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12650 Detroit Avenue <br />Lakewood, Ohio 44107 <br />Attention: Director of Planning <br />All payments shall be applied first to interest or other fees and then to principal. <br />Section 2.03 Disbursement of Loan Funds <br />A. Requirements for Disbursement: <br />(i) The loan funds shall not be disbursed until Borrower has submitted to the <br />City, and had accepted by the City, any certificates, documents and <br />instruments required by this Loan Agreement or the Loan Documents in <br />forms satisfactory to the City and its attorneys; and <br />(ii) The loan funds shall not be disbursed until Borrower has submitted to <br />City, and had accepted by the City, evidence of payment or an invoice for <br />professional services in connection with the Project. <br />B. City to Disburse Funds to Borrower: <br />Upon receipt of the above information required in Section 2.03(A)(i)(ii), and any other <br />requirement set forth by this Agreement, the City shall disburse Loan Funds to the Borrower for <br />eligible costs, as listed in Section 1.02. <br />C. Disbursement Checks: <br />The Loan disbursement check shall be mailed to the following address until otherwise <br />specified by the Borrower: <br />Kevin & Ann Thomas, Owners <br />Western Reserve Distillers, LLC <br /><<Mailing Address>> <br />ARTICLE III - REPRESENTATIONS AND WARRANTIES <br />Borrower represents and warrants to the City as of the Execution Date and throughout <br />the term of this Agreement each of the requirements set forth in Section 3.01 to Section 3.11. <br />Section 3.01 Organization <br />Borrower is an Ohio Limited Liability Company, duly organized, validly existing, and in <br />good standing under the laws of Ohio and has power to carry on its business as it is presently <br />Page 6 of 19 <br />