05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 18 any agreement, whether express or implied, or any duty, liability or obligation, arising out of or connected with this Loan Agreement, the Mortgage or the Indenture. The Borrower hereby waives, to the extent permitted by law, any and all rights which it may now have or which at any time hereafter may be conferred upon it, by statute or otherwise, to terminate or cancel, or to limit its liability under, this Loan Agreement or the Mortgage except in accordance with the express terms hereof. Section 4.06 Interest on Loan Repayments and Other Overdue Payments. In the event the Borrower shall fail to make Loan Repayments required by Section 4.02(a) or 4.02(b) hereof, the installment so in default shall continue as an obligation of the Borrower until the amount in default shall have been fully paid, and if such failure shall result in a failure to pay any principal of, premium, if any, or interest on the Bonds, the Borrower agrees to pay interest on such sum from such date at the rate or rates of interest specified in the Bonds. In the event the Borrower shall fail to make any payment required under Section 4.04 hereof or if advances are made pursuant to Section 7.05 hereof, the item so in default shall continue as an obligation of the Borrower until the amount shall have been fully paid and the Borrower agrees to pay interest on such payment in default at the rate or rates of interest specified in Section 7.05 hereof. Section 4.07 Options to Prepay Loan. The Series 2020 Bonds will be subject to prior redemption at the option of the Borrower, and the Borrower shall have and is hereby granted the option to prepay the Loan and require the Series 2020 Bonds to be redeemed, on such dates and at such redemption prices as are set forth in Section 3.01 of the Indenture. In addition, the Borrower shall have the right to prepay the Loan and cause Bonds to be redeemed in connection with any defeasance of Bonds pursuant to Article X of the Indenture. The option of the Borrower to prepay the Loan includes the option to do so on any business day, in whole or in part, and without prepayment premium or penalty, if: (i)any material part of the Project Facilities shall be damaged or destroyed or taken in condemnation proceedings, all as further provided in Sections 5.10 and 5.11 hereof; or (ii)as a result of any changes in the Constitution of the State of Minnesota or the Constitution of the United States of America or of legislative or administrative action (whether state or federal) or of a final decree, judgment or order of any court or administrative body (whether state or federal) this Loan Agreement shall have become void or unenforceable or impossible of performance in any material respect in accordance with the intent and purposes of the parties as expressed herein. To exercise the options granted in this Section, the Borrower shall, at least forty-five (45) days prior to the date upon which such prepayment is to be made, give written notice of such prepayment to the Trustee. Such notice shall request the redemption pursuant to Article III of the Indenture of a specified principal amount of Bonds if less than all outstanding Bonds are to be redeemed and shall otherwise comply with the provisions hereof and of Article III of the Indenture. On or before the date specified for the redemption of the Bonds, the Borrower shall pay the Trustee for deposit in the Optional Redemption Fund an amount which, together with