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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />0 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />B <br />9 <br />O <br />2 <br />'3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />0 <br />�2 <br />spec+p�eu.. �.i�y ui .:au.a nna,_..alx;ornma Gran[ ivumoer: B-84-AA-06-0615(P) <br />Continuation Sheet ---Exhibit E <br />(b) 3vidence of this commitment shall be in accordance with Section 10.04 of <br />this Grant Agreement together with copies of the forms of all UDAG Loan documents <br />to be used at closing. <br />IV <br />(a) Recipient and Rangel shall enter into an agreement which shall contain <br />provisions consistent with the following: <br />(1) Recipient shall agree to carry out the Recipient Activities set <br />forth in subparagraph (e) of Exhibit B to this Grant Agreement. <br />(2) Rangel shall agree to carry out all Non -Recipient Activities <br />ascribed to Rangel in Exhibit C to this Grant Agreement. The agreement shall set <br />forth the scope of the work, its location, and the obligation of Rangel to invest <br />not less than $1,187,744 of private funds and cash equity in the development of <br />Project Element B. <br />(3) Recipient shall be obligated to make a loan to Rangel of not more <br />than $90,000 of Grant Funds (the "UDAG Loan"), which shall be used for the partial <br />financing of the construction of Project Element B in accordance with Page 3 of <br />Exhibit D to this Grant Agreement. The terms and conditions of the UDAG Loan shall <br />be consistent with the following: <br />(aa) UDAG Interim Loan: <br />(i) Principal: The principal amount of the UDAG Interim Loan <br />sha-11 be no more than $90,000. <br />(ii) Term: The Term of the UDAG Interim Loan shall commence <br />upon the date of the initial disbursement of Grant Funds but in no event later than <br />May 1, 1986. <br />(iii) Interest: The interest rate shall be zero percent (OX) <br />per annum. Interest shall be forgiven during the term of the UDAG Interim Loan. <br />(iv) Disbursement/Ratio: Loan disbursements shall be based on <br />vouchers submitted by Rangel, verified by Recipient, and certified by the <br />architect, construction manager, or other certifying official as shall be <br />acceptable to Recipient. All submissions by contractors of monthly requisitions <br />shall be on AIA Forms 702 and 703 or their equivalent. <br />No disbursement of the UDAG Interim Loan shall be made until: <br />EXHIBIT E Page 7 of 22 <br />