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• • <br /> 1. As rapidly as STATE procedures permit for the drawing <br /> and issuance of a warrant, STATE will loan APPLICANT the sum of <br /> Three Hundred Thousand Dollars ($300,000.00) in consideration of <br /> the faithful performance by APPLICANT of all of the terms, <br /> covenants and conditions hereof. <br /> 2. APPLICANT shall deposit the proceeds of said loan in a <br /> separate fund or account in APPLICANT's treasury, which fund or <br /> account shall reflect only the receipt of said loan and expendi- <br /> tures pursuant to this agreement. APPLICANT at all times shall <br /> maintain accurate and complete records with regard to said fund <br /> or account. <br /> 3. The principal of said loan shall be due and payable in <br /> equal installments of $ (subject to approved repayment plan) <br /> each, commencing on the day which is (subject to approved re- <br /> payment plan) years after the first day of the calendar quarter <br /> next following the issuance of the warrant and annually thereafter <br /> upon the same day until said loan shall be paid in full, provided, <br /> however, that the final payment shall be due on the 20th anni- <br /> versary date of the warrant. <br /> 4. Any unpaid balance of said loan shall bear interest at <br /> the rate of three percent (_;:;) per annum and shall be due and <br /> payable annually commencing on January 1, 1930, and annually <br /> thereafter upon the same day until said loan shall be paid in <br /> full, except that the interest then due shall be paid upon the <br /> due date of the last installment of the principal. <br /> 5. The obligations of payment stated in paragraphs 3 and 4 <br /> hereof shall be limited to and payable solely from the gross <br /> revenues received by APPLICALrT from the operation of any facili- <br /> ties located or erected within the project area, as said area is <br /> delineated on the attached plat entitled "Redwood City Municipal <br /> Narina," dated , revised <br /> - 2 - <br />