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legal, valid and binding obligations of the Borrower enforceable in <br /> accordance with their respective terms. <br /> (c) No litigation, tax claims or governmental proceedings are pending or <br /> threatened against the Borrower or the Loan Property, and no judgment or <br /> order of any court or administrative agency is outstanding against the <br /> Borrower or the Loan Property which would have a material adverse <br /> effect on Borrower or the Loan Property. <br /> (d) Borrower has filed all tax returns (federal and state) required to be filed <br /> 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 <br /> taxes for the current and future years. <br /> (e) All information, financial or other, which has been submitted by Borrower <br /> and Guarantors in connection with the Loan is true, accurate and complete <br /> 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 or the Equipment. Borrower will indemnify and hold Lender harmless from any <br /> damages Lender may suffer or incur from Borrower's breach of its covenant in Section <br /> 12(j). <br /> 15. Defaults. Each of the following shall constitute an Event of Default: <br /> (a) Borrower: (i) fails to commence construction of the Improvements <br /> within thirty (30) days after the date of this Agreement; (ii) work on construction <br /> of the Improvements is halted for more than five (5) consecutive business days; <br /> (iii) construction of the Improvements is not completed by November 31, 2013; <br /> (iv) the Improvements are not constructed in accordance with this Agreement; or <br /> (v) Borrower abandons the Loan Property. <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 /> United States or any similar laws of any state or other competent jurisdiction, <br /> shall have remained in force undischarged or unstayed for a period of thirty (30) <br /> days. <br /> (c) Any judgment, attachment, garnishment or other similar process is <br /> entered against Borrower or against any property or assets of Borrower and is not <br /> -8- <br />