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` acquire the roe described in Exhibit A, The parties agree that loan prooeeds shall no be
<br />R.ec�pient to a q e property �y
<br />used to olean up contaminated soil ar.other pollutants, if any are discovered on the site,
<br />II.. ACCOUNTING, AUDIT, AND RECORDS REQUIREMENTS
<br />2.01 Separate Account. The Reclpienagr
<br />ees rees to establish and maintain a separate account for the
<br />aoburate atnd complete records and accounts relating to the receipt and expenditure of
<br />loan and to maintain p
<br />all loan funds, Sc u ch accounts and reoords shall be kept and maintained for a. period of at least six (6) years
<br />a
<br />following discharge of the loan.
<br />2.02 Audit, The above a000unti and records of the Reoipient shall be audited In the same manner
<br />as all other accounts and rec
<br />ords of the Recipient are audited, and may be audited and/or inspected on. the
<br />' 'otherwise byindividuals or organizations designated and authorized by the Council
<br />Recipient's premises or g
<br />`reasonable notification *ins the loan period, and for a period of six (6) years
<br />at any time, following � g
<br />following discharge of the loan.
<br />' i Report. The Recl lent a ees that upon completion of any acquisition, the
<br />�,U� Acquisition. �t p p �'
<br />'the Council an acquisition report, in a format to be determined by the Council,
<br />Recipient will submit to � p
<br />sunimarizing the acquisition uisition costs of the property, including ail eligible expenses and moving costs{
<br />h Recipient agrees to submit, on or before June 30 of each year during
<br />2.04 Annual Report.�` e p �" ,
<br />iseffeot,an annual report on the status of the loan, in a form to be determined by
<br />which this a gr�er�aent in p
<br />the Counoil.
<br />in, INCOME FROM FT RC ASED PROP) T
<br />Net Rents Defined. For purposes of this agreement, "net rent" means the total gross rent
<br />receivedRecipient from any and all tenants or users of the property, loss the Reoipient's actual costs
<br />by the th
<br />for accessary maintenance, repairs, taxes,insurance, and operating expenses, and attorneys' fees associated
<br />p
<br />with preparing or terminating any lease with respect to the property.
<br />3,02 Transfer of Net Rents. The Recipient agrees to transfer to the Council, within fortywfive (45)
<br />all net rents or other money received as a result of the Recipients ownership of the property,
<br />dsys of receipt, Y
<br />For any given payment to the Council, p the Recipient may estimate the actual costs to be doduoted from
<br />gross rent. •
<br />3.03 Adjustment
<br />for Actual Costs. Twelve (12) months from the commencement of receipt of
<br />any rent by the Recipient acquired with loan proceeds, the Recipient shall provide, in a
<br />pent from any property �'
<br />for acceptable to the Council documentation for all actual costs for necessary maintenance, repairs, taxes,
<br />form p s i � �
<br />i n operating expenses, and attorneys' fees with respect to the property. Upon verification and
<br />insurance, anGG, and op � p � �
<br />acceptanc
<br />e of the documentation by the Council, the Recipient shall pay to the Counell the amount, if any,
<br />ithe Council to be necessary to adjust the estimated deduction from gross rent to reflect the
<br />determined by �'
<br />actual costs.
<br />IV. LOAN DISCHARGE
<br />e Due to Conveyance nv e a nce to Highway Authority► if any parcel purchased with .the
<br />4.01 Discharge Y g ,
<br />to a highway authorityfor oonstruotion of a highway, the Recipient shall repay to the
<br />loan funds is conveyed g y
<br />Caurrcrl, within thirty (30) days of receipt, the athount receive front the highway authority for the parcel,
<br />` ` ` tin expenses.Upon payment of the specified amount, the Council will
<br />acquisition oasts and relocation o pi y
<br />discharge the loan.
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