Res 2003-133 - Laserfiche WebLink

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documenting match expenditures in the minimum amount of ($00,000.00) from for and No/t00 Dollars 4. Contractor shall provide City with a copy of a document which states that the parent company (insert name) will be liable to City for Contractor's failure to comply with the conditions detailed in Section 22, Special Condition A.7., in an amount not to exceed City's maximum obligation under this contract. Further, that it will not close down the facility located in San Marcos, Texas or require that the Contractor reduce its employee level as determined in Section 21 Special Condition A.7.b., during the contract period. 5. Contractor shall ensure that each owner of the business assisted with funds provided under this contract executes an agreement with City to be jointly and severally liable for the amount of funds provided to such business under this contract in the event the business is dissolved, files under the federal bankruptcy code, ceases to be a going concern, or does not fulfill its responsibilities under the agreement specified in Section 21, Special Condition A.7. Contractor shall submit copies of such personal guarantees to City and such personal guarantees shall specifically be obtained from and his spouse and and his spouse (hereafter referred to as "personal guarantors"). (the following conditions are for RE awards, but may not apply to all awards) 6. Contractor or other payor shall submit an executed Loan Agreement with City. The loan agreement shall detail the terms and conditions, including the following: a. The total amount of the loan not to exceed and No/100 Dollars ($000,000.00), the payment schedule, the date that lease payments will begin (which may be the first day of the first month following the deferment period), and the minimum loan payment per month based on an amortization schedule of no more than one hundred twenty (120/ months; b. A provision stating that lease payments received 15 calendar days or more past the due date will be assessed a late charge/fee of five percent (5%) of the payment amount; c. The details of the lease servicing provisions which to whom the payments are to be made and the address where lease payments are to be made; d. At a minimum, the loan agreement with the original business (being assisted by the Revolving Loan Fund) shall be for a minimum three (3) year period or until the contract between the Contractor and City has been satisfactorily closed (whichever is longer); e. Amendments to the loan agreement shall require prior written approval by the City. The term of the loan shall not exceed one hundred twenty (120} months. Any change in the total loan amount will result in an adjustment of the monthly loan payment and the calculation of a revised payment schedule. C. Contractor shall satisfy the following Special Conditions as required, but no later than thirty (30) days prior to contract expiration. Failure to submit these special conditions shall constitute noncompliance with the terms of this contract: 1. Contractor shall submit to Department a copy of Contractor's ending payroll verifying the number of persons employed at the San Marcos, Texas location for the close-out of this contract as described in Section 21, Special Condition A.7.b. Page 13 of * TCF-PY02 Revised 11/5/02 Conlract ~