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NEIGHBORHOOD SMALL BUSINESS REVOLVING LOAN FUND <br /> <br />CERTIFICATE OF PARTICIPATION <br /> <br /> WHEREAS, ON _________________, 20_______, ______________________________ <br />________________________________________________(the ÐFinancial InstitutionÑ) has <br />loaned <br />the sum of ______________________________________________ Dollars ($______________) <br />for financing improvements to an existing business located at ____________________________ <br />(the ÐProjectÑ) in the City Of Centerville (the ÐCityÑ); and <br /> WHEREAS, on even date herewith the Economic Development Authority in and for the <br />City of Centerville (the ÐAuthorityÑ) has acquired a participation in the Loan for the sum of <br />____________________________________________ Dollars ($______________), bearing <br />interest at the rate of two percent (2%) per annum, evidenced by Note, dated <br />___________________, due ___________________, until paid (the Financial Institution and the <br />Authority being hereafter referred to as the ÐParticipantsÑ); and <br /> <br /> WHEREAS, the Financial Institution agrees, during the term of this Participation <br />Agreement (the ÐAgreementÑ), to act as servicer on behalf of itself and the Authority in the receipt <br />and disbursement of all payments to and from the Borrower and in exercising any remedies <br />available against the Borrower with respect to security for the payment of all amounts due under <br />the Loan. <br /> <br /> NOW THEREFORE, in consideration of the premises and the mutual benefits to be derived <br />therefrom, it is hereby agreed as follows: <br /> <br />1. The Financial Institution shall have a _____________ percent (______%) interest in the Loan <br />and the Authority shall have a ________ percent (______%) interest in the Loan, provided <br />that the AuthorityÓs interest in the Loan shall be, as provided herein, subordinate to the <br />Financial InstitutionÓs interest in the Loan. <br /> <br />2. The right of the Authority to any and all security for the repayment of the Loan shall be <br />subordinate to the right of the Financial Institution to receive any amounts due to it from any <br />security for the repayment of the Loan to the extent of the Financial InstitutionÓs interest in the <br />Loan. <br /> <br /> <br />16 <br />21 <br /> <br />