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V. CDC LOAN LIABILITY <br /> <br />CDC shall not be liable or responsible in any manner for <br />of borrower's loan, in the event of borrower's default <br />promissory note with bank. <br /> <br />payment <br />on the <br /> <br />VI. TERMINATION <br /> <br />The term of this agreement shall be for a period of two years from <br />date of execution by the city CDC and bank. This agreement may be <br />amended, but not extended, so long as such amendment is in writing <br />and agreed upon by all parties. Termination of this agreement may <br />be made by any of the parties so long as written notice of intent <br />to terminate is given 60 days prior to the termination date. Any <br />termination of this agreement shall not affect the operation <br />thereof as it relates' to loans and Compensating Balance <br />obligations outstanding at the time of said termination. <br /> <br />VII. CONFORMANCE WITH FEDERAL LAW <br /> <br />This agreement is subject to 24 CFR 570.513. <br /> <br />VIII. EFFECTIVE DATE <br /> <br />This agreement is in effect as of <br />city will deposit funds as described in Section <br />agreement upon written notice that the bank will <br />first loan within 45 days of receiving these funds. <br /> <br /> · The <br /> II of this <br />complete its <br /> <br />City of Lakewood <br /> <br />Community Development Corporation <br /> <br />Bank <br /> <br /> <br />