6.1 EDSR 06-17-2024 - Laserfiche WebLink

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5 EL185\79\955722.v2 (f) Default Notices. Provide Lender with a copy of any default notice received by the Borrower pursuant to any documents related to any financing secured by the Loan Property or the Equipment (to the extent that such notice is sent by a party other than Lender), 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. (h) Title to Equipment. Borrower represents that it owns or will own all of the Equipment at the Loan Property “free and clear,” that Lender will have a “third priority” lien in the Equipment listed in the Equipment and that no other party has any right, title or interest in the Equipment except for the senior liens of the First National Bank of Elk River and the United States Small Business Administration. (i) Litigation. Promptly inform Lender in writing of (a) all material adverse changes in the financial condition of the Borrower or the Guarantors; and (b) all litigation and claims and all threatened litigation and claims affecting the Borrower or the Guarantors which could materially affect the financial condition of any one or more of them. (j) Financial Records. Maintain the books and records of the Borrower, and permit Lender to examine and audit the books and records of the Borrower at all reasonable times. (k) Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, security agreements, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loan and to perfect the Security Interest which is granted to Lender. (l) Financial Statements. Borrower shall deliver to the Lender as soon as available, but in no event later than the earlier of 30 days after their completion or 120 days after the end of each fiscal year, its then current balance sheet, statements of income and retained earnings and schedule of aging of accounts receivable and accounts payable, prepared by an independent certified public accountant reasonably acceptable to the Lender, and certified as correct to the best knowledge and belief by its chief financial officer or other officer or person acceptable to the Lender. (m) Tax Statements. During the entire term of this Agreement, the Borrower and the Guarantors shall each provide to the Lender as soon as possible, but in no event later than 15 days after the deadline to file such forms with the applicable governmental authority, including extensions, copies of the Borrower's and the Guarantors’ federal and state income tax returns for the then current fiscal year, including all schedules. Page 20 of 104