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6 <br /> 4.05 Time of Performance <br /> The LOCAL GOVERNMENT shall begin the activities identified within ATTACHMENT I: SCOPE OF <br /> WORK no later than three (3) months after the date of loan agreement execution and reach project <br /> completion no later than eighteen(18)months after the date of agreement execution. <br /> Failure to perform within the time frame described in the preceding paragraph may constitute default of this <br /> agreement. In the event of extenuating circumstances, the LOCAL GOVERNMENT may request, in <br /> writing, that the BOARD extend the deadline for project completion. The BOARD may, by a two-thirds <br /> vote,extend the deadline. <br /> The term of this agreement shall be for the entire term of the loan, irrespective of actual project completion, <br /> unless terminated sooner as provided herein. <br /> 4.06 Repayment <br /> The first loan repayment under this agreement is due July 1, 2006, and subsequent installments are due on <br /> July 1 of each year during the term of the loan. Repayments under this agreement shall consist of the total <br /> funds drawn divided by 1/5. The final payment shall be an amount sufficient to bring the loan balance to <br /> zero. <br /> The LOCAL GOVERNMENT has the right to repay the unpaid balance of the loan in full at any time, and <br /> the right to repay at a faster rate than is provided in this agreement, provided that any such payment must <br /> 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 the <br /> use of a check, money order, or equivalent means made payable to the Department of Community, Trade <br /> 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,WA 98504-8300 <br /> 4.07 Repayment Account <br /> The LOCAL GOVERNMENT shall repay the loan according to the option designated in Section 4.09 Loan <br /> Security. The name of the fund,account,or sub-account shall be 61 h 4' YV!" Oh Intl <br /> 4.08 Default in Repayment <br /> Loan repayments shall be made on the loan in accordance with Section 4.06 of this agreement. A <br /> payment not received within thirty(30)days of the due date shall be declared delinquent. Delinquent <br /> payments shall be assessed a daily penalty beginning on the thirty-first(31)day past the due date. The <br /> penalty will be assessed on the entire payment amount. The penalty will be twelve percent(12%)per <br /> annum calculated on a 360-day year. <br /> Page 4 <br /> 2003 PLP Loan Agreement <br /> Printed 8/19/2005 <br />