SR 05:219 - Laserfiche WebLink

(c) Any balance owed pursuant to this Agreement, whether principal, interest or otherwise, if not sooner due and payable as provided herein, shall be due and payable at the end of the HELP Loan term as specified in Exhibit A. 4. Interest Rate Adjustment. In addition to any other default remedies that the Agency may have as provided herein, the Agency may, upon thirty (30) days written notice to the Borrower, increase the rate of interest charged on any outstanding principal amount disbursed to the Borrower and not used in accordance with the terms of this Agreement, or not paid back when due, to a rate not to exceed ten percent (10%) per annum. Such rate adjustment shall occur commencing 0 first (1st) day of the first (I st) month following expiration of such thirty (30) day notice. Such in direst rate shall only be charged so long as the Borrower remains in default. 5. Place and Manner of Payment. All amounts due payable at the principal office of the Agency as set forth he Agency may designate to the Borrower in writing from ti States of America which on the respective dates of pay of public and private debts and which on the respec . immediately available funds. der this Agreement are lace or places as the ency of the United or the payment ue shall be the Agency from the Borrower on is Agreement other than interest ccrued interest and then to 7. (a) T the Project in a timelx mmence and proceed with the implementation of ress to the Agency, as specified in Exhibit A. of or progres same, Fa' shall (i and ' used, pro its intent to such failure. wer e eriences any delay in the timely commencement t e Borrower shall immediately notify the Agency of Iy commence or proceed with the implementation of the Project ti to make any further disbursements under this Agreement, e Borrower all disbursed funds which have not been timely all ha given the Borrower at least fifteen (15) days written notice of d shall have given the Borrower a reasonable opportunity to correct 8. Defau Agreement, together Agency, become imme rrower agrees that the unpaid balance of the then principal amount of this I accrued interest thereon and charges owing, shall, at the option of the . tely due and payable, upon: a) the failure of the Borrower to make any payment hereunder as and when due, b) the Agency's discovery of any misrepresentation of material facts as stated m the Borrower's application or other Project information submittals, c) the use of HELP Loan funds for purposes not approved by the Agency, d) the Project's lack of compliance with the occupancy and rent requirements as stated in Exhibit A, CalHFA HELP.LN.AGMT.MASTER 7/13/04.(AR) 2