Small Business Forgivable Loan Agreement (Page 3 of 7) in pdf

Small Business Forgivable Loan Agreement Page 3

The Borrower shall fail to complete the Improvements by the Completion Date.

The Borrower shall cease to own or operate the Business as covenanted in Section

A.2 above.

The Borrower shall fail to make when due, whether by acceleration or otherwise,

any payment of principal of the Forgivable Loan.

If any Event of Default described in Section C.1 shall occur and be continuing for

a period of five (5) days after notice of such Event of Default has been given to the Borrower,

then the City may declare the outstanding unpaid principal balance of the Forgivable Loan to be

forthwith due and payable, whereupon the Forgivable Loan shall immediately become due and

payable, in each case without presentment, demand, protest or other notice of any kind, all of

which are hereby expressly waived, anything in this Agreement to the contrary notwithstanding.

Administrative Provisions

This Agreement may not be amended or assigned by either party without the

written consent of the other party.

This Agreement shall inure to the benefit of and be binding upon the successors

and assigns of the parties.

This Agreement shall be deemed to be a contract made under the laws of the

State of Iowa and for all purposes shall be governed by and construed in accordance with laws of

the State of Iowa.

This Agreement shall remain in full force and effect during the time period (the

“Term”)

commencing

with

the

date

first

written

above

and

terminating

_____________________________ (the fifth Anniversary Date).

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Small Business Forgivable Loan Agreement Page 3