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ARTICLE II - THE GRANT <br />Section 2.01 Grant and Rebate Structure <br />AMOUNT OF FINANCING: 100% rebate of eligible costs, not to exceed a maximum of $100,000. <br />ELIGIBLE USE OF PROCEEDS: Environmental /Site Work as further detailed in Exhibit C. <br />OTHER CRITERIA: - Demonstrated ability to complete project. <br />- Grantee must complete all improvements within two (2) years of <br />approval. <br />- All property taxes must be paid up to date at the time of each rebate <br />application. <br />- Project site may be inspected by the City prior to rebate issuance. <br />Section 2.02 Disbursement of Grant Funds <br />A. RequirementsforDisbursement: <br />(i) The Grant Funds shall not be disbursed until Grantee has submitted to the City, and had <br />accepted by the City, any certificates, documents and instruments required by this Grant <br />Agreementor documents informs satisfactory to the City and its attorneys; and <br />(ii) The grant funds shall not be disbursed until Grantee has submitted to City, and had <br />accepted by the City, evidence of payment or an invoice for materials or services in <br />connection with the Project. <br />B. City to Disburse Funds to Grantee: <br />Upon receipt of the above information required above and any other requirement set forth by this <br />Agreement, the Cityshall disburse Grant Funds to the Grantee for eligible costs, as listed in Section 1.02. <br />C. Disbursement Checks: <br />The Rebate disbursement check shall be mailed to the following address until otherwise specified by <br />the Grantee: <br />WXZ Residential Group /Lakewood, LLC <br />c/o WXZ Development, Inc. <br />22720 Fairview Center Dr # 150 <br />Cleveland, OH 44126 <br />Page 4 of 18 <br />