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6 <br /> The LOCAL GOVERNMENT has the right to repay the unpaid balance of the loan in full at any time, <br /> and the right to repay at a faster rate than is provided in this agreement,provided that any such payment <br /> must equal or exceed the amount normally due on an annual basis. <br /> The LOCAL GOVERNMENT will repay the loan in accordance with,the preceding conditions through <br /> the use of a check, money order, or equivalent means made payable to the Department of Community, <br /> Trade and Economic Development,or its successor, and sent to: <br /> Department of Community,Trade and Economic Development <br /> Administrative Services Division/Fiscal Unit <br /> 906 Columbia Street S.W. <br /> P.O. Box 48300 <br /> Olympia,Washington 98504-8300 <br /> 4.07 Repayment Account <br /> The LOCAL GOVERNMENT shall repay the loan according to the optiondesignated in Section 4.09 - <br /> _v�-J <br /> Loan Security. The name of the fund, account, or sub-account shall be r '4/0I -6.1/4 r.t <br /> 4.08 Default in Repayment <br /> Loan repayments shall be made to the Department of Community,Trade and Economic <br /> Development, or its successor, in accordance with Section 4.06 of this agreement. A payment not <br /> received within thirty (30) days of the due date shall be declared delinquent. Delinquent payments <br /> shall be assessed a daily penalty beginning on the thirty-first (31) day past the due date. The penalty <br /> will be assessed on the entire payment amount. The penalty will be twelve percent(12%)per annum <br /> calculated on a 360-day year. <br /> The LOCAL GOVERNMENT acknowledges and agrees to the BOARD'S right, upon delinquency in <br /> the payment of any annual installment, to notify any other entity, creditors, or potential creditors of the <br /> LOCAL GOVERNMENT of such delinquency including, without limitation, the state government and <br /> the United States of America or its agencies,credit rating agencies, and the municipal finance market. <br /> The same penalty terms shall apply to delinquent repayment of funds paid in excess of eligible costs as <br /> provided for in Section 4.03. <br /> The LOCAL GOVERNMENT shall pay the costs and reasonable legal fees incurred by the BOARD in <br /> any action undertaken to enforce its rights under this section. <br /> Page 5 <br /> r� 2003 PWTF Pre-Construction Loan Agreement <br /> 3 0 <br />