Laserfiche WebLink
Section 2.02 Terms of Repayment <br />The principal sum of the Loan (Secured Promissory Note) shall be payable on demand upon default. <br />In accordance with the provisions of this Agreement and the Secured Promissory Note of even date, the <br />City shall forgive Thirty -Five Thousand Dollars ($35,000) of the original principal sum of One Hundred <br />Seventy -Five Thousand Dollars ($175,000.00) of the Loan (Secured Promissory Note) each consecutive <br />year commencing on the date the Certificate of Occupancy is issued by the Lakewood Building Department <br />and continuing until the first to occur of: (a) the balance of the Economic Development Loan (Secured <br />Promissory Note) is $0.00 or (b) the Borrower fails to comply with its obligations under this Economic <br />Development Loan Agreement and the Secured Promissory Note of even date in accordance with the terms <br />and conditions set forth in this Agreement and in the Secured PromiSs�ry Note and Security Agreement of <br />even date and attached as Exhibits D and E. <br />A. Loan Payments <br />All payments shall ►e applied first to irl <br />Section 2.03 Disbursement of Loam:: Funds <br />A. Reauirements for .isbuts tent: <br />1 ::The Loan Viands shall nod be disbursed until Borrower has submitted to the City, <br />an+ h�.d accepted by the City; ay certificates, documents and instruments required <br />by this. Loan Agreement or Documents in forms satisfactory to the City and its <br />attorneus�­and <br />ii) The Loan funds shall not be disbursed until Borrower has submitted to City, and <br />dad accepe by the City, evidence of payment or an invoice for materials or <br />services uiconnection with the Project. <br />B. City to Disburse F A"ids to Borrower: <br />Upon receipt of the above information required above and any other requirement set forth by this <br />Agreement, the City shall disburse Loan Funds to the Borrower 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 <br />by the Borrower: <br />Page 4 of 30 <br />