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Rural Economic Development Loan Agreement and <br />Legally Binding Commitment, Private Owner <br />BUILDING REUSE PROGRAM – Revision #3 <br />EXHIBIT E <br /> <br />2020-025-3201-2587 <br /> <br />Legally Binding Commitment - 8 <br />13. Additional Repayment Requirements and Remedies. <br /> (a). The repayment requirements and remedies addressed in this Paragraph 13 are in <br />addition to those repayment requirements and other remedies set forth elsewhere in <br />this LBC, including the requirements to repay unspent Loan funds. No remedy <br />conferred or reserved by or to the State or the Governmental Unit is intended to be <br />exclusive of any other available remedy or remedies, but each and every such remedy <br />shall be cumulative and shall be in addition to every other remedy provided for in this <br />LBC, or now or hereinafter existing at law, in equity, or by statute, and any such right <br />or power may be exercised from time to time and as often as may be deemed <br />expedient. <br /> (b). The Owner acknowledges that the Grant by the Rural Authority and the Loan by the <br />Governmental Unit are predicated upon the creation and maintenance of the New <br />Jobs and maintenance of the Baseline Number of jobs required by Paragraph 3(a) and <br />that failure to create and/or maintain them will constitute a material default of this <br />LBC. <br /> i. If the Business fails to create and maintain such New Jobs, then the Owner shall <br />repay to the Governmental Unit or Commerce, as directed, an amount equal to <br />the product of (i) $1,322.75 (the amount of Loan funds divided by the number <br />of New Jobs required to be created in Paragraph 3(a) and (ii) the number of <br />New Jobs required to be created in Paragraph 3(a), minus the number of New <br />Jobs actually created, above the Baseline Number reported, that have been in <br />existence for six (6) consecutive months. <br /> ii. Additionally, in the event that the Business fails to maintain its Baseline <br />Number of jobs as required under Paragraph 3(a), the Business shall lose credit <br />for any qualifying New Jobs under this LBC by the same number of jobs that <br />the Baseline Number is short. For example, if the Baseline Number of jobs falls <br />short by three (3) jobs as of the date the Business has created and maintained all <br />required New Jobs, the number of New Jobs deemed created and maintained <br />shall be reduced by three (3). The amount the Business must repay shall then <br />be calculated in accordance with Paragraph 13(b)i. <br /> iii. Either Commerce or the Governmental Unit shall notify the Owner in writing of <br />the amount to be repaid and direct the Owner whether to repay such amount to <br />the Governmental Unit for return to Commerce or repay the amount directly to <br />Commerce. All such amounts shall be due immediately upon demand by the <br />Governmental Unit or Commerce. If not paid within thirty (30) days following <br />demand, the unpaid amount due hereunder and under the Promissory Note shall <br />bear interest at the rate of 10% per annum after demand until paid. Upon <br />default in such payment, the Governmental Unit or Commerce may employ an <br />attorney to enforce their respective rights and remedies, and the Owner hereby <br />agrees to pay the legal costs and reasonable attorneys’ fees of the Governmental <br />Unit and Commerce plus all other reasonable expenses incurred by such party <br />in exercising any of its rights and remedies upon such defaults. <br /> (c). If there is a breach of any of the requirements, covenants or agreements in this LBC <br />(including, without limitation, a failure to repay the amount required under Paragraph <br />13(b) within the time required), or if there are any representations or warranties which <br />are untrue as to a material fact in this LBC or in relation to the LBC or the Project <br />30