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(2) Before January 31, describing activities conducted between July 1 and December <br />31 of the previous year. <br />Each semi - annual Job Creation & Hiring Report must be accompanied by a copy of the <br />Borrower's Certified Payroll dated the final day of the reporting period (June 30 or December <br />31) and an Income Self - Certification & Data Form completed by all persons interviewed for and <br />hired to fill positions created as a result of the funded project. <br />ARTICLE II - THE LOAN <br />Section 2.01 The Loan, Rate and Note <br />Subject to the terms and conditions of this Agreement, together with the Open -End <br />Mortgage and Secured Promissory Note attached as Exhibits B and C, the City agrees to lend to <br />the Borrower the sum of Ninety Thousand Dollars ($90,000) subject to the conditions set forth <br />in Section 2.02 Terms of Repayment and Section 2.03 Disbursement of Funds. <br />The Borrower's obligation to repay the Loan shall be evidenced by and repayable in <br />accordance with the terms of this Agreement and the Open -End Mortgage and Secured <br />Promissory Note of even date and attached as Exhibits B and C. <br />Section 2.02 Terms of Repayment <br />The principal sum of the Economic Development Fund Loan (Secured Promissory Note) <br />shall be payable on demand upon default. In accordance with the provisions of this Agreement <br />and the Secured Promissory Note of even date, the City shall forgive Thirty Thousand Dollars <br />($18,000) of the original principal sum of Ninety Thousand Dollars ($90,000) of the Loan <br />(Secured Promissory Note) each consecutive year commencing on <<DATE>> and continuing <br />until the first to occur of: (a) the balance of the Economic Development Fund Loan (Secured <br />Promissory Note) is $0.00 or (b) the Borrower fails to comply with its obligations under this <br />Economic Development Fund Program Loan Agreement and the Secured Promissory Note of <br />even date in accordance with the terms and conditions set forth in this Agreement and in the <br />Open -End Mortgage and Secured Promissory Note of even date and attached as Exhibits B and <br />C. <br />A. Loan Payments <br />Borrower agrees to make all payments, if necessary, promptly and payable to the City of <br />Lakewood at the following address, or at such other address as the City may designate in <br />writing: <br />City of Lakewood <br />Department of Planning & Development <br />Page 5 of 19 <br />