6.1 EDSR 04-18-2016 - Laserfiche WebLink

Home Browse Search

(l)Indemnity. Deliver to Title any indemnity agreement in favor of Title in the form required by Title in order for Title to issue the title insurance policies referred to above. (m)Lease. Deliver to Lender a copy of the lease agreement for the use of the Loan Property, executed no later than the date of this Agreement, by and between Borrower, as landlord, and Entity Guarantor, as tenant (the “Lease”). Lender may waive any of the above requirements in its sole discretion. 5.Disbursement of Loan. Upon receipt by Lender of all of the items required pursuant to Section 4above in the form and condition required thereinand confirmation from Title that Title is prepared to issue the mortgagee’s title insurance policy as required herein, Lender agrees to disburse the Loan proceeds to Borrower. 6.Access to Loan Property. Lender and its respective representatives shall have at all reasonable times the right to enter and have free access to the Loan Property and the right to inspect the Loan Property. 7.Books and Records. Borrower agrees to maintain accurate and complete books, accounts and records in regard to the Loan Property in a manner reasonably acceptable to Lender. Lender, acting solely through its municipal or financial advisor, shall have the right to inspect, examine and copy all such books and records of Borrower and Borrower shall, at Lender’s request, furnish such information solely to the Lender’s municipal or finance advisor, as may reasonably be demanded. The Borrower will not be required to provide its books and records directly to the Lender. Borrower shall also ensure that Entity Guarantor maintains accurate and complete books, accounts, and records in regard to the Equipment in a manner reasonably acceptable to Lender. Lender and its representatives shall have the right to inspect, examine and copy all such books and records of Entity Guarantor and Entity Guarantor shall, at Lender’s request, furnish such information as Lender may reasonably demand. 8.Encumbrances and Transfer . Other than the First Lien Mortgage,a mortgage in favor of the Housing and Redevelopment Authority in and for the City of Elk Riverin the amount of $75,000.00(the “ThirdLien Mortgage”),and the Lease to the Entity Guarantor, Borrower agrees not to sell, transfer, lease or convey the Loan Property or any part of it, or any interest therein, or encumber the Loan Property or any part of it, in any manner, without written consent of Lender which consent may be granted or withheld in the sole discretion of Lender. This requirement shall apply to each and every sale, transfer, lease or conveyance, whether voluntary or involuntary and whether or not Lender has consented to any such prior sale, transfer lease or conveyance. The Entity Guarantor has agreed, pursuant to the Security Agreement, not to sell, transfer, lease or convey the Equipment or any part of it, or any interest therein, or encumber the Equipment or any part of it, in any manner, without the written consent of Lender which consent may be granted or withheld in the sole discretion of Lender. This requirement shall apply to each and every sale, transfer, lease or conveyance, whether voluntary or involuntary and whether or not Lender has consented to any such prior sale, transfer lease or conveyance. 4 477330v1EL185-40