11134-24 Economic Development Loan- Southeast Neighborhood Project ‎(Substitute)‎

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will be sufficient to complete the number of homes set forth in the Annual Plan. The Annual Plan shall be subject to approval by the Department. The Annual Plan shall include a summary confirming the number of homes actually constructed which are occupied or ready for occupancy as a result of the prior year's Annual Plan. ARTICLE III. COMPLETION OF THE PROJECT Section 3.1. Acquisition, Construction. Equipping and Improving of Project. It is understood that improvements made for the Project are that of the Borrower and any contracts made by the Borrower with respect thereto shall acquire and construct the Project. The Borrower shall use commercially reasonable efforts to construct the Project with all reasonable dispatch and to complete the Project by no later than the Mandatory Project Completion Date, and shall pay when due all fees, costs and expenses incurred in connection with that acquisition, construction from funds made available therefor. It is further understood that any contracts made by the Borrower with respect to the Project, whether construction contracts or otherwise, or any work to be done by the Borrower on the Project are made or done by the Borrower on its own behalf and not as agent or contractor for the City. Section 3.2. Completion Date. The Borrower shall notify the City of the Completion Date for each phase of the Project by a certificate signed by the Designated Representative stating: (a) the date on which such phase of the Project is substantially completed, which shall be evidenced by the issuance of a certificate of occupancy by the City for each home constructed, if the City provides such certificates of occupancy, (b) that all other facilities necessary in connection with such phase of the Project have been acquired, constructed, equipped and improved, and (c) that the acquisition, construction, equipment and improvement of such phase of the Project and those other facilities have been accomplished in such a manner as to conform with all applicable zoning, planning, building, environmental and other similar governmental regulations. The certificate shall be delivered as promptly as practicable after the occurrence of the events and conditions referred to in subsections (a) through (c) of this Section (the date of delivery of such certificate being, the "Completion Date"). Each phase of the Project must be completed prior to the Mandatory Project Completion Date. ARTICLE IV. LOAN BY CITY; FORGIVENESS OF THE LOAN Section 4.1. Loan. The City hereby makes the Loan to the Borrower. Subject to the terms and conditions hereof, the Loan shall bear no interest and shall be secured by the Note. The Loan shall be non -recourse against the Borrower and the Project. The Loan proceeds shall be disbursed to the Borrower on a draw basis as provided herein. 7