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06-08-2022 Council Packet
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06-08-2022 Council Packet
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73495160v3 <br /> <br /> <br />45 <br /> <br />(e) The Controlling Person shall review the Tax and Insurance Escrow Account and <br />the Replacement Reserve Account on an annual basis and adjust required monthly escrow invoices and <br />payment in accordance with terms of Funding Loan Documents. <br />(f) Upon request of the Funding Lender, the Controlling Person shall furnish to the <br />Funding Lender monthly account statements received from the Funding Lender with respect to the any <br />accounts established pursuant to this Funding Loan Agreement, including disbursements from such <br />accounts, loan history schedules, outstanding loan balances and escrow balances. <br />(g) The Controlling Person shall provide immediate written notice to the Funding <br />Lender of any Event of Default of which it receives notice or has actual knowledge, or any event which, <br />with the giving of notice or the passage of time, or both, would constitute any Event of Default of which it <br />receives notice or has actual knowledge. <br />(h) The Controlling Person shall refer to the Funding Lender all Borrower requests for <br />a quote of a payoff amount for the Borrower Loan, shall request a copy of any such quote from the Funding <br />Lender, and shall notify the Funding Lender of the Borrower’s request. The Controlling Person shall <br />prepare payoff letters and delinquency and default notices when necessary, as required by the Funding Loan <br />Documents or this Funding Loan Agreement or otherwise as directed by the Funding Lender. <br />(i) The Controlling Person shall obtain, and shall provide to the Funding Lender a <br />copy of the Borrower’s certificates of compliance with the Land Use Restriction Agreement or other <br />evidence of such compliance submitted by the Borrower to the Governmental Lender or the Governmental <br />Lender’s designee within thirty (30) days after the later of (i) the date it is required to be submitted to the <br />Governmental Lender or the Governmental Lender’s designee, or (ii) the date it is actually so submitted. <br />(j) The Controlling Person may perform additional duties with respect to the Funding <br />Loan and Borrower Loan during [construction/rehabilitation] of the Project Facilities or during the period <br />following an Event of Default at the request of the Funding Lender. <br />ARTICLE IX <br />MISCELLANEOUS <br />Section 9.1 Right of Funding Lender to Pay Taxes and Other Charges. If any tax, <br />assessment or governmental or other charge upon any part of the Project Facilities is not paid as required, <br />the Funding Lender may, subject to any indemnity required pursuant to Section 7.1(h) hereof, pay such tax, <br />assessment or governmental or other charge, without prejudice, however, to any rights of the Funding <br />Lender hereunder arising in consequence of such failure; and any amount at any time so paid under this <br />Section, with interest thereon from the date of payment until paid at the greater of the rate of interest borne <br />by the Governmental Note or the per annum rate of interest announced from time to time by the bank <br />serving as Funding Lender as its “prime rate” shall become so much additional indebtedness secured by <br />this Funding Loan Agreement, shall be given a preference in payment over the Governmental Note, and <br />shall be paid out of the Security. <br />Section 9.2 Limitation of Rights. With the exception of rights herein expressly conferred, <br />nothing expressed or mentioned in or to be implied from this Funding Loan Agreement or the Governmental <br />Note is intended or shall be construed to give to any Person other than the parties hereto, the Noteowners, <br />the Controlling Person and the Borrower, any legal or equitable right, remedy or claim under or in respect <br />to this Funding Loan Agreement or any covenants, conditions and provisions herein contained; this Funding <br />Loan Agreement and all of the covenants, conditions and provisions herein being intended to be and being
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