6.2 EDSR 10-17-2016 - Laserfiche WebLink

Home Browse Search

(c)Performance of Note, Security Agreement,etc. Without limiting the foregoing, keep and perform all of the terms, covenants, conditions and requirements of the Note, the Security Agreement,and this Agreement. (d)Insurance. During the term of this Agreement, Borrower shall procure and maintain or cause to be procured and maintained at its sole expense, casualty insurance, public liability insurance and such other types of insurance as are reasonably required by Lender from time to time, including, without limitation, the coverages expressly required of Entity Guarantor by the Mortgage, insuring Lender and Borrower with coverages, in amounts and with companies satisfactory to Lender. The policy or policies or duly executed certificate or certificates for such insurance and renewals or replacements thereof shall be deposited with Lender. (e)Pay Charges. Pay at closing, or within 30 days of written notice from the Lender,all loan charges including, but not limited to: (i) Lender’s attorneys’ fees; (ii) title insurance fees, costs and premiums; and (iii) filing fees of any instruments required under this Agreement. (f)Default Notices. Provide Lender with a copy of any default notice received by the Borrower or the Entity Guarantor pursuant to any documents related to any financing secured by the Loan Property, promptly after receipt of the same. (g)Continual Operation. At all times while any portion of the Loan remains outstanding, Borrower will: (i) maintain its status as a for profit entity; (ii) maintain a positive net worth; and (iii) will operate its business from the Loan Property in a first class manner(from and after issuance of the Certificate of Occupancy for the Loan Property). (h)Default Notices. Provide Lender with a copy of any default notice received pursuant to the Bank Loan Documents (to the extent that such notice is send by a party other than Lender) or any governmental authority, promptly after receipt of the same. (i)Title to Equipment. Borrower owns or will own all of the Equipment “free and clear,” that Lender will have a “first priority” lien in the Equipment pursuant to the Security Agreement and that no other party has any right, title or interest in the Equipment, other than the superior security interests in the Equipment granted pursuant totheBank pursuant to the Bank Loan Documents. (j)Positive Net Worth. On the Closing Dateand each anniversary thereof, Borrower shall provide interim financial statements (to date) of Borrower consisting of at least statements of income, cash flow, and a balance sheet such year to date, setting forth in each case incomparative form corresponding figures from the previous fiscal year, which statements shall be certified by Borrower as true, correct and complete. In each such interim financial statement, Borrower must show a positive net worth. 8 487521v2 EL185-45