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Section 1.02 Sources & Uses of Project Funds <br />The total cost of the project, as delineated in the Project Budget, attached hereto as Exhibit C and made a <br />part hereof by this reference as if fully rewritten, is approximately $4,081,510 which shall be financed from the r <br />following sources: <br />i) The Loan from City to Borrower which shall be in the amount of One -Hundred Fifty Thousand <br />Dollars ($150,000) in accordance with Article II and the other pro is ans of this Loan Agreement <br />(Funds or Loan Funds). <br />ii) Borrower equity and other sources in the amount of approximately 3,931,510. <br />The Loan shall be contingent upon the Borrower's procuring either a contract -from a reputable lender <br />:: <br />and/or showing documented evidence of the equity necessary to. complete the Project. Borrower shall not employ <br />financing sources other than those identified herein without prxar written approval of the City <br />Section 1.03 Use of City Loan Funds <br />Section 1.04 Timetable foreProjec ,Nc1*vities <br />Borrower shall "substantially comp to construction ofthe funded project on or before March 1, 2023. <br />Section 1.05 Guarantee of C6nb1eti0n` <br />Successful completion of the Project is defined as substantially completing all work listed in Article I of <br />this Agreement and further described in the CDBG Economic Development Fund Project Profile, attached hereto as <br />Exhibit B, reasonably within the timetable referenced in Section 1.04 of this Agreement, and with expenditures <br />commensurate with the Total Project Costs referenced in Section 1.01 of this Agreement. <br />If completion of the Project is delayed at any time by an act or neglect of the City or by labor disputes, fire, <br />unusual delay in deliveries, unavoidable casualties, or other causes beyond Borrower's control, the time for <br />completion of the Project shall be extended by mutual agreement in writing between the Borrower and the City. <br />Page 2 of 14 <br />