Laserfiche WebLink
D. <br />7.All reimbursement requests must be received by the City no later than <br />January 8, 2027, unless the City's Director of Community Development <br />extends this date in writing. <br />8.All interest, if any, accrued through City investment on Loan funds will be <br />remitted to the County. <br />Remaining Loan Funds. <br />To the extent that Loan funds remain after fund of Allowable Project Costs, EGM <br />may use Loan funds provided only for Project uses and under such terms that the <br />City and County may pre-approve in writing. Reimbursement requested by EGM <br />for pre-approved costs will not be paid to EGM unless both City and County approve <br />the EGM reimbursement request. <br />Ill. TERM OF AGREEMENT <br />Unless otherwise terminated in accordance with the Agreement, the term of this Agreement <br />begins on the Effective Date and terminates on the date that the Loan is either forgiven or <br />repaid in full in accordance with the Loan Documents. Termination of this Agreement does <br />not affect the Restrictive Covenant, which will remain in effect until December 31, 2051. <br />IV.PRIORITY OF LOAN DOCUMENTS <br />V. <br />EGM covenants that, unless otherwise a'greed by the City in writing in a subordination or <br />priority agreement or other written instrument approved by the County and signed by EGM <br />and the City's Mayor, there will be no lender or person or party with an interest in the <br />Property recorded prior to the City's Restrictive Covenant and Deed of Trust. <br />EGM shall cause any subsequent mortgagee or lien holder to be approved in writing by the <br />City and shall require such mortgagee or lien holder to agree, unless otherwise determined <br />by the County and City, by separate written agreement with the City to subordinate the lien <br />of its security instruments, if any, to the City's Restrictive Covenant and Deed of Trust. <br />If there exists any lender or person or party with an interest in the Property recorded prior <br />to the date of recording of the Restrictive Covenant and Deed of Trust, EGM shall, unless <br />otherwise approved by the County and agreed by the City in a subordination or priority <br />agreement or other written instrument signed by EGM and the City's Mayor, require such <br />lender to subordinate the lien of its security instruments, if any, to the City's Restrictive <br />Covenant and Deed of Trust. <br />If EGM requests that the lien of a subsequent or prior lender to EGM be prior and superior <br />to the lien of the City and if the City and County agrees to that request at their sole <br />discretion, the documents effecting such subordination of the City's mortgage and lien <br />rights shall, prior to their execution, be subject to review and approval by the City Attorney. <br />EGM acknowledges that the City does not ordinarily consider loan subordination to lenders <br />with loan amounts less than the City's loan. In addition, the City will not subordinate the <br />Restrictive Covenant. <br />BREACH BY EGM; REMEDIES <br />In the event of a breach of any of the provisions of this Agreement or any other Loan <br />Document by EGM, the City may give written notice thereof to EGM at the.address provided <br />on the signature pages of this Agreement. Except for non-payment of the Note when due <br />7