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3 <br /> <br />1.4 TERM. The term of this Agreement shall commence on the Effective Date and <br />end on the earlier of: i) the fifth anniversary of the effective date or ii) the date the Loan if <br />repaid. <br />ARTICLE II <br />GRANT TERMS <br /> 2.1 DISTRIBUTION OF GRANT FUNDS. City shall provide the Owner with <br />Twenty-Five Thousand Dollars ($25,000) (“Grant Funds”) as reimbursement for expenses <br />incurred from the implementation of the Project as laid out in Exhibit B. It is agreed and <br />understood that City shall pay the Grant Funds to Owner directly, unless otherwise <br />provided herein. Owner agrees that use of Grant Funds for any purpose other than as set <br />forth herein, and/or any incompliance with the terms of this Agree ment will result in <br />forfeiture of Grant Funds and potential ineligibility for future funding. <br /> 2.2 RESPONSIBILITY FOR TAXES. Owner acknowledges and agrees that any <br />and all federal, state, and/or local taxes resulting from its receipt of the Grant Funds is the <br />Owner’s responsibility and shall not be paid by the City. <br />ARTICLE III <br />USE AND DISBURSEMENT OF PROCEEDS <br />3.1 USE OF PROCEEDS. Owner shall use the proceeds of the Loan (“Loan <br />Proceeds”) and Grant Funds solely and exclusively to pay for costs billed to Owner by <br />third-parties in connection with the design and construction of the Project and such other <br />costs related to the Project as City may approve in writing. The Owner shall not use the <br />Loan Proceeds and Grant Funds to both pay for the same expense twice. <br />3.2 DISBURSEMENT OF PROCEEDS. Upon satisfaction of the conditions set <br />forth in Section 3.3, provided that Owner has provided City with a written requisition <br />specifying the amount and use of the requested Loan Proceeds and Grant Funds, <br />accompanied by copies of bills and invoices from third parties and such other <br />documentation as City may reasonably require, City shall disburse Loan Proceeds and <br />Grant Funds to Owner no more than three increments, or once per calendar month. <br />3.3 CONDITIONS PRECEDENT TO DISBURSEMENT OF PROCEEDS . <br />City’s obligation to disburse the Loan Proceeds and Grant Funds is conditioned upon <br />the satisfaction of all of the following conditions: <br />(a) Owner’s delivery to City of each of the following documents, fully-executed <br />and acknowledged as applicable: (i) the Note and (ii) this Agreement; <br />(b) Owner’s delivery to City of evidence reasonably satisfactory to City that <br />Owner has obtained all necessary permits (including without limitation, building permits), <br />licenses, and approvals required to undertake the Project, or that the receipt of such <br />permits is subject only to such conditions as City shall reasonably approve; <br />(c) City shall have approved the final plans and specifications for the Project; <br />DocuSign Envelope ID: FEE47689-2EFE-4EE4-BAD7-6185FD2187CD