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I <br />I <br />I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />If the business subsidy is for improvements to property, then the benefit date refers to the earliest <br />of either: when the improvements are finished for the entire project; or when a business occupies <br />the property. <br /> <br />ARTICLE 2 <br /> <br />Financing for Project <br /> <br />Section 2.1. Project Financing. The Developer has secured a commitment for the financing <br />necessary to complete the Project, in a form and under conditions satisfactory to the Bank and <br />the Developer. <br /> <br />Section 2.2. Developer's Equity and Other Financing. The Developer shall commit not less than <br />$ of other financing (exclusive of the Loan) to be used for the completion of the <br />Project. <br /> <br />Section 2.3. MIF Loan/Grant. The MIF Grant will be used by the City to make a loan to the <br />Developer of not more than $300,000 for Equipment and Construction costs. The City's <br />obligations under this Agreement are expressly contingent on the City's receipt of funds from the <br />Grantor Agency in an amount adequate to make the Loan. <br /> <br /> ARTICLE 3 <br /> <br />MIF Loan Terms and Conditions <br /> <br />Section 3.1. Basic Loan Terms. The principal amount of the Loan shall not exceed $300,000. <br />The Loan shall bear interest at a rate of three percent (3%) per annum. The Loan terms may not <br />be modified without prior written approval from the Grantor Agency. The Loan shall be used <br />exclusively for the purchase of the Equipment and Construction costs. The term of the Loan is <br />set forth in Section 5.4 of this Agreement. <br /> <br />Section 3.2. Prepayment. Prepayment of the Loan may occur at any time during the Loan <br />without penalty. <br /> <br />Section 3.3. Assignment. If, prior to the Termination Date, the Developer sells, conveys, <br />transfers, further mortgages or encumbers, or disposes of the Development Property, or any part <br />thereof or interest therein, or enters into an agreement to do any of the foregoing, the Developer <br />shall immediately repay all amounts then outstanding on the Loan. This shall be in addition to <br />any other remedies at law or equity available to the City. <br /> <br />Section 3.4. Termination. This Agreement shall automatically terminate without any notice to <br />Developer: (1) if no Loan Proceeds have been disbursed to the Developer prior to May 1, 2001; <br />or (2) if: (a) the Developer has not received any disbursement of Loan Proceeds from the City; <br />and (b) the Developer fails to pay its debts as they become due, makes an assignment for the <br /> <br /> 3 <br />157 <br /> <br /> <br />