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<br />..,._"_.,,,.,..,...,,~,,_.,'y-- ~.~",' -- <br /> <br />I <br /> <br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />event that any billing from any such contractor exceeds $250.00 <br /> <br />in amount, Owner shall also submit proof of estimates for the <br /> <br />work performed received from at least two contractors demonstra- <br />ting that he'~tained the services of the contractor offering <br /> <br />performance at least expense. <br />Upon compliance with the above conditiom, Agency may <br /> <br />disburse loan proceeds either by direct payment of billings to <br />the contractors submitting the same or, if billings have been paid <br /> <br />by Owner, by delivery of the amount of such billings to Owner; <br /> <br />provided no disbursements shall be made in excess of the amount of <br /> <br />the loan. <br /> <br />(b) <br /> <br />Owner, as an alternative to proceeding under sub- <br /> <br />section (a), may give written authorization to Agency to cause <br /> <br />all or any designated part of the improvements specified in Exhi- <br /> <br />bit B to be made on the subject premises. <br /> <br />In such event Agency <br /> <br />may contract directly with contractors for the improvement work <br /> <br />and payment by Agency to such contractors for performance thereof <br /> <br />shall constitute disbursement of loan proceeds; provided, however, <br /> <br /> <br />Agency shall not enter into contracts which in the aggregate ex- <br /> <br />ceed the amount of the loan. <br /> <br />7. <br /> <br />Termination of disbursements. <br /> <br />At such time as no <br /> <br />further disbursements may be made without exceeding the amount of <br /> <br />the loan, or the improvements specified in Exhibit B have been <br /> <br />completed, or if written notice is sooner received by Agency from <br />. <br />Owner of his intent to terminaæconstruction of improvements on <br /> <br />the subject premises, no further disbursements shall be made, and <br />the excess, if any, of the amount of the loan over the aggregate <br /> <br />amount of disbursements made. shall be credited to Owner's re- <br />payment of the loan. <br /> <br />8. <br /> <br />Effect of sale to third party. <br /> <br />No disbursements <br /> <br />4. <br />EXHIBIT <br /> <br />A <br />