04-26-2023 Council Packet - Laserfiche WebLink

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77060900v2 33 (2) the extended deadline for the achievement of Stabilization is no later than six months after the initial Outside Stabilization Date; and (3) an extension fee equal to 0.25% times the principal amount of outstanding amount of the Borrower Note at the date of extension is paid to the Controlling Person with respect to such extension; and (4) the Borrower certifies in writing to the Controlling Person that cash flows generated from property operations and/or funds on deposit with the Fiscal Agent (or other sources approved by the Controlling Person) will be sufficient to pay debt service during the term of the extension. (b) In connection with such extension, the First Principal Payment Date shall be extended to commence on the first Loan Payment Date following achievement of Stabilization. ARTICLE 7 DEFAULTS AND REMEDIES Section 7.1 Defaults. Each of the following shall constitute an event of default hereunder (“Event of Default”): (a) Failure by the Borrower to pay any amount required to be paid by the Borrower under this Agreement, the Borrower Note or any of the other Funding Loan Documents, or the Bridge Note, when the same shall become due and payable; (b) Failure by the Borrower to perform or comply with any of the terms or conditions contained in Section 6.1, 6.11 or 6.12 hereof; (c) Failure by the Borrower to perform or comply with any of the terms or conditions contained in this Agreement and any of the other Funding Loan Documents to which the Borrower is a party, other than as described in paragraphs (a) and (b) above, and continuation of such failure for thirty (30) days after written notice from the Funding Lender or the Controlling Person to the Borrower (with a copy to the Investor Limited Partner, or such longer period to which the Controlling Person may agree in the case of a default not curable by the exercise of due diligence within such thirty (30) day period, if the Borrower, the General Partner or the Investor Limited Partner shall have commenced a cure of such default within such thirty (30) day period and shall be diligently pursuing such cure as quickly as reasonably possible; (d) Any of the representations or warranties of the Borrower set forth in this Agreement, any of the other Funding Loan Documents or any other document furnished to the Governmental Lender, the Funding Lender the Controlling Person or the Funding Lender pursuant to the terms hereof proves to have been false or misleading in any material respect when made; (e) Any provision of this Agreement or any of the other Funding Loan Documents to which the Borrower, the General Partner or any Guarantor is a party for an y reason ceases to be valid and binding on the Borrower, the General Partner or the Guarantor, is declared to be null and void, or is violative of any applicable Legal Requirement relating to a maximum amount of interest permitted to be contracted for, charged or received, or the validity or enforceability thereof is contested by the Borrower, the General Partner or any Guarantor or any Governmental Authority, or the Borrower, the General Partner or any Guarantor denies that it has any or further liability or