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

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Section 2.03 Disbursement of Loan Funds A. Requirements for Disbursement The loan funds shall not be disbursed until Borrower has submitted to the City, and had accepted by the City, any certificates, documents and instruments required by this Loan Agreement or the Loan Documents in forms satisfactory to the City and its attorneys; and The loan funds shall not be disbursed until Borrower has submitted to City, and had accepted by the City, evidence of payment or an invoice for professional services in connection with the Project. B. City to Disburse Funds to Borrower Upon receipt of the above information required in Section 2 03 ()(i)(iid any other requirements set forth by this Agreement, the City shall disburse Loan Funds to the Borrower for el,costs, as listed in Section 1.02 James Miketo, Owner Little Jemmy, LLC 13369 Madison Avenue Lakewood Ohio 44107 Article III - Repres+entatie►ns & NV#Onlies Borrower represents ;and warrant:. to the City as of the Execution Date and throughout the term of this Agreement each of the retirements set oth in Section 3.01 to Section 3.11. Section 3.01 Organization Borrower isn tha Limited lability Company, duly organized, validly existing, and in goo standing of Ohio ar�d has power to c on under the lames its business as it is presently being conducted, to enter into and observe th'nrovisions of the Lean: Documents and -::to borrow hereunder. Section 3.0 _ ..:: Authorization Borrower aey of entering,, -,into and performing under this Agreement, including the execution and delivery of the Loan Documents .has beep duly authorized by all necessary company action and will not violate any law, rule, regulation, order, writ, judgment, decree, determination or award presently in effect and having applicability to Bbrrower's articles of incorporation or bylaws or result in a breach of, or constitute a Borrower or any provision o default under, any indenture, bank loan, credit agreement, or any other agreement or instrument to which Borrower is a party or by which it or its property may be bound or affected. Section 3.03 Enforceability When this Agreement is executed by both Borrower and the City, certified by the City's Director of Finance and approved by the City's Director of Law, and when the Loan Documents are executed and delivered by Borrower for value, each such instrument shall constitute the legal, valid, and binding obligation of the parties thereto in accordance with its terms. Page 5 of 14