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statements shall be certified by Borrower as true, correct and complete. In <br /> each such interim financial statement, Borrower must show a positive net <br /> worth. <br /> 13. Warranties. Borrower represents and warrants to Lender the following: <br /> (a) The Borrower is a 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 Security Agreement and any other instrument <br /> required hereunder are within the powers of the Borrower and have been <br /> duly authorized by all necessary company action on the part of the <br /> Borrower. This Agreement and the Note, the Security Areement and any <br /> other instruments required hereunder have been duly executed and <br /> delivered and are the legal, valid and binding obligations of the Borrower <br /> enforceable in 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 Equipment which would have a material adverse effect on <br /> Borrower or the Equipment. <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 /> I <br /> n all material respects. <br /> (f) tity Guarantor is a [wholly owned subsidiary of Borrower]. <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 any default by Borrower under this <br /> Agreement, the Note, the Security Agreement, the Subsidy Agreement or any other <br /> document supporting this Loan. <br /> 15. Defaults. Each of the following shall constitute an Event of Default: <br /> (a) I£ (i) Entity Guarantor fails to commence construction of the <br /> Improvements within thirty (30) days after the date of this Agreement; (ii) work <br /> on construction of the Improvements is halted for more than five (5) consecutive <br /> -10- <br />