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D. WHEREAS, the City desires to make the Loan to Borrower so that Borrower can <br />carry out its plans, subject to the terms and conditions of this Agreement as set <br />forth below; <br />E. WHEREAS, City Council adopted Resolution on approving the <br />loan as described below attached hereto as Exhibit A -1. <br />NOW, THEREFORE, in consideration of the mutual promises and covenants stated below <br />and other good and valuable consideration, receipt and sufficiency of which are hereby <br />acknowledged, the City and the Borrower agree as follows: <br />ARTICLE I - PROJECT <br />Section 1.01 Loan Protect <br />Borrower shall undertake, or cause to be undertaken, the activities described in the City <br />of Lakewood Economic Development Assistance Summary (collectively referred to as the <br />"Project "), attached as Exhibit A -2 to this Agreement. <br />The Project shall consist of permanent improvements to the structure located at 14221 <br />Madison Avenue. The total cost of the Project shall be approximately $3,000,000. <br />Section 1.02 Sources and Uses of Project Funds <br />The total cost of the project is approximately $3,000,000 and shall be financed from the <br />following sources: <br />(1) The Loan from City to Borrower which shall be in the amount of Ninety <br />Thousand Dollars ($90,000) in accordance with Article II and the other <br />provisions of this Loan Agreement (the "Funds" or "Loan Funds "). <br />(2) Borrower equity in the amount of $2,900,000 <br />The Loan shall be contingent upon the Borrower's procuring either a contract from a <br />reputable lender and /or showing documented evidence of the equity necessary to complete <br />the Project. Borrower shall not employ financing sources other than those identified above <br />unless Borrower receives the prior written approval of the City. <br />Use of City Loan Funds <br />The Loan from the City to the Borrower ( "Loan Funds ") shall be in the amount of Ninety <br />Thousand ($90,000) in accordance with Article II and the other provisions of this Loan <br />Agreement. Such Loan Funds shall be used for: <br />Page 2 of 19 <br />