bank of America - Direct Debit Agr
BankofAmerica ~
Direct Debit Agreement (ACH)-Business
THIS AGREEMENT is entered into as of ~, between Bank of America, NA ("Lender") and WOODBURN URBAN
RENEWAL AGENCY ("Borrower").
RECITALS
A. As of the date of this Agreement, Lender has made or agreed to make one or more extensions of credit to Borrower.
B. Subsequent to the date of this Agreement, Borrower may request Lender to make additional extensions of credit to
Borrower.
C. Lender and Borrower, according to the terms and conditions of this Agreement, wish to provide for the automatic
payment of all sums of principal, interest and other charges that become due under all present and future extensions
of credit by Lender to Borrower.
AGREEMENT
1. Beginning the date of this Agreement, Lender shall debit Borrower's designated deposit account with the Depository
listed below (the "Designated Account") in the amount of each payment of $56,933.07 principal, interest and other
fees and charges on Borrower's extensions of credit from Lender on the dates such payments become due.
~~:~~~ORYNAME %JL~~l~7~
Routing Number: J 2g tJoO .2~
Borrower's Checking/Savings Account Number: J 53~ Oil /7 -</ 372
(A voided copy of a check on this account is attached to this Agreement).
2. Borrower authorizes Lender debit the Designated Account by no later than the close of business on the dates
payments become due. The ACH debits shall be subject to the operating rules of the National Automated Clearing
House Association, as in effect from time to time. If a due date does not fall on a Business Day, Lender shall debit
the Designated Account on the first day following such due date. For purposes of this Agreement, "Business Day"
means a day other than Saturday, Sunday or other day on which commercial banks are authorized to close or are in
fact closed in the state where the Lender's lending office is located.
3. Pre-Billing. If the Borrower and Lender elect to use pre-billing calculation, the amount of each payment debit will be
determined as follows:
(a) On the "Billing Date" Lender will prepare and mail to Borrower an invoice of the amounts that will be due on that
Due Date ("Billed Amount"). (The "Billing Date" will be a date that is a specified number of calendar days prior to the
Due Date, which number of days will be mutually agreed from time to time by Lender and Borrower.) The
calculation of the Billed Amount will be made on the assumption that no new extensions of credit or payments will be
made between the Billing Date and the Due Date, and that there will be no changes in the applicable interest rate.
(b) Lender will debit the Designated Account for the Billed Amount, regardless of the actual amount due on that date
("Accrued Amount"). If the Billed Amount debited to the Designated Account differs from the Accrued Amount, the
difference will be treated as follows: If the Billed Amount is less than the Accrued Amount, the Billed Amount for the
following Due Date will be increased by the amount of the underpayment. Borrower will not be in default by reason
on any such underpayment. If the Billed Amount is more than the Accrued Amount, the Billed Amount for the
following Due Date will be decreased by the amount of the overpayment. Regardless of any such difference,
interest will continue to accrue based on the actual amount of principal outstanding without compounding.
DO Ach Bus.doc
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Lender will not pay interest on any overpayment.
4. Borrower shall maintain sufficient funds in the Designated Account on the dates Lender enters debits authorized by
this Agreement. If there are insufficient funds in the Designated Account on the date Lender enters any debit
authorized by this Agreement, such debit will be reversed.
5. Lender or Borrower may terminate this Agreement, as to anyone or all of the extensions of credit, by notice in
writing to the other party. Any such termination notice shall be effective ten (10) days after its receipt. In the event
Lender or Borrower terminates this Agreement, Borrower shall commence, as of the date such termination is
effective, to make principal, interest and other payments in the funds and at such office of Lender as Lender may
from time to time select or as otherwise provided in any agreement between Lender and Borrower for an extension
of credit.
In Witness Whereof, Lender and Borrower have executed this Agreement as of the day and year written above.
Bank of America, N.A.
Borrower:
By:
Printed Name:
Title:
(Seal)
By:
Printed Name:
Title:
For Lender use only:
Loan/Note Numbers:
16-784365-26
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INVOICE NO.
DESCRIPTION
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DATE
NET AMOUN
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CITY OF WOODBURN
270 MONTGOMERY 5t
WOODBURN, OR 97071
US BANK
PORTLA.ND, OR
24-22
1230
090935
CHECK
DATE
AMOUNT
PAY
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