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i 1 then such lender shall be provided any notice of default of Company hereunder and the 1 opportunity to cure such default. 1 7.2 Reimbursement Obligation. In the event that on or before the Mandatory Completion Date (i) Company fails to complete construction of the Project, (ii) the Company i fails to make a Private Investment of at least $90,000.00, or (iii) Company fails to hire the I number of employees specified in Section 4.7, then upon request of the Commission, Company shall repay the Commission One Hundred Fifty Percent (150%) of the Funding Amount expended by the Commission in furtherance of the Project. SECTION S. NO AGENCY,JOINT VENTURE OR PARTNERSHIP: CONFLICT OF INTEREST,INDEMNITY. 8.1 No Agency, Joint Venture or Partnership. It is specifically understood and agreed to by and between the Parties that: (a) The Project is a private development; 3 1 (b) Neither the Commission, the Board of Public Works nor Company have 1 any interest or responsibilities for, or due to, third parties concerning any improvements until such time, and only until such time, that the Commission, the Board of Public Works and/or Company accepts the same pursuant to the provisions of this Agreement; and (c) The Commission, the Board of Public Works and Company hereby renounce the existence of any form of agency relationship, joint venture or partnership between the Commission, the Board of Public Works and Company and agree that 1 nothing contained herein or in any document executed in connection herewith shall be construed as creating any such relationship between the Commission, the Board of Public i Works and Company. 7 j 8.2 Conflict of Interest; Commission Representatives Not Individually Liable. No member, official, or employee of the Commission shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official, or employee participate in any l decision relating to this Agreement which affects his personal interests or the interests of any corporation, partnership, or association in which he/she is, directly or indirectly, interested. No member, official, or employee of the Commission shall be personally liable to Company, or any successor in interest, in the event of any default or breach by the Commission or for any amount which may become due to Company or successor or assign or on any obligations under the terms of the Agreement. No partner, employee or agent of Company or successors of them shall be personally liable to the Commission under this Agreement. j 8.3 Indemnity. Company agrees to indemnify, defend and hold the Commission s harmless from and against any third party claims suffered by the Commission as a result of a i negligent act or omission of Company relating to the completion of the Project and/or the Local 3 Public Improvements unless such claims arise by reason of the negligent act or omission of the 1 Commission. i I i 1