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Locality's Loan Liability <br /> <br /> Locality shall not be liable or reponsible in any manner, in <br />the event of borrower's default on the promissory note with Bank, <br />related to the loan. <br /> <br />10. Deferred Loan Program <br /> <br />In addition to the preceding Interest Subsidy <br />Program, the City desires that the Bank prepare <br />loan documents for the City's Deferred Loan Program. <br /> <br />Deferred loans are loans funded by the City with no <br />immediate repayment schedule. <br /> <br />11. Document Preparation - Deferred Loans <br /> <br />Each loan shall be funded in whole by City, <br />evidenced by a promissory note and secured by a <br />Deed of Trust, which deed will be recorded by Bank. <br />Bank, at the direction of the City, shall prepare <br />all necessary loan documents with City designated <br />as obligee and return all documents to City. <br /> <br />III <br /> <br />Each Such loan shall be non-interest bearing, <br />payable in full upon sale or transfer of the <br />property which the loan proceeds were used to <br />imprOVe. <br /> <br />-6- <br /> <br /> <br />