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<br /> I SJ, <br /> I <br /> ARTICLE 3 <br /> ~ l\IIF Loan Terms and Conditions <br /> Section 3.1, Basic Loan Terms. The principal amount of the loan of MIF funds by the City to <br /> I the Developer shall not exceed $300,000. The loan shall bear interest at a rate of 3% percent per <br /> annum for five (5) years. The loan terms may not be modified without prior "Titten approval <br /> from the Grantor Agency. <br /> I Section 3.2, Assignmen t. The Developer will not sell the Development Property or assign its <br /> rights or interests or any party therein or its right or interest in this Loan Agreement, or any part <br /> I thereof. In the event the Developer sells, conveys, transfers, further mortgages or encumbers Or <br /> disposes of the property, or any part thereof, or any interest therein, or agrees so to do, the <br /> I Developer shall immediately pay on the loan an amount equal to same. This shall be in addition <br /> to any other remedies at law or equity available to the City. <br /> I Section 3.3, Termination. This agreement shall automatically terminate without any notice to <br /> Developer: <br /> I (1) if the loan proceeds have not been disbursed to the Developer prior to August 31, 1998; <br /> or <br /> .. (2) if a petition is filed by or against the Developer under the U.S. Bankruptcy Code, or if <br /> voluntary, such a petition is not dismissed with sixty (60) business days following such <br /> petition. <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> tt 5 <br /> I <br />