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In the event of Default by the Company the Corporation shall, as its sole and exclusive remedy
for Default hereunder, have the right to terminate this Agreement and to recapture one
hundred percent (100%) of the Small Business Grant plus two percent (2.00%) annual interest
if the Default occurs prior to September 30, 2020 and fifty percent (50%) of the Small Business
Grant plus two percent (2.00%) annual interest if the Default occurs after September 30, 2020
or prior to December 31, 2020 (the “Recapture Amount”). The Recaptured Amount shall be
paid by the Company within one hundred twenty (120) days after the date the Company is
notified by the Corporation of such Default (the “Payment Date”). In the event the Recaptured
Amount is not repaid by the applicable Payment Date, the unpaid portion thereof shall accrue
interest at the rate of five percent (5.00%) per annum from the Effective Date until paid in full.
The grant will be 100% forgiven if the business continues to operate through December 31,
BY ENTERING YOUR SIGNATURE AND DATE INTO THIS ONLINE APPLICATION FORM, YOU AGREE YOUR ELECTRONIC SIGNATURE IS THE LEGAL EQUIVALENT OF YOUR MANUAL SIGNATURE ON THIS APPLICATION. BY ELECTRONICALLY SIGNING THIS ONLINE APPLICATION YOU AGREE THAT THIS SIGNATURE WILL BE YOUR LEGAL SIGNATURE ON THIS APPLICATION ISSUED TO THE CITY OF LIVE OAK.