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The EDA ma require additional agreements to be signed by the borrower <br /> (Le. securiLT agreement,Personal guarantees,business subsidg agreement. <br /> Simultaneous Microloans <br /> The simultaneous use of different EDA Microloan Fund Programs by ani <br /> borrower or for an,r�project is Prohibited. <br /> Loan Repayment <br /> Jobs Incentive funds,including12rincipal and interest received may not be used to <br /> support restaurant,retail,casinos,or sports facilities. <br /> Call of Loan <br /> A loan shall become due and payable in full if a business relocates outside of the city <br /> of Elk River prior to the maturity date of the loan. <br /> Late Payment Charge <br /> A late payment charge of 8%of the installment amount will be enforced following a <br /> grace period of ten calendar days. <br /> S. REGULATION FOR NEW CONSTRUCTION AND IMPROVEMENTS <br /> All buildings which public funds will be used for construction or renovation are to <br /> be brought into conformance with city ordinances and state building codes. Repairs <br /> may include the following systems and portions of real property: <br /> a. Mechanical heating,12lumbing,and electrical <br /> b. Structural;including the facade of the structure and energy related <br /> improvements. <br /> c. Hook-up to cit:services (i.e.water,sewer) <br /> d. ADA(Americans with Disabilities Actimprovements <br /> 6. LOAN SECURITY AND GUARANTEES <br /> Applicant must be able to secure the loan b3:12roviding the EDA with a minimum of <br /> a subordinate mortgage upon the building and/or assets or other approved collateral <br /> equal to the amount of the loan. <br /> Applicant must demonstrate the financial means to repay the loans,as determined by <br /> the Economic Development Authority. <br /> Whenever possible,personal,corporate,and/or entit r�guarantees will be made part <br /> of any loan agreement. <br /> Ke:12erson life insurance may be required as determined by the EDA Finance <br /> Committee based on loan amount and company ownersW 12artners. <br /> r. TIMING OF PROJECT EXPENSES <br /> No Project should commence until the Elk River Economic Development Authority <br /> has 212�roved the loan ag�lication. Any costs incurred prior to the approval of the <br /> PO110fa B <br /> Page 3 of 29 NATURE <br />