8816-15 Authorize $676,500 loan with OPWC for Watermain Replacement Project

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Appendix C - Page 3 (a) or (b), or both, of this Section. The OPWC shall cooperate filly with the Recipient in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Projector any part thereof. In no event will the Recipient voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Projector any pail thereof without the prior written consent of the OPWC. Article 3.11. The Recipient agrees that each of the following shall be an event of default ( "Event of Default ") under this Agreement: (a) The Recipient shall fail to make any payment to the OPWC of the Repayment Amount required as and when due corder the Note and/or the Recipient fails to pay its Local Subdivision Contribution. (b) The Recipient shall fail to observe and perform any obligations, agreements or provisions ofthe Agreement all Appendices thereto, which failure shall continue for thirty (30) days after receipt of written notice thereof from the OPWC. (c) Any representations made by the Recipient in Section 9.1 shall at any time during the Term prove to be false. Article 3.12. Whenever an Event of Default shall have happened and be subsisting, in addition to any other rights or remedies provided herein, the Note, by law or otherwise: (a) The amount of such default, in the event the Recipient defaults on the Repayment Amount, shall bear interest at eight percent (8 %) per annum ( "Default Interest Rate "), from the date of the default until the date of the payment thereof, and all the costs incurred by the OPWC in curing such default including, but not limited to, court costs all other reasonable costs and expenses (including reasonable attorney's fees) shall be repaid by the Recipient to the OPWC as a part of the Repayment Amount. (b) The Director may in his sole and complete discretion and in accordance with Section 164.05 of the Revised Code, direct the county treasurer of the county in which the Recipient is located to pay the amount of any default hereunder from the funds which would otherwise be appropriated to the Recipient from such county's undivided local government Rind pursuant to Sections 5747.51 to 5747.53 of the Revised Code. (c) The OPWC shall be released from any and all obligations to Recipient hereunder. (d) The entire principal amount of the Loan then remaining unpaid, together with all accrued interests and other charges shall, at the OPWC's option, become immediately due and payable. Article 3.13. No right or remedy conferred upon the OPWC under Article 6.3 hereof is intended to be exclusive of any other right or remedy given herein, by law or otherwise. Each right or remedy shall be cumulative and shall be in addition to every other remedy given herein, by law or otherwise. Article 3.14. Notwithstanding any provision contained in this Appendix, the promissory note, or any other provision of this Agreement, should the Repayment Amount equal $5,000 or less, it shall be paid to the OPWC in two equal payrents according to the invoice schedule established in Article 3.3. Joint Funded Project with the Ohio Department ofTransyortation In the event that the Recipient does not have contracting authority over project engineering, construction, or right -of -way, the Recipient and the OPWC hereby assign certain responsibilities to the Ohio Department of Transportation, an authorized representative ofthe State of Ohio. Notwithstanding Sections 4, 6(a), 6(b), 6(c), and 7 of the Project Agreement, Recipient hereby aclmowledges that upon notification by the Ohio Department of Transportation, all payments for eligible project costs will be disbursed by the Grantor directly to the Ohio Department of Transportation. A Memorandum of Funds issued by the Ohio Department of Transportation shall be used to certify the estimated project costs. Upon receipt of a Memorandum of Funds from the Ohio Department of Transportation, the OPWC shall transfer funds directly to the Ohio Department of Transportation via an Intra -State Transfer Voucher. The amount or amounts transferred shall be determined by applying the Participation Percentages defined in Appendix D to those eligible project costs within the Memorandum of Funds. In the event that the Project Scope is for right -of -way only, notwithstanding Appendix D, the OPWC shall pay for 100% of the right -of -way costs not to exceed the total financial assistance provided in this Appendix.