7.1. SR 04-26-1993 - Laserfiche WebLink

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. remedy and no single or partial exercise by the City of any right or remedy shall preclude other or further exercise thereof of the exercise of any other right or remedy at any other time. SECTION 4.3. COLLATERAL. The Developer shall grant to the City a first security interest in all Collateral, including all machinery and equipment items purchased with funds loaned by the City under this Agreement, for up to an amount of $250,000, and the Developer shall grant to the City a mortgage on the Development Property according to the terms of the mortgage instrument between the Developer and the City as attached to this Agreement, which mortgage shall be subordinate to a first mortgage in favor of Bank, securing a principal amount not to exceed $ ARTICLE 5 Loan Disbursement provisions . SECTION 5.1. PAYMENT REQUISITION DOCUMENTATION AND FORMAT. Loan disbursements shall be for equipment costs in the amount of $250,000. The Loan funds for equipment may be disbursed to the Developer only after the City has received from the Developer: (i) a signed and dated written request specifying the amounts of the disbursementdes,;ired; (ii) invoices for equipment costs and only on a cost-sharing ratio 33% Loan funds to 67% other funds; and (iii) such other documentation reasonably requested by the City. At the City's option, for each disbursement made, the funds may be disbursed to the Developer directly, or by check payable to the applicable equipment vendor, or by check payable jointly to the Developer and said vendor. SECTION 5.2. PROVISION OF EVIDENTIARY MATERIALS. No disbursements of Loan funds shall be made until all evidentiary materials required by the Grantor Agency have been submitted to and approved by the Grantor Agency. SECTION 5.3. PROJECT TIME FRAME (SCHEDULE). The time frame outlined in the SCDP Application pertaining to the Project shall be met by the Developer. SECTION 5.4. PERMANENT LOAN TERMS. As more fully set forth in the Note, the Loan of $250,000 shall be a term of ten (10) years, with repayment of principal commencing not later than January 1, 1995. The interest rate shall be 4.5% per annum prior to the Completion Date and for the first 60 months thereafter. The interest rate shall be 6% per annum for the period from 61 to 120 months after the Completion Date. After the Completion Date, payments shall be made monthly in sufficient amounts to completely payoff the Loan over the Loan term. In the event that less than $250,000 of Loan funds are drawn down by the Completion Date, a revised amortization schedule shall be . prepared to reflect the lower monthly payments. 6 .