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d. The activities to be performed by Contractor, as specified in Exhibit A, Performance <br />Statement, of this contract; <br /> <br />e. A condition stating that Contractor will be liable to City for an amount not to exceed City's <br />maximum obligation under this contract and requiring the Contractor to repay City for contract <br />funds expended in the event Contractor does not fulfill its responsibilities under the <br />agreement; <br /> <br />f. A condition which states that assets are restricted from being transferred out of Contractor's <br />business without the written consent of City except during the normal course of business (i.e. <br />cash, fixed assets used in the production process and accounts receivable) during the contract <br />period; <br /> <br />g. A condition which states that the Contractor certifies that all taxes are current and future <br />taxes will be paid when due and that allows City to require at anytime, at its option~ that <br />Contractor provide timely proof of payment; <br /> <br />h. A condition requiring City to make at the minimum, annual on-site visits to the Contractor <br />to assess/monitor the progress toward job creation and requiring Contractor to provide to local <br />officials at the time of on-site visits information regarding job creation and any other <br />information deemed necessary by City to administer the Revolving Loan Fund contract and <br />the agreement between the City and the Contractor; <br /> <br />i. Provisions requiring records to be kept and reports to be made regarding the documentation <br />of LMI benefit and beneficiaries by race, ethnicity, gender, and handicap status in the same <br />manner and to the same extent as ORCA and HUD requires of City; and <br /> <br />j. A condition which restricts the principals of the Contractor from reducing their proportionate <br />ownership in the Contractor without prior written approval from City, during the contract period. <br />(to be deleted on publicly traded companies) <br /> <br />B. Contractor shall satisfy the following Special Conditions prior to release of contract funds, excluding <br />funds budgeted for architecture/engineering: <br /> <br />(the following conditions may not apply to all awards) <br /> <br />1. Contractor shall provide City with a copy of an acknowledged assignment of the life insurance <br />policy from the life insurance company or a copy of an executed questionnaire if the life insurance <br />policy has been in existence less than six (6) months, which reflects assignment to City of keyman life <br />insurance on Mr./Ms. in the minimum amount of and <br />No/100 Dollars ($000,000.00). The amount of insurance may decline; however the insurance <br />coverage shall always equal or exceed the outstanding Revolving Loan Fund balance. No additional <br />life insurance is to be purchased from business income or assets without prior written approval of City <br />during the term of the contract. <br /> <br />2. Contractor shall submit to City executed loan agreement in the minimum amount of <br />__ from __ to be utilized in conjunction with the project funded under this contract. (this <br />special condition is needed for each lender providing matching funds) <br /> <br />3. Contractor shall submit to City a ledger with support documentation to include copies of <br />invoices and proof of payment (i.e. paid receipts, canceled checks, wire transfer receipt) <br /> <br /> Page 12 of * <br />TCF-PY02 Revised 11/5102 Contract ;~,__ <br /> <br /> <br />