Res 1996-180 - Laserfiche WebLink

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LIfe- - Page 4 of 8. 2.1.11 Provide the City, or the City's authorized representative with all reports, completed forms, and all other documents pertaining to the Project, the cost and obligations incurred or to be incurred in connection with the Project and any other matters required under the provisions of this Agreement at such times and in such form as the City may reasonably require. The Debtor agrees to submit updates within 30 days of any substantial change to information disclosed by Debtor to the City in conneCtion with the HUD-EDP program. 2.1.12 Retain all records and documents generated in compliance with this Agreement for three (3) years after the HUD-EDP loan has been paid in full, unless written permission to destroy the records and documents is given by the City prior to the end of the three year period. 2.1.13 Begin project activities within six months of the execution of this Agreement. 2.2 CITY'S RESPONSIBILITIES The City agrees to: 2.2.1 Provide a loan (the "HUD-EDP" loan") to Debtor in the amount of $40,000.00 at an interest rate of five percent (5%) per annum to be repaid in accordance with Article 1 of this Agreement. The funds provided for this loan come from HUD CDBG Entitlement funds and are to be used only for Revolving Loans For Business Growth. 2.2.2 Designate the City's Community Development Coordinator to provide information and guidance to Debtor concerning compliance with HUD-EDP program guidelines, record keeping, and reporting requirements. 2.2.3 Designate the City's Development Coordinator and Community Development Coordinators to act as the City's authorized representatives with respect to this Agreement and all other provisions of the HUD-EDP program. ARTICLE 3 TERMINATION/DEFAUL T 3.1 If through any cause, Debtor fails to fulfill all of its obligations required under this Agreement, or if Debtor violates any of the conditions of this Agreement, Debtor will be in default, and the City will have the right to terminate this Agreement by giving written notice to Debtor of the termination and specifying the effective date of termination at least fifteen (15) days before the date set for termination. 3.2 If Debtor is in default, then City shall have the option to declare the entire unpaid balance of both the principal and accrued interest immediately due and payable and may