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recommend a mixture of loans and grants from the Historic <br /> Preservation Fund even if the applicant requested only one type of <br /> assistance, and also may recommend one type of assistance <br /> where a mixture is requested. City Council may also decide to <br /> approve any one or a mixture of loans and grants regardless of the <br /> number or types of assistance requested in the application. <br /> c. Loans shall be in an amount of at least $500. There is no specific <br /> loan limit established in this Resolution, but the Historic <br /> Preservation Commission and City Council shall consider the <br /> following in setting an amount: <br /> i. Current amount of funds in the Historic Preservation <br /> Fund and the needs of other projects; <br /> ii. The necessity of the work to be performed for the <br /> preservation or rehabilitation of the structure and how <br /> the proposed work fits into the overall preservation <br /> plan for the structure; <br /> iii. The availability of other funding sources. <br /> d. Interest rates shall be equal to the Wall Street Journal Prime Rate <br /> as reported on the date of city acceptance of a complete <br /> application. The interest rate may be increased or decreased by <br /> City Council at the time of initial approval upon a showing of <br /> extraordinary circumstances. Any fees for loan processing shall <br /> also be established at the time of the award. The loan repayment <br /> schedule shall also be established at the time of the award; <br /> provided, however, that all loans shall include a due-on-sale <br /> clause providing that any outstanding balance on the loan shall be <br /> paid in full upon sale or transfer of the property. <br /> e. As provided by Section 3.b.ii of City Council Resolution No. 20, <br /> Series 2009: <br /> i. All loan payments shall return to the Historic <br /> Preservation Fund. <br /> ii. A loan agreement is required for all loans, with a <br /> guarantee by the borrower and individual guarantees <br /> as the City in its discretion may require. <br /> iii. The loan agreement may include a provision for <br /> default and acceleration if the completed work is not <br /> as contemplated by the conditions of the loan. <br /> iv. The loan agreement may further provide that if the <br /> work is not completed in compliance with the <br /> conditions of the loan, the loan amount shall be due <br /> forthwith, with interest. <br /> v. Payment under the loan agreement shall additionally <br /> be secured by a lien filed against the subject property. <br /> vi. Costs of collecting any loan shall be charged to the <br /> Historic Preservation Fund. <br /> Resolution No. 4, Series 2014 <br /> Page 3 of 5 <br />