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granted, and unless expressly waived in writing, <br /> such consent shall not relieve borrower of its <br /> obligations herein, and consent to one such <br /> transfer shall not be deemed consent to any <br /> subsequent transfer or transfers. <br /> 7. The construction contractor with whom the borrower <br /> shall contract shall provide 100% performance and <br /> payment bonds approved by the lender. <br /> 8. Failure on the part of the borrower to comply with <br /> any or all of these requirements will be <br /> considered grounds to terminate the contract and <br /> principal and interest earned to date shall become <br /> due and payable. <br /> III . Administration <br /> A. The mayor's office will be responsible for the <br /> administration of the Re-use Plan, and the city clerk <br /> will be utilized to manage the revolving loan funds <br /> 1. The administrative duties will consist of: <br /> re-payment monitoring, setting up accounting, <br /> supervising the bank account, disseminating <br /> information pertaining to the loan fund, <br /> advertising, and accepting applications, assuring <br /> loan conditions are met, preparing budgets and <br /> submitting required reports to AIDC. <br /> 2. Loan Packages will be available at the city hall <br /> and their availability will be advertised through <br /> the Chamber of Commerce, local radio stations and <br /> the local newspaper. <br /> -4- <br />