2. FCCEDC Growth Initiative Fnd - Laserfiche WebLink

GIF. 4. Existinq PACE Loans. Each of the governmental entities will assign to the GIF all existing PACE loans which the GIF will ,administer. 5 . RepaYment of PACE Loans. All repayments of the PACE loans currently existing or made in the future will be placed in the Loan Pool. 6. ReDorts and Notifications. The GIF shall promptly notify the appropriate governmental entity of each PACE loan application it receives and of its action on the application. The notification to Fargo and West Fargo shall be to its Mayor and the notification to Cass County shall be to the Chairman of the County Commission. In 'addition, each governmental entity may designate additional ' persons to receive these notifications. The governmental entities shall have the right at any reasonable time to inspect the books and records of the GIF relating to the Loan Pool. GIF will furnish minutes to governmental entities on request of any meeting at which the GIF takes any action on any PACE loan. 7. Withdrawal. Any party to this Agreement may withdraw without cause from this Agreement upon giving 30 days written notice to all of the other parties. Upon withdrawal, the withdrawing entity shall be entitled to its proportionate share (determined in the proportion to funds contributed) of the Loan Pool. Payment to the withdrawing entity shall be made as follows: (a) An immediate payment of its proportionate share of any cash that has not been committed for loans; and (b) Its proportionate share of all payments received by the GIF from borrowers on outstanding loans including loans made from committed funds at the time of withdrawal, as such payments are received by the GIF. The GIF Loan Pool shall continue to be administered by the GIF. 8. Indemnification. The governmental entities hereby agree to indemnify, save harmless and defend the GIF and its employees and agents and the Fargo Cass County Economic Development Corporation and its agents and employees who will be providing administrative services to the GIF, from any and all costs, expenses (including attorney's fees and costs), liabilities, claims or causes of action arising out of or relating to the administration of the GIF provided that the person indemnified acted in good faith and the act or omission did not constitute willful misconduct or gross negligence. 9. Amendment to GIF Articles of Inco~oration and Bvlaws. The GIF will amend its Articles of Incorporation to provide for a 3