Res 1993-213 - Laserfiche WebLink

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't/~ 2.1.7 Maintain all accounts and records (including personnel, property, and financial records) on a recognized accounting basis acceptable to the CITY to assure proper accounting of all Project funds. Provide the CITY with receipts or other documentation to fully verify the use of the CITY's loan funds, and an annual report each year which will verify job maintenance compliance. These records will be made available to the CITY or the CITY's authorized representative at mutually convenient times. 2.1.8 Provide CITY 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 forms as City may reasonably require. 2.1.9 Retain all records and documents generated in compliance with this Agreement for three ( 3) years after the loan as referenced herein has been paid lon full unless permission to destroy before that time is granted by the CITY. 2.2 CITY'S,RESPONSIBILITIES The CITY agrees to: 2.2.1 Provide a loan (the "RLF loan") to DEBTOR in the amount of $75,000.00 at an interest rate of five percent (5%) a.p.r. for five (5) years. The funds provided for this loan have been recaptured by the CITY for use in its RLF Program. . 2.2.2 Provide information and guidance to DEBTOR concerning compliance with RLF Program guidelines, record keeping, and reporting requirements. 2.2.3 Designate the CITY's Development Coordinator to act as the CITY's authorized representative with respect to this Agreement and all other provisions of the RLF Program. ARTICLE 3 TERJHNATION /DKFAULT I 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 thereafter foreclose any and all liens securing payment of the debt. DEBTOR waives all demands for payment, presentations for