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2. The loan amount will be determined on a case by <br /> case basis at a term and conditions to be set by <br /> �r the city council at the time the loan is made, <br /> subject to the following limitations: <br /> a) The minimum 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 first <br /> mortgage loan. <br /> b) The term of the loan shall not exceed five (5) <br /> years. <br /> 3. The loan may not exceed 25% of the project cost. <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. Acceptable collateral will be determined on a case <br /> by case basis. <br /> 6. Repayment of all or part of the loan may be waived <br /> if an excess of jobs are created. This <br /> determination shall be made by-the Council . <br /> 7. 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 />