6.2 EDSR 10-17-2016 - Laserfiche WebLink

Home Browse Search

(iii)No Defaults. As of the Determination Date, there are no defaults under this Agreement or any other agreement between Lender and Borrower which is beyond any notice and cure period. (d)Completion. Within a reasonable time after: (i) the 3rd Anniversary of the Benefit Date; or (ii) such earlier date as Borrower requests Lender's review, Lender will determine, in its sole and absolute discretion, whether Borrower has fully and timely complied with the requirements of this Section 6. Borrower will promptly provide all such documentation as Lender reasonably requests in Lender’s effort todetermine whether Borrower has timely complied with the requirements of this Section 6. The date upon which Lender gives Borrower written notice of its determination of Borrower’s compliance with the requirements of this Section 6 is the “Determination Date”. If Borrower has timely and completely complied with all of the requirements of this Section 6, as strictly interpreted, Lender will forgive all outstanding principal and interest due and owing pursuant to the Loan as of the Determination Date. Within a reasonable time thereafter, Lender will return the Note, the Personal Guaranty and the Entity Guaranty to Borrower and will provide a satisfaction and release of the Mortgage and a termination of thefinancing statementfiled in connection with the Security Agreement. If, however, Lender determines that Borrower has not fully or timely complied with the requirements of this Section 6 or at any time after the 2nd Anniversary of the Benefit Date reasonably determines that Borrower cannot comply with therequirements of this Section 6, then: (i) all interest accrued to date shall be capitalized as of the next occurring first of a calendar month (the “Conversion Date”); (ii) the term of the Loan shall be 7years, commencing upon the Conversion Date; (iii) Lender will calculate the monthly payments due and owing from Borrower, based upon a 7year amortization; (iv) the first payment will be due and payable on the Conversion Date; and (v) the terms and conditions of this Loan Agreement and any other related loan document and the Borrower’s obligations thereunder shall continue until the Loan and all accrued interest is repaid in full. 7.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. 8.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 amanner 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. 6 487521v2 EL185-45