04-26-2023 Council Packet - Laserfiche WebLink

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77060900v2 ii ARTICLE 6 GENERAL COVENANTS ....................................................................................... 15 Section 6.1 Conduct of Business; Maintenance of Existence; Mergers ................................ 15 Section 6.2 Compliance with Legal Requirements; Payment of Impositions ........................ 15 Section 6.3 Maintenance of Governmental Authorizations ................................................... 15 Section 6.4 Maintenance of Insurance ................................................................................... 15 Section 6.5 Compliance with Other Contracts and Funding Loan Documents ..................... 16 Section 6.6 Maintenance of Project Facilities ....................................................................... 16 Section 6.7 Inspection Rights ................................................................................................ 17 Section 6.8 Keeping of Books ............................................................................................... 18 Section 6.9 Reporting Requirements ..................................................................................... 18 Section 6.10 Tax-Exempt Status .............................................................................................. 20 Section 6.11 Single Purpose Entities. ...................................................................................... 22 Section 6.12 Negative Pledge; No Sale. .................................................................................. 23 Section 6.13 Payment of Indebtedness; Accounts Payable; Restrictions on Indebtedness ....................................................................................................... 23 Section 6.14 Environmental Covenants. .................................................................................. 24 Section 6.15 Controlling Person .............................................................................................. 25 Section 6.16 Tax Returns ......................................................................................................... 26 Section 6.17 Leases ................................................................................................................. 26 Section 6.18 Further Assurances ............................................................................................. 26 Section 6.19 Management Agreement ..................................................................................... 26 Section 6.20 Determination of Taxability ................................................................................ 27 Section 6.21 Provision of Annual Reports; Reporting of Material Events .............................. 27 Section 6.22 Use of Proceeds .................................................................................................. 29 Section 6.23 Compliance With Anti-Terrorism Regulations ................................................... 29 Section 6.24 Adoption of Capital and Operating Budgets ....................................................... 30 Section 6.25 Borrower’s Approval of Funding Loan Agreement ............................................ 30 Section 6.26 Conditions Precedent; Payment of Certain Fees, Deposits and Expenses .......... 31 Section 6.27 Additional Conditions Precedent ........................................................................ 31 Section 6.28 No Amendments ................................................................................................. 31 Section 6.29 Construction of Improvements ........................................................................... 31 Section 6.30 Evidence of Payment of Costs ............................................................................ 31 Section 6.31 Correction of Deficiencies in Improvements ...................................................... 31 Section 6.32 Loan Rebalancing ............................................................................................... 31 Section 6.33 Use of Loan Proceeds ......................................................................................... 32 Section 6.34 Special Servicing Costs ...................................................................................... 32 Section 6.35 Developer Fee ..................................................................................................... 32 Section 6.36 Payment and Performance Bonds ....................................................................... 32 Section 6.37 Extension of the Outside Stabilization Date. ...................................................... 32 ARTICLE 7 DEFAULTS AND REMEDIES ................................................................................ 33 Section 7.1 Defaults ............................................................................................................... 33 Section 7.2 Remedies ............................................................................................................. 35 Section 7.3 No Waivers; Consents ........................................................................................ 37 Section 7.4 No Waiver; Remedies Cumulative ..................................................................... 37 Section 7.5 Set-Off ................................................................................................................ 37 Section 7.6 Governmental Lender and Borrower to Give Notice of Default ........................ 37 Section 7.7 Cure by Investor Limited Partner and/or Special Limited Partner ..................... 37 Section 7.8 Default Rate; Acceleration Premium .................................................................. 38 Section 7.9 Reserved Rights; Regulatory Agreement Defaults. ............................................ 38