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-4- h) Guarantee: The applicant will be required to guarantee payment of the principal and interest and premium, if any, of the bonds issued, and the City may require an additional guaranty by any related entity to the applicant and the tenant. Completion: The applicant shall be required to complete the project as described from its own funds should the bond or note proceeds prove to be inadequate for such purpose. The applicant shall require payment and performance bonds of the building, electrical, mechanical and other contractors for the full amount of their contracts. i) j) Hold Harmless: The applicant, the purchaser of notes, and, if under- writers are involved in the issuance and sale of bonds, shall hold harmless the City, its officers, employees, consultants and agents for any alleged or actual violation of any securities laws, state or federal, in connect- ion with the issuance of bonds or notes for the project. The City may require a bond or appropriate insurance to assure this "hold harmless" provision. k) Administrative Fee: In consideration of the City's making such tax exempt financing available and to assist the City further in defraying its present and future administrative expenses, the applicant shall, sub- ject to applicable federal arbitrage regulations, pay to the City the sum of $10,000 or 1% of the amount financed~ whichever is greater, which shall be used by the City for any other expenses in connection with the project, or for any other City purpose. To the extent permitted by law, the City will allow the applicant to use this cost as a project cost for financing purposes. 1) Denial: The City reserves the r"ight to deny an application for any reason and to revoke approval of an app"'ication at any time before actual issu- ance of bonds or notes without any liability to the City, its Council members, offi cers or agents to the appl i cant, the underwriter, attorneys or other counsel associated with the project. No Assignment: The applicant shall have no right to assign any asserted "right or privilege" under any action by the City, its Councilor admin- istrative staff to any other person or firm. All applications shall name the real parties in interest in the project including the principal stockholders, if a corporation. m) n) Application Form: The applicant will be required to complete the appli- cation as required by the City.