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1999_0125_packet
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1999_0125_packet
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9/30/2011 11:31:39 AM
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The granting of this participation shall be upon the following terms: <br /> 1. The City shall share with the Bank,in proportion to the City's participation <br /> hereunder and up to a maximum of$25,000.00,in any payments received from the <br /> Debtor unless an Event of Termination(hereinafter defined)has occurred. Any <br /> additional loan monies exceeding the City's maximum of$25,000.00 shall not be the <br /> responsibility of the City. The City shall be secured by any collateral set forth in the <br /> provisions of the loan documents for the Indebtedness(the `Loan Documents"). <br /> However,the interest of the City shall be subordinate and inferior to the interests of <br /> the Bank,as herein provided. <br /> 2. The Bank shall provide to the City the schedule of loan payments on monthly basis <br /> along with the City:s proportionate share of the loan payment due. Any <br /> prepayment of loans shall be distributed to the City at the proportionate share of <br /> the total loan amount <br /> 3. The Bank hereby acknowledges that it complete all required underwriting <br /> procedures in the same manner as any other commercial improvement loan prior to <br /> approval of this agreement. The bank shall provide the city with a letter <br /> summarizing its findings of its underwriting analysis. <br /> 4. The City hereby acknowledges its consent to the Doan Documents, and to all <br /> financing statements,certificates,filings and other instruments, agreements or <br /> writings issued or presented*and to all other actions taken}in connection <br /> therewith. <br /> 5. At the time of execution and delivery of this Agreement,the City shall pay to the <br /> Bank(in immediately available ids)the City's proportionate share of all amounts <br /> 2 <br />
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