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PROJECT FUNDING REQUEST BOARD DATE: December 13, 2018, APPLICANTTYPE OF ASSISTANCE LEGAL PLEDGECity of Evil Steam MANAGER: Nancy Richards×500,000 Principal Forgiveness Agreement N/A; 100 percent
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A principal forgiveness agreement in the amount of $500,000 is a legal document that outlines the agreement between a lender and a borrower to forgive a portion of the principal balance of a loan.
Both the lender and the borrower are required to file the $500,000 principal forgiveness agreement.
The $500,000 principal forgiveness agreement should be filled out accurately and completely, with all required information provided.
The purpose of a $500,000 principal forgiveness agreement is to formalize the agreement between the lender and the borrower to forgive a portion of the principal balance of a loan.
The $500,000 principal forgiveness agreement must include details such as the names of the lender and borrower, the original loan amount, the forgiven principal amount, and any terms or conditions of the forgiveness.
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