HUMPHRIES, VALERIE R. - Laserfiche WebLink

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(the "Conditional Loan"). However, repayment of such loans, together with any accrued interest, shall, with respect to each such Property, be forgiven if a Certificate of Compliance is issued for such Property before the fifth (5'h) anniversary of the Implementation Date (subject to the possible extension described in Section 4.6). The Conditional Loan shall accrue interest at the rate of six percent (6%) per annum on the initial principal balance only from the Facade and Courtyard hnprovement Date until forgiven or repaid. No payments will be required prior to the Conditional Loan coming due as provide above. If a Certificate of Compliance'is not issued within the time provided for herein, the Conditional Loan, together with accrued interest, shall immediately become due and payable in full. The maximum principal anlormt of the promissory note shall not exceed the budgeted amount set forth in Exhibit "L", unless otherwise agreed by the Owner. Notwithstanding the foregoing, the Agency is not obligated to approve Facade and Courtyard hnprovements for a Property in excess of such amount. Owner's obligation to repay the Conditional Loan shall be set forth in a promissory note secured by a deed of trust on each Property in the form of Exhibit "K", the lien of which deed of trust shall be released within thirty (30) days by City and/or Agency as to any Property as soon as either the Certificate of Compliance issues for that Property or the Conditional Loan is repaid in a fonn substantially similar to that set forth. in Exhibit "M". Owner agrees to execute such promissory note and deed of trust with respect to its Property and Agency is hereby authorized to record that instrument in the Official Records. Owner shall have the right to prepay the Conditional Loan at any time without penalty and thereby receive a release of the deed of trust. City will furnish Owner a statement of the exact amount required to repay the Conditional Loan with interest within ten (10) days of receipt of a written request by the Owner to provide such information. The promissory note shall be a full recourse note. In the event of an involuntary conveyance of the Property, the Owner shall remain fully liable for repayment of the promissory note. The deed of trust securing the promissory note shall not contain a due on sale or transfer clause, and shall be fully assumable. Unless otherwise agreed by the City and the Agency, the Facade Improvement Program shall be administered by the Agency. Agency will solicit bids for the Facade and Courtyard Improvements for each property in the Agreement Area. Accordingly, the Conditional Loan for each of Owner's Properties and the amount of the promissory note secured by the deed of trust on that Property will be the amount bid for each property. 6.2 Conditions Precedent. (a) Final Plans. It shall be a condition precedent for the benefit of all parties to their obligations under the Facade and Courtyard Improvement Program that City and/or Agency and the Association agree on the final design plans therefor. Once such agreement is reached, the Agency and Association Board shall present those final plans to the membership of the Association and recommend acceptance thereof by all of the owners of the Properties, including Owner. If all of the owners of the Properties agree to such final plans, then work on the Facade and Courtyard Improvements may proceed. If any owner does not agree to such final plans as to that owner's building(s), then the Agency and Association shall work with such owner to find a 12