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<br />During year five, semi-annual payments of $14,668.50 each shall be made on <br />June 30,1991, and December 30,1991. <br /> <br />During year six, semi-annual payments of $14,001.75 each shall be made on <br />June 30,1992, and December 30,1992, paying off the total amount of the loan. <br /> <br />A maximum ten day grace period is granted following each due date. <br /> <br />Administration <br /> <br />Contractor shall utilize Twenty Thousand and no/10O Dollars ($20,000.00) of <br />contract funds to carry out all project administration activities, including the <br />cost associated with the required program fiscal and compliance audit. <br /> <br />Project Outcomes <br /> <br />Contractor shall utilize recaptured funds exclusively in the City of San <br />Marcos for eligible economic development activities in accordance with the <br />provisions of Title I of the Housing and Community Development Act of 1974, as <br />amended. <br /> <br />Contractor shall ensure that Ember Industries, Inc. will create 40 <br />permanent jobs, all of which shall benefit low to moderate income persons. <br /> <br />Page 2 of 2 <br />