06/25/2019 - No. 5 Demand for payment from City of Niagara FallsNiagaraaaaaaaaaFalls
( 1 N A U A
June 25, 2019
No. 5
DELIVERED
Niagara Peninsula Energy Inc.
7447 Pin Oak Drive
Niagara Falls, ON L2E 6S9
Dear Sirs:
Re: Promissory
Note dated September 26,
2000 (the "Note")
made by Niagara Falls
Hydro Inc.,
a predecessor of Niagara
Peninsula
Energy Inc. (the "Debtor") in
favour of the City of Niagara Falls
(the "City")
in the principal amount of
Pursuant to the Note, the Debtor is indebted to the City in the principal amount of $22,000,000.
The principal sum under the Note with interest thereon at the rate specified therein is due either
upon demand by the City or on April 1, 2020.
The City formally demands payment of all amounts owing under the Note on or before August 1,
2019 (the 'Due Date") unless such Due Date is extended by the City in writing prior to the then
current Due Date. The Due Date may not be extended beyond April 1, 2020. If payment in full
s not made by the Debtor to the City on the Due Date, the City will then be entitled to take such
steps as it sees fit to collect all amounts owing under the Note.
Yours truly,
Moved by: Councillor Pietrangelo
Seconded by: Councillor Strange
Carried Unanimously
Councillor loannoni was absent from the vote
CITY OF NIAGARA F S
I
Per: "or
Name: James M. Diodati
Title: Mayor
Name: William G. Matson
Title: City Clerk
36383388.2