2021-36 - Loan for historic preservation of Bi-Rite

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Borrower agrees to convey actual job creation and employment activity by Borrower's tenant businesses to the City utilizing the Job Creation chi Hiring Report, attached hereto as Exhibit G and made a part hereof by this reference as if fully rewritten, which must be completed and submitted according to the following schedule for the duration of this Agreement. i) Before July 31, describing job creation and hiring activities conducted between January 1 and June 30 of the current year, and; Before January 31, describing job creation and hiring activities conducted between July 1 and December 31 of the previous year. Each semi-annual Job Creation &Hiring Report must be accompanied,...by a copy of the Certified Payroll for each tenant business dated the final day of the reporting period (June 30 or December 31) and an Income Self - Certification &Data Form completed and signed by all persons interviewed to fill positions created as a result of the funded project. Borrower assumes complete responsibility for ensuring tenant businesses located at the Project Site complete, maintain, submit, and retain all required job creation and hiring documentation and reports. Failure to do so to the City's and HUD's specifications and satisfaction sh&constitute lean default. Article II - The Loan Section 2.01 The Loan, Rate & Note The Borrower's obligation to repay. the Loan shall:: be evidenced by and repayable in accordance with the terms of this Agreement,. he Dpen-End l oxtgage, and Seced Promissory Note of even date. Section 2.02 Terms of Repaxnent Borrower agrees to m- ake all payments, if necessary, promptly and payable to the City of Lakewood at the following address, or at such other address as the City may designate in writing. All payments shall be applied first to interest or other fees and then to principal. City of Lakewood Department of Planning & Development 12650 Detroit Avenue Lakewood, Ohio 44107 Attention: Director Page 4 of 14