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5. EDSR 07-15-2013
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5. EDSR 07-15-2013
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7/15/2013 11:48:33 AM
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(e) Pay Charges. Immediately pay all loan charges including, but not limited <br /> to: (i) Lender's attorneys' fees; (ii) title insurance fees, costs and <br /> premiums; (iii) mortgage registration taxes and filing fees of the Mortgage <br /> and any other instruments required under this Agreement. <br /> (f) Pay Certain Costs. Immediately after written demand from Lender and <br /> without regard to whether or not any of the Loan proceeds have been <br /> advanced under this Agreement, pay or cause to be paid from time to time <br /> if requested by Lender, costs referred to in the Project Cost Certificate in <br /> an amount equal to the costs referred to therein in excess of the Loan <br /> proceeds remaining available to be advanced to pay such costs, and <br /> furnish to Lender proof of payment thereof satisfactory to Lender and <br /> Title. <br /> (g) Copies of Plans, Contracts, etc. Furnish Lender from time to time as <br /> reasonably requested by Lender, copies of the plans and specifications, <br /> contracts and any other specifications and contracts relating to the <br /> Improvements together with estimated costs of such Improvements. <br /> (h) Default Notices. Provide Lender with a copy of any default notice <br /> received pursuant to the Prior Mortgage Documents or any governmental <br /> authority, promptly after receipt of the same. <br /> (i) Continual Operation. At all times while any portion of the Loan remains <br /> outstanding, Borrower will: (i) maintain its status as a for profit entity; <br /> (ii) maintain a positive net worth; and (iii) will operate its business from <br /> the Loan Property in a first class manner (from and after issuance of the <br /> Certificate of Occupancy for the Loan Property). <br /> (j) Title to Equipment. Borrower owns or will own all of the Equipment "free <br /> and clear," that Lender will have a "first position" lien in the Equipment <br /> pursuant to the Mortgage and that no other party has any right, title or <br /> interest in the Equipment, other than any subordinate security interest in the <br /> Equipment that might be granted pursuant to the Prior Mortgage. <br /> 13. Warranties. Borrower represents and warrants to Lender the following: <br /> (a) The Borrower is limited liability company duly formed, validly existing <br /> and in good standing under the laws of the State of Minnesota. <br /> (b) The making and performance of this Agreement and the execution and <br /> delivery of the Note, the Mortgage and any other instrument required <br /> hereunder are within the powers of the Borrower and have been duly <br /> authorized by all necessary company action on the part of the Borrower. <br /> This Agreement and the Note, the Mortgage and any other instruments <br /> required hereunder have been duly executed and delivered and are the <br /> -7- <br />
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