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are insufficient. The Authority shall give the Recipient notice of insufficient <br /> funding as soon as practicable. The Recipient's obligation to perform shall cease <br /> upon receipt of the notice. <br /> 2. The Authority's performance of its obligations under this Letter, dated as of the <br /> date set forth above, is also contingent upon: <br /> a. Evidence satisfactory to the Authority that Recipient is able to comply <br /> with its duties under the Act; and <br /> b. Recipient's delivery, subject to the Authority's review and approval in its <br /> sole and absolute discretion, of all required due diligence and <br /> documentation; and <br /> C. Recipient's completion or satisfaction of each and all of the terms and <br /> conditions listed in this Letter and any other terms and conditions imposed <br /> by the Authority. <br /> 3. The Authority's performance under this Letter is also contingent upon (i) its <br /> determination, in its sole discretion, on the Closing Date, as defined in Paragraph <br /> C.2 hereof that the Recipient, its constituent or related entities, or other related <br /> individuals, is not in default under the terms of any other loan or grant made by <br /> the Authority under any Authority program, or has not been in default under the <br /> terms of any other loan or grant made by the Authority under any Authority <br /> program and failed to cure that default. <br /> B. GENERAL CONDITIONS: This Letter and the Funds shall be subject to the terms and <br /> conditions of the Act, the Rules, and the policies and procedures now or hereafter <br /> adopted by the Authority pursuant to the Act, all as amended from time to time. <br /> C. TERMS AND CONDITIONS OF THE FUNDS: The Funds shall be subject to the <br /> following terms and conditions: <br /> 1. Funds Amount. The Funds shall be in an amount not to exceed One Hundred <br /> Twenty-Five Thousand Three Hundred and No/100 Dollars ($125,000.00). <br /> 2. Closing Date. The closing shall occur at such time as (i) the Authority has <br /> received, reviewed and approved, as to both form and substance, all due diligence <br /> and documentation; and (ii) Recipient has satisfied all of the requirements set <br /> forth in this Letter, as determined in the Authority's sole discretion (the "Closing <br /> Date"). Unless otherwise agreed in writing by the parties, the Closing Date shall <br /> be no later than June 30, 2021 (the "Outside Closing Date"). If the closing of the <br /> Funds does not occur on or before the Outside Closing Date, at the Authority's <br /> election, this Letter shall terminate and shall not be extended. No undisbursed <br /> Funds shall be available after the earlier of(i)two (2) years after the Closing Date <br /> and(ii) such other date as the Authority may determine. <br /> 2 <br />