Laserfiche WebLink
Upon the City's request, the Borrower shall provide the City a completion guaranty with respect to <br />said obligation in the form of a performance bond, letter of credit or, if the City shall so require, a completion <br />guaranty personally executed by the Borrower. <br />Successful completion of the Project is defined as substantially completing all work listed in Article <br />I of this Agreement, reasonably within the timelines listed in Section 1.03 of this Agreement, and with a <br />total cost of at least the amount listed as Total Project Costs in Section 1.01 of this Agreement. <br />If completion of the Proj ect is delayed at any time by an act or neglect of the City or by labor <br />disputes, fire, unusual delay in deliveries, unavoidable casualties,: or other causes beyond Borrower's <br />control, the time for completion of the Project shall be extended by mutual agreement in writing between <br />the Borrower and the City. <br />Section 1.05 Documentation Requirements <br />Job Requirements <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 Secured Promissory Note <br />and Security Agreement of even date and attached as Exhibits D and E, the City agrees to lend to the <br />Borrower the sum of One Hundred Seventy -Five Thousand Dollars ($175,000.00) subject to the <br />conditions set forth 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 accordance <br />with the terms of this Agreement and the Secured Promissory Note and Security Agreement of even date <br />and attached as Exhibits D and E. and made a part hereof by this reference as if fully rewritten. <br />Page 3 of 30 <br />