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f <br /> 38 <br /> Rural Economic Development Loan Agreement and EXHIBIT E <br /> Legally Binding Commitment,Private Owner <br /> BUILDING REUSE PROGRAM—Revision#3 2020•025-3201-2587 <br /> l <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 f <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(1)$1,322.75(the amount of Loan hands 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 /> Legally Binding Commitment-8 <br />