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<br />. <br /> <br />8 <br /> <br />. <br /> <br />I <br /> <br />" <br /> <br />WHEREFORE, for and in consideration of their <br /> <br />mutual covenants and promises hereinafter set forth, and <br />subject to all the terms, conditions, limitations and other <br /> <br />provisions of this agreement, the parties hereto do hereby <br /> <br />agree as follows: <br /> <br />AGENCY agrees to lend to PARTICIPANT an amount not <br /> <br />exceed ing <br /> <br />($ <br /> <br />(tl said loan") on the following terms and conditions: <br /> <br />(a) <br /> <br />Said loan shall only be made to defray <br /> <br />the costs allowable pursuant to the "development <br /> <br />budget," attached hereto as "Exhibit A" and in- <br /> <br />corporated herein by reference. <br /> <br />(b) <br /> <br />The proceeds of said loan shall be provided <br /> <br />to pARTICIPANT in monthly increments in accordance <br /> <br />with the "development schedule," attached hereto <br /> <br />as "Exhibit B" and incorporated herein by reference, <br /> <br />subject to verification on a form ftnd in the manner <br /> <br />as required by the Executive Director of AGENCY, <br /> <br />showing that PARTICIPANT has previously paid or <br /> <br />incurred allowable expenses as reflected in <br /> <br />"Exhibit A," the "development budget." <br /> <br />(c) <br /> <br />Each monthly increment borrowed by <br /> <br />PARTICIPANT as hereinabove provided shall be <br /> <br />evidenced by PARTICIPANT'S separate promissory note, <br /> <br />the form of which is shown on "Exhibit C," attached <br /> <br />hereto and incorporated herein by reference. <br /> <br />(d) <br /> <br />Said loan shall not bear interest and <br /> <br />shall be repaid as hereinafter provided. <br /> <br />2. <br /> <br />4.1- <br /> <br />58 <br />