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12 <br /> Failure to meet Time of Performance within the time frame described in this section shall constitute default <br /> under this Contract, and as a result, this Contract may be terminated. In the event of extenuating ' <br /> circumstances, the Contractor may request, in writing, at least 60 days prior to the expiration of project <br /> completion date that the Board extend the deadline for project completion. The Board may, by a two-thirds <br /> vote, extend the time of project completion. <br /> The term of this Contract shall be for the entire term of the loan, regardless of actual project completion, <br /> unless terminated sooner as provided herein. <br /> 1.11. PROJECT COMPLETION AMENDMENT AND THE CERTIFIED PROJECT COMPLETION REPORT <br /> The Contractor shall initiate a Project Completion Amendment by submitting a Certified Project <br /> Completion Report when activities identified in Attachment I: Scope of Work are complete and the <br /> Contractor agrees that no additional eligible costs will be reimbursed. The Board will supply the <br /> Contractor with the Certified Project Completion Report documents upon request. <br /> • <br /> In the Project Completion Amendment, the Contractor will provide the following information to the Board: <br /> A. A certified statement of the actual dollar amounts spent, from all fund sources, in completing the <br /> project as described in Attachment I: Scope of Work. <br /> B. Certification that all costs associated with the project have been incurred. Costs are incurred <br /> when goods and services are received and/or contract work is performed. <br /> C. 'A copy of the Department of Health Construction Completion Report as submitted to Department <br /> of Health. <br /> • <br /> D. Evidence documenting compliance with audit requirements as referenced in Section 1.27. <br /> E. A final voucher for the remaining eligible funds. <br /> The Project Completion Amendment shall serve as an amendment to this Contract determining the final loan <br /> amount and term of the loan. <br /> 1.12. REPAYMENT <br /> Pursuant to 40 CFR, Section 35.3525 (a)(1)(i), an assistance recipient begins annual repayment of principal <br /> and interest no later than one year after project completion.The first repayment installment of principal and <br /> any interest accrued to date under this Contract is due on October 1st of the first twelve(12) months <br /> following project completion.All subsequent payments shall consist of principal and accrued interest due on <br /> October 1St of each year during the remaining term of the loan. <br /> • <br /> Repayment of the loan under this Contract shall include an interest rate'of 1.50% per annum. Interest will <br /> begin to accrue from the date each warrant is issued to the Contractor. The final payment shall be on or <br /> before October 1,2035 of an amount sufficient to bring the loan balance to zero. <br /> The Contractor has the right to repay the unpaid balance of the loan infull at any time or make accelerated <br /> payments without penalty. • <br /> The Contractor will repay the loan in accordance with the preceding conditions through the use of a check, <br /> money order, or equivalent means made payable to the Washington State Department of Commerce, or its <br /> successor. <br /> 1.13. DEFAULT IN REPAYMENT <br /> Loan repayments shall be made in accordance with Section 1.12 of this Contract. A payment not received <br /> within thirty (30) days of the due date shall be declared delinquent. Delinquent payments shall be <br /> assessed a monthly penalty beginning on the first(1St) day past the due date. The penalty will be one <br /> City of Everett Page;, Contract Terms and Conditions <br /> DM11-952-011 12/15/2i " DWSRF NT Loan Contract(Municipal) <br />