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2. Loan. 2.1. The City agrees to make a loan to the Commission in an amount of up to Five Hundred Thousand and 00/100 Dollars ($500,000.00) ("the Loan") to be used by the Commission for the Remediation Work (the "Project Loan Funds") subject to the terms and conditions herein. 2.2. The Promissory Note shall be executed and delivered by the Commission to the City concurrently with the execution of this Agreement. 2.3. The Project Loan Funds shall be used exclusively to complete the Remediation Work described in the Work Plan summarized as follows: • Preparation of Work Plan; • Preparation of Site Health and Safety Plan; • Soil remediation and confirmation soil sampling; • Asbestos removal and disposal; • Underground storage tank removal and disposal; • Regulated nonhazardous and hazardous solid and liquid waste removal (including foundry waste, universal waste, wood block flooring, railroad ties, contaminated concrete, and mercury and PCB-containing materials); and • Preparation of final report. 2.4. The City and the Commission agree and understand that the total cost of performing the Remediation Work is estimated to be at least Six Hundred Sixty Thousand and 00/100 Dollars (5660,000) as described in the Work Plan. 2.5. The Commission may, without premium, prepay any portion of the principal on the Loan prior to maturity. 3. No Obligation of City. The Commission acknowledges that Cooperative Agreement No. BF 965597-O1-2 between the EPA and the City (the "Cooperative Agreement') is the source of all funds loaned hereunder, and that the City is under no obligation to loan any of its own funds for this project. 4. Applicable Laws and Regulations. The Commission shall carry out the Remediation Work in accordance with all applicable state, local and federal laws, regulations, orders, writs, judgments, injunctions, decrees or awards, including but not limited to the following: 4.1. CERCLA. 4.2. Uniform Adnti~~istrative Requirements for ~7Ya111S and Cooperative A~1•ee~~l~ents to States acid Local Govea•~mients, 40 C.F.R. Part 31. 3