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AGREEMENT <br />This agreement is created between the City of Casselberry (CITY) and the Casselberry Community <br />Redevelopment Agency (CRA). The CITY shall provide the CRA with a loan from the CITY's <br />general fund budget in the amount of $300,000 to perform CRA duties, subject to the following terms <br />and conditions; <br />1. That all actions undertaken by the CIA utilizing the loan funds shall be <br />carried out in accordance with the document entitled, Casselberry Community <br />Redevelopment Plan; City of Casselberry Central City District. <br />2. The loan shall be paid back to the CITY, in .full, by the CRA within ten years <br />from October i, 1996, The entire unpaid loan amount of $300,000 being due <br />and payable on or before October 1, 2006. M r <br />t� <br />3. <br />In the event that Seminole County revokes all or any part of its delegation of r <br />power granted to the City of Casselberry by Resolution pursuant to Section �' <br />163.410 of the Florida Statutes, then the entire unpaid loan amount shall <br />become immediately due and payable on demand to the CITY. <br />4. Upon default, the unpaid loan amount shall bear interest at the highest legal <br />rate and the CRA shall bear all costs of collection including reasonable <br />attorney's fees. <br />SIGNED: <br />CASSELBERRY <br />By: <br />Jeo Baket <br />CI' <br />By <br />Bruce A. Pronovost, Mayor Date <br />fltilw\dbyAdtioj\IM elba TyAaMement \=:drl <br />