Get the free Impact Fee Promissory Note and Security Agreement - wcwcd

WHEN RECORDED RETURN TO: CCD 533 East Waterworks Dr. St. George, Utah 84770 Space Above This Line for Recorders Use Serial No. Impact Fee Promissory Note and Security Agreement THIS AGREEMENT is entered

How to fill out impact fee promissory note

How to fill out an impact fee promissory note:

1. Begin by gathering all necessary information and documentation. This may include the specific project or development details, the amount of the impact fee, and any relevant regulations or guidelines.
2. Clearly state the purpose of the promissory note, which is typically to document an agreement to repay the impact fee over a specified period of time. Include the names and contact information of both the payer (developer or property owner) and the payee (government entity or agency collecting the fee).
3. Specifically outline the terms of the promissory note. This should include the total amount of the impact fee, the repayment schedule (including any interest or penalties involved), and the due dates for each installment.
4. Include any additional conditions or criteria that both parties must adhere to. For example, there may be certain milestones or requirements that the payer must meet in order to be eligible for the promissory note.
5. Clearly specify the consequences for non-payment or default. This may involve legal action, additional fees, or the revocation of any permits or approvals related to the project.
6. Ensure that both parties review and understand the content of the promissory note. It may be beneficial to consult with legal professionals or advisors to ensure that the document is legally binding and enforceable.

Who needs an impact fee promissory note:

1. Developers or property owners who are required to pay impact fees for infrastructure or public service improvements related to their project or development.
2. Municipalities or government entities that collect impact fees as a means of funding and managing growth and public facilities.
3. Any party involved in a development project where impact fees are imposed by local regulations or ordinances.

Remember, it is important to consult with legal professionals or relevant authorities to ensure compliance with local laws and regulations when dealing with impact fees and promissory notes.

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