7.1. SR 04-26-1993 - Laserfiche WebLink

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. . . " SECTION 2.2. SCDP LOAN. The Grantor Agency has granted to the City and the City shall loan to the Developer, SCDP funds of an amount up to $250,000 (the IILoanll) according to the terms described in ARTICLE 3. ARTICLE 3 SCDP Loan Terms and Conditions SECTION 3.1. BASIC LOAN TERMS. As more fully set forth in the Note, the principal amount of the Loan of SCDP funds by the City to the Developer shall not exceed $250,000. The Loan shall bear interest at a rate of four and one-half (4.5%) percent per annum for five (5) years. Thence, the Loan shall bear interest at a rate of six (6%) percent per annum for five (5) years. The Loan terms may not be modified without prior written approval from the Grantor Agency. SECTION 3.2. PREPAYMENT. PrepaYment of the Loan may occur at any time during the Loan without penalty. SECTION 3.3. ASSIGNMENT. The Developer will not sell the Development Property or assign its rights or interests to any part therein or its right or interest in this Loan Agreement, or any part thereof. ~~ the event the Developer sells, conveys, transfers, further mortgages or encumbers or disposes of the Development Property, or any part thereof, or any interest therein, or agrees so to do, the unpaid principal balance of the Loan, together with interest then accrued, shall, at the option of the City, become immediately due and payable in full, This shall be in addition to any other remedies at law or in equity available to the City. SECTION 3.4. TERMINATION. This Agreement shall automatically terminate without any notice to Developer (1) if the Loan proceeds to have not been disbursed to the Developer prior to December 31, 1994; or (2) if a petition is filed by or against the Developer under the U.S. Bankruptcy Code, or if voluntary, such a petition is not dismissed within sixty (60) days following such petition. SECTION 3.5. DAVIS-BACON. The Loan is for equipment needs only. If the Loan proceeds are used for construction or rehabilitation, a wage decision must be requested from the Grantor Agency, as Davis Bacon Labor Standards provisions would apply. If any of the equipment items financed in whole or in part with SCDP funds require more than an incidental amount of installation work, a wage decision must be requested from the Grantor Agency, as Davis-Bacon Labor Standards provisions would apply to the total project. The following factors should be considered in determining whether or the amount of the installation activity is more than incidental: 3.