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-3- <br />B. Repayment. The Lendee agrees to repay the Council in accordance <br />with the following schedule: <br />1. The Lendee will remit to the Council on or before December 1, 1987 <br />an initial payment of $5,000. <br />2. The Lendee will remit to the Council on or before December 1, <br />1988 a second payment of $5,000. <br />3. The Lendee will remit to the Council on or before December 1, <br />1989 a final payment of $5,000. <br />C. Breach. In the event that the Council finds that there has been a <br />failure to comply with the provisions of this Loan Agreement, the <br />Lendee agrees to repay to the Council funds not used in accordance <br />with this Loan Agreement. These tunds shall be repaid at an interest <br />rate of 8 percent per year, compounded annually, from the date of the <br />act which was in breach of this Loan Agreement. In addition, the <br />Council reserves the right to take whatever action it deems necessary <br />to protect its interests in the event of a breach by the Lendee. <br />D. Changes. The terms of this Loan Agreement may be changed or modified <br />by mutual agreement of the parties hereto. Such changes or <br />modifications shall be effective only upon the execution of written <br />amendments signed by authorized representatives of the Council and <br />Lendee. <br />E. The Lendee agrees to comply with all applicable laws relating to <br />nondiscrimination, affirmative action, and public purchase, <br />contracting and employment. <br />In particular, Lendee agrees not to discriminate against any employee <br />or applicant for employment because of race, color, religion, sex or <br />national origin, and to take affirmative action to ensure that <br />applicants and employees are treated equally with respect to the <br />following: employment, upgrading, demotion, transfer, recruitment, <br />layoff, termination, rates of pay and other forms of compensation, and <br />selection for training. <br />IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be <br />executed on the day and year first above written by their authorized <br />representatives. <br />Approved as to legal METROPOLITAN COUNCIL <br />form <br />By_ <br />Assistant Counsel Donald D. Carroll, Deputy Executive Director <br />LENDEE <br />By <br />Title <br />LOANAG <br />