Laserfiche WebLink
MEMORANDUM OF UNDERSTANDING BETWEEN THE CITY OF <br />COLTON AND SOUTHERN CALIFORNIA REINVESTMENT CDFI <br />FOR CITY OF COLTON BUSINESS ASSISTANCE LOAN <br />GUARANTEE PROGRAM <br />This Agreement is made and entered into this 2nd day of October, 2007, between the City of <br />Colton, a public entity (herinafter referred to as "City"), and Southern California Reinvestment <br />CDFI (hereinafter referred to as "Lender"). <br />A. RECITALS <br />(i) City desires to provide, through an agreement for services, loan guarantees to <br />businesses located within the City of Colton. <br />(ii) Lender desires to participate in the program by conducting loan review, loan <br />origination, and loan servicing ("Financial Services") and by providing privately -funded loans to <br />assisted businesses for specific purposes to facilitate the growth of businesses. <br />(iii) City has approved the provision of General Fund monies to be used by the Lender <br />to compensate it for any actual losses incurred associated with a private loan made to the <br />Borrower. <br />(iv) Lender represents and warrants to the City that it is qualified to provide such loans <br />and financial services by reason of experience, preparation, organization, staffing and facilities, <br />and that is shall provide such services and execute such administrative practices reflective of <br />industry standards, to ensure that the Guarantee is prosecuted and documented in accordance <br />with applicable state and federal law. <br />NOW THEREFORE, it is agreed by and between City and Lender as follows: <br />B. AGREEMENT <br />1. DEFINITIONS <br />The following definitions shall apply to the following terms of this Agreement and all Exhibits <br />which are made a part hereof, except where the context of this Agreement and/or the Exhibit <br />otherwise requires: <br />(a) Services: Such services are necessary to be performed by Lender in order to complete <br />the Project as described in Exhibit "A". <br />(b) Term of the Agreement: Subject to the terms and conditions set forth in the Agreement, the <br />term of this Agreement shall commence on the 18th day of September, 2007 and shall continue <br />through and including the 30th day of June, 2008. <br />(c) Business: A commercial enterprise, holding a current business in the City of Colton, <br />