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13. Warranties. Borrower represents and warrants to Lender the following: <br /> (a) The Borrower is a [corporation][limited liability company] duly <br /> formed, validly existing and in good standing under the laws of the State of <br /> Minnesota. <br /> (b) The making and performance of this Agreement and the execution <br /> and delivery of the Note, the Mortgage and any other instrument required <br /> hereunder are within the powers of the Borrower and have been duly authorized <br /> by all necessary company action on the part of the Borrower. This Agreement <br /> and the Note, the Mortgage and any other instruments required hereunder have <br /> been duly executed and delivered and are the legal, valid and binding obligations <br /> of the Borrower enforceable in accordance with their respective terms. <br /> (c) No litigation, tax claims or governmental proceedings are pending <br /> or threatened against the Borrower or the Loan Property, and no judgment or <br /> order of any court or administrative agency is outstanding against the Borrower or <br /> the Loan Property which would have a material adverse effect on Borrower or the <br /> Loan Property. <br /> (d) Borrower has filed all tax returns (federal and state) required to be <br /> filed for all prior years and paid all taxes shown thereon to be due, including <br /> interest and penalties. Borrower will file all such returns and pay all such taxes <br /> for the current and future years. <br /> (e) All information, financial or other, which has been submitted by <br /> Borrower and Guarantor in connection with the Loan is true, accurate and <br /> complete in all material respects. <br /> 14. Indemnification. Borrower agrees to indemnify Lender and save it <br /> harmless against all loss, liability, expense, or damages including but not limited to <br /> attorneys fees, which may arise by reason of the assertion of any lien against the Loan <br /> Property. <br /> 15. Defaults. Each of the following shall constitute an Event of Default: <br /> (a) Borrower abandons the Loan Property, work on construction of the <br /> Improvements is halted or the Improvements are not constructed in accordance <br /> with this Agreement. <br /> (b) Bankruptcy, reorganization, assignment, insolvency or liquidation <br /> proceedings, or other proceedings for relief under any applicable bankruptcy law <br /> or other law for relief of debtors are instituted by or against Borrower and, if such <br /> proceedings are instituted against Borrower, an order, judgment or decree, <br /> without the consent of Borrower appointing a trustee or receiver for Borrower or <br /> any part of its property or approving a petition under the bankruptcy laws of the <br /> -9- <br />