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<br />Contractor shall ensure that Environmental Projection Systems, Inc. <br />acquires a loan through Texas Certified Development Company, Inc. in the <br />amount of Three Hundred Ninety-Seven Thousand and No/100 Dollars ($397,000.00) <br />to be used as follows: Three Hundred Eighty-Two Thousand and No/IOO Dollars <br />($382,000.00) to pay-off an interim construction loan with First National <br />Bank, San Marcos and close into a permanent mortgage loan; and Fifteen <br />Thousand and No/IOO Dollars ($15,000.00) for costs associated with the <br />debenture sale. <br />Contractor shall ensure that Environmental Projection Systems, Inc. <br />injects One Hundred Nine Thousand and No/100 Dollars ($109,000.00) in cash, to <br />be used for purchase of the building. <br />Contractor shall ensure that all above loans are repaid by Environmental <br />Projection Systems, Inc. as contracted in their repayment schedule. <br />Contractor shall ensure that if above loans are prepaid by Environmental <br />Projection Systems, Inc. during the contract term, Contractor's loan must be <br />prepaid proportionally. <br />Administration <br />Contractor shall utilize Twenty Thousand and No/IOO Dollars ($20,000.00) <br />of contract funds to carry out all project administration activities, <br />including the cost associated with the required program fiscal and compliance <br />audit. <br />Project Outcomes <br />As a result of this project, Contractor shall ensure that Environmental <br />Projection Systems, Inc. creates fifteen (15) permanent jobs of which ten (10) <br />shall be provided to low and moderate income persons. Contractor shall ensure <br />that Environmental Projection Systems, Inc. creates fifteen (15) jobs by <br />December 14, 1990. <br /> Page 2 of 2 <br />