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<br />ghts <br /> <br />i <br /> <br />(5) The eligibility of any person to receive a loan <br />shall be determined solely by the Grantee and such <br />determination shall be final and conclusive of the r <br />of any person to receive a loan <br /> <br />is approved, the <br />and date of the payment <br />provider. If a person's <br />notify such person of <br />was denied <br /> <br />(D) If an Eligible Person's application for a loan <br />Grantee shall notify the E1ibible Person of the amount <br />on his or her behalf to the heating utility service <br />application for a loan is denied, the Grantee shall <br />its denial of the loan and the reason why suc~ loan <br /> <br />stration,of The Grant <br /> <br />(A) The Grantee shall administer the Grant made by the City pursuant <br />to the terms of this Grant Contract, and the Grantee shall establish such <br />application forms, internal procedures and records as may be necessary to <br />provide for an efficient management of the Grant <br /> <br />i <br /> <br />n <br /> <br />Admi <br /> <br />Section 3 <br /> <br />(B) The Grantee shall deposit Grant mOneys received from the City in <br />a separate bank account, shall keep accurate records of the loans made and <br />repayments of such loans and shall make monthly reports of loans made and <br />repayments of such loans to the City's Director of Finance. Original notes <br />shall be securely retained, and when fully paid, the original notes shall <br />be cancelled and returned to the maker of the note, however a copy of the <br />cance lled note sha 11 be reta ined by the Grantee. The City or its externa 1 <br />auditors shall be granted access at all reasonable times to the accounts <br />and records of the Grantee to permit an audit of the Grantee's performance <br />under this Grant Contract <br /> <br />t <br /> <br />i <br /> <br />rem <br />of <br /> <br />day of each month, the Grantee shall <br />ng the preceding month as repayments <br /> <br />i <br /> <br />(C) On or before the tenth <br />the City monies received dur <br />loans made <br /> <br />to <br />the <br /> <br />Grantee <br />of the <br /> <br />Grant Contract, the <br />to five percent (5% <br /> <br />(D) For the services provided under this <br />shall receive as its service fee, a sum equal <br />loans made under this Grant Contract <br /> <br />Director <br />as are <br />Grant <br />such <br /> <br />(E) The Grantee shall, from time to time, request the City's <br />of Finance to advance monies (not exceeding $10,000) to the Grantee, <br />required to permit the Grantee to perform its obligations under this <br />Contract; and the City's Director of Finance shall pay to the Grantee <br />amounts as are necessary, in such Director of Finance's sole discretion <br />for the Grantee to carry out its obligations under this Grant Contract <br /> <br />(F) In the event that any of the loans made by the Grantee pursuant <br />to this Grant Contract shall not be fully repaid within ninety days after their <br />due date, the Grantee shall assign its interest in such loans to the City <br />and deliver possession of the original signed notes for such defaulted <br />loans, together with all records of payments thereon, to the City's Director <br />of Finance, and the Grantee shall have no other obligation with respect <br />to such loans. During the ninety day period after any defaulted note is due <br />and before such notes are assigned and delivered to the City, the Grantee <br />shall make reasonable efforts to secure payment of the defaulted notes, <br />and may extend the time for the repayment of such notes for an additional <br />ninety-day period. When extensions are given, the Grantee sha 11 not assign <br />and deliver the extended defaulted notes to the City until ten days after <br />the extension period <br /> <br />-3- <br />