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<br /> b. Acquire a loan through Texas Certified <br /> Development Company, Inc. in the amount of <br /> $397,ØØØ.Øø to be used as follows: <br /> $382,ØØØ.Øø to payoff an interim construction <br /> loan with First National Bank, San Marcos and <br /> close into a permanent mortgage loan; and, <br /> $15,ØØØ.Øø for cost associated with debenture <br /> sale. <br />5. Submit to City any and all documentation of the private <br />investment herein described. <br />6. Repay all of the loans described in paragraphs III(B)(4) <br />as contracted in their repayment schedules. EPS shall not <br />prepay any portion of the above loans during tile term of this <br />contract without the prior written approval of City. <br />7. Submit to City a resolution of the Board of Directors <br />from EPS naming the corporate officers able to incur debt on <br />behalf of EPS. <br />8. Provide to City annual audited financial statements <br />within ninety (9Ø) days of EPS' fiscal year end. <br />9. Obtain and maintain during the entire term of the real <br />estate I ien note in a form acceptable to City, an insurance <br />policy that: <br /> a. covers all improvements for their full insurable <br /> value as determined when the policy is issued and <br /> renewed, unless City approves a smaller amount in <br /> writing; <br /> b. contains 8Ø% coinsurance clause; <br /> c. provides fire a~d extended coverage, including <br /> windstorm coverage; <br /> d. protects City with a standard mortgage clause; <br /> e. provides flood insurance at any time the property <br /> is in flood hazard are; and <br /> f. contains such other coverage as City may reasonably <br /> require: <br />lØ. Obtain and provide to City the Employee Identification <br />number issued by the Internal Revenue Service at the closing <br />of the loan. <br />11. Provide City with a list of the types of positions, <br />number, and wage scales of all permanent positions to be <br />created/retained as result of this project, incl uding <br /> -4- <br />