Res 1989-023 - Laserfiche WebLink

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G. Contractor shall ensure that the Department is provided with a certified appraisal completed by an appraiser with a Member Appraisal Institute, Senior Real Estate Analyst or Senior Real Property Appraiser designation on the real estate described in its application to Department prior to release of project funds. H. Notwithstanding any other provision of this contract to the contrary, Contractor shall submit to Department an amount equal to the amount of each payment of principal received from the business or businesses assisted with funds provided under this contract within ten (10) days after receipt of the loan repayment by Contractor. Contractor shall ensure that such loan repayments are submitted to Contractor in accordance with the repayment schedule specified in its loan agreement with such business. Contractor shall pursue all available legal remedies to enforce the loan agreement between Contractor and the business assisted with funds provided under this contract and to protect Contractor's interests in any assets securing such loan. Contractor may retain each payment of interest received to use for eligible economic or community development activities and/or to pay for the costs of servicing such loan agreement. I. Contractor shall submit to Department documentation of Environmental Projection Systems, Inc.'s executed interim loan agreement(s) of Four Hundred Nine Thousand and No/IOO Dollars ($409,000.00) from First National Bank, San Marcos, to be utilized in conjunction with the project funded under this contract prior to Department's release of project funds for such project. J. Contractor shall provide to Department documentation of Environmental Projection Systems, Inc.'s equity injection of One Hundred Nine and No/IOO Dollars ($109,000.00) prior to Department's release of project funds. This injection shall be in the form of cash. K. Contractor shall submit to Department documentation that Texas Certified Development Company's executed loan agreement of Three Hundred Ninety-Seven Thousand and No/lOa Dollars ($397,000.00) within thirty (30) days of the permanent loan closing. The purpose of these funds will be to close into a permanent mortgage loan with First National Bank, San Marcos, at the time that the renovation on the subject property is complete, not later than one year from the commencement date of this contract. L. Contractor shall submit to Department First National Bank, San Marcos's, executed loan agreement of Four Hundred Twenty-Eight Thousand and No/lOa Dollars ($428,000.00) within thirty (30) days of the loan closing. The purpose of these funds will be to close into a permanent mortgage loan with Texas Certified Development Company at the time that the renovation on the subject property is complete, not later than one (1) year from the commencement date of this contract. M. Contractor shall submit to the Department a resolution of the Board of Directors from Environmental Projection Systems, Inc., naming the corporate officers able to incur debt on behalf of Environmental Projection Systems, Inc.. N. Contractor shall ensure that Environmental Projection Systems, Inc. provide to Department annual audited financial statements within ninety (90) days of Environmental Projection Systems, lnc.'s fiscal year end. Page 13 of 14 Pages