6.1 EDSR 05-16-2016 - Laserfiche WebLink

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note,mortgage or other agreement now or hereafter made by Borrower in favor of or with Lender or otherwise now or hereafter held by Lender, or City, and such failure continues beyond any applicable cure period. (i) Any representation or warranty by Borrower contained herein or in the Note, the Security Agreement, or the Microloan Documents or any other instrument required hereunder is false or untrue in any material respect when made. (j) Any of the terms, covenants or conditions of any permit or other agreement issued or made by the City or other governmental body having jurisdiction over the Loan Property, including, but not limited to, those relating to the cost of or time for installation of the Improvements, are not complied with within the time required thereby or are terminated or modified by the City or such other governmental body and Borrower has not taken the necessary steps to correct or cure the same within thirty (30) days after written notice is given by Lender. (k) A default under the Lease,beyond any applicable notice and cure period. Upon the occurrence of an Event of Default, Lender, at its option, shall, in addition to any other remedies which it might be entitled to by law,have the right to: (I) To refrain from making advances under this Agreement and/or to require Title to return advances of Loan proceeds held by Title; (2) To enter into possession of the Loan Property and perform any and all work and labor necessary to complete the Improvements substantially as required under this Agreement through a licensed contractor and to do all things necessary or incidental thereto; (3) To perform such other acts or deeds which reasonably may be necessary to cure any default existing under this Agreement, and to this end, it is hereby agreed as follows: (i) All sums expended by Lender in effectuating its rights under Subparagraphs (2) and (3) of this Paragraph shall be deemed to have been advanced under this Agreement and to be secured by the Security Agreement and any other security document required under this Agreement as security for the Loan. (ii) Borrower hereby constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution either in the name of Lender of in the name of Borrower or in the name of both, for the following purposes: (a) to purchase the Equipment; to collect and use any funds of Borrower; to use any funds which may remain unadvaneed under this Agreement; to enter into such contracts and arrangements as Lender reasonably deems necessary for such purposes; to prosecute and defend all 1741240 -II-