Laserfiche WebLink
S In addition,if this loan is also secured by Utility Local Improvement Districts(ULID) <br /> Assessments, this LOAN will constitute a lien upon ULID Assessments in the ULID prior <br /> and superior to any other charges whatsoever. <br /> 5. Other Sources of Repayment. The RECIPIENT may repay any portion of the LOAN from <br /> any funds legally available to it. <br /> 6. Defeasance of the LOAN;Refinancing or Additional Financing of the PROJECT. So long <br /> as the DEPARTMENT will hold this LOAN, the RECIPIENT will not be entitled to, and <br /> will not effect, an economic Defeasance of the LOAN. The RECIPIENT also will not <br /> refinance the PROJECT,including making an advance refunding of the LOAN,or obtain <br /> additional grants or loans to finance the PROJECT,without the written consent of the <br /> DEPARTMENT. <br /> If the RECIPIENT defeases or advance refunds the LOAN or obtains additional grants or <br /> loans for the PROJECT without DEPARTMENT consent, it will be required to use the <br /> proceeds thereof immediately upon their receipt, together with other available RECIPIENT <br /> funds, to repay both of the following: <br /> (i) the LOAN Amount with interest <br /> (ii) any other obligations of the RECIPIENT to the DEPARTMENT under this <br /> AGREEMENT <br /> unless in its sole discretion the DEPARTMENT finds that repayment from those additional <br /> sources would not be in the public interest. <br /> Failure to repay the LOAN Amount plus interest within the time specified in the <br /> DEPARTMENT's notice to make such repayment will incur Late Charges and will be <br /> treated as a LOAN Default. <br /> Method and Conditions on Repayments <br /> 1. Semiannual Payments. Notwithstanding any other provision of this AGREEMENT,the <br /> first semiannual payment of principal and interest on this LOAN will be paid no later than <br /> the earlier of <br /> (i)one year after the PROJECT Completion Date or Initiation of Operation Date <br /> (ii) five years from the first payment by the DEPARTMENT <br /> Equal payments will be due every six months thereafter. <br /> If the due date for any semiannual payment falls on a Saturday, Sunday, or designated <br /> holiday for Washington State agencies,the payment will be due on the next business day for <br /> Washington State agencies. <br /> Payments will be mailed to: <br /> Department of Ecology <br /> Cashiering Unit <br /> P.O. Box 47611 <br /> Olympia WA 98504-7611 <br /> In lieu of mailing payments, electronic fund transfers can be arranged by working with the <br /> DEPARTMENT's Financial Manager. <br /> 56 <br /> Page 7 of ATTACHMENT 4 <br />