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Development Agreement between WeSt012 and Mayfield Village <br />9. TERM OF THE LOAN <br />The term of the loan will be up to fifteen (15). The term of the loan will be <br />determined by Cuyahoga County. The term of the loan determined by <br />Cuyahoga for the Village will determine the schedule for Weston to repay the <br />Village principal and interest. For the first three years, the interest rate on the <br />loan from the Village to Weston will be 0%. After 3 years, the interest rate will be <br />rate set by Cuyahoga County for the Village's repayment of the CRF award and <br />Weston will repay the principal and interest payments as set by Cuyahoga <br />County in the manner described above. <br />10. FORGIVENESS <br />Each year, for the first five years, Weston may be eligible for forgiveness of the <br />loan, principal up 3% of the outstanding principal. Principal forgiveness is <br />contingent on Weston fulfilling the conditions and meeting the benchmarks <br />established by Cuyahoga County. To be considered for principal forgiveness, <br />Weston needs also to be in compliance with all terms and conditions of this <br />agreement. An additional 1 % of outstanding principal is possible each year for <br />five years if Weston undertakes at least two environmentally friendly construction <br />and renovation practices outlined in Attachment C in the Municipal <br />Redevelopment Program description, a copy of which is attached to this <br />agreement as Exhibit A. <br />11. ENTIRE AGREEMENT <br />This Agreement constitutes the entire agreement of the parties concerning the <br />subject matter hereof and supersedes all prior and contemporaneous <br />agreements, understandings and arrangements concerning such subject matter. <br />Page 4 of 5 <br />