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2. The loan may not be less than $50,000 or more than <br /> $150,000 at a term and conditions to be set by the <br /> city council at the time the loan is made, subject <br /> to the following limitations: <br /> a) The minicium interest rate shall be negotiated <br /> with a spread of two to six points below the <br /> prime interest rate at the local bank. The <br /> lower interest rates will be considered for a <br /> high job creation ratio and/or short-term <br /> first mortgage loan. <br /> b) The term of the loan shall not exceed fifteen <br /> (15) years. <br /> 3. The loan may not exceed 25% of the project cost. <br /> Operating capital and inventory may not be used to <br /> match the loan. <br /> 4. Loans will require a ratio of one job created for <br /> each $10,000 loaned. Borrower must document <br /> efforts to hire all employees from Independence or <br /> adjoining counties, and at least 51% of new hires <br /> shall be low/moderate income persons. <br /> 5. The city prefers to maintain a first mortgage <br /> position; however, when cooperating with other <br /> lending institutions, the city will accept a <br /> second mortgage. <br /> 6. The borrower will not assign, sublet, mortgage, or <br /> otherwise convey in any shape, form, substance or <br /> manner any interest in the contract to any other <br /> person(s) , firm(s) , or corporation(s) without the <br /> written consent of the City of Batesville being <br /> first obtained. In the event that consent is <br /> -3- <br />