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11-13-2024 Council Packet
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11-13-2024 Council Packet
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<br />Mortgage, Assignment of Rents, <br />Security Agreement and Fixture Filing <br />Page 13 <br /> <br />demanded by Governmental Lender to insure such payments plus interest or penalties thereon, and <br />prevent any sale or forfeiture of the Premises by reason of such nonpayment or shall have caused <br />any such Lien or Imposition to be discharged of record by posting a bond as permitted by law. <br />Any such contest shall be prosecuted with due diligence and Borrower shall promptly after final <br />determination thereof pay the amount of any such Lien or Imposition so determined, together with <br />all interest and penalties which may be payable in connection therewith. Notwithstanding these <br />provisions, Borrower shall (and if Borrower shall fail so to do, Governmental Lender may but shall <br />not be required to) pay any such lien or Imposition notwithstanding such contest if in the <br />reasonable opinion of Governmental Lender, the Premises shall be in jeopardy or in danger of <br />being forfeited or foreclosed. <br />1.7 Protection of Security. Borrower shall promptly notify Governmental Lender of and <br />appear in and defend any suit, action or proceeding that affects the Premises or the rights or interest <br />of Governmental Lender hereunder and the Governmental Lender may elect to appear in or defend <br />any such action or proceeding. Borrower agrees to indemnify and reimburse Governmental Lender <br />from any and all loss, damage, expense or cost arising out of or incurred in connection with any <br />such suit, action or proceeding, including costs of evidence of title and reasonable attorney’s fees <br />incurred by Governmental Lender and such amounts together with interest thereon at the same rate <br />or rates as specified in the Project Note and the other Financing Documents shall become <br />additional “Indebtedness” and shall become immediately due and payable. <br />1.8 Financial Statements; Inspection of Books and Records. Borrower shall comply with <br />Sections 5.11, 5.23 and 5.30 of the Construction Continuing Covenant Agreement. <br />1.9 Additional Assurances. Borrower agrees upon reasonable request by the Governmental <br />Lender to execute and deliver such further instruments, deeds and assurances including financing <br />statements under the UCC and will do such further acts as may be necessary or proper to carry out <br />more effectively the purposes of this Security Instrument and without limiting the foregoing, to <br />make subject to the lien hereof any property agreed to be subjected hereto or covered by the <br />granting clause hereof, or intended by the parties so to be. Borrower agrees to pay any recording <br />fees, filing fees, note taxes, stamp taxes, intangible taxes or other charges arising out of or incident <br />to the filing or recording of this Security Instrument, such further assurances and instruments and <br />the issuance and delivery of the Project Note. <br />1.10 Compliance With Americans With Disabilities Act. Borrower covenants and agrees that <br />it will comply with the requirements of the Americans with Disabilities Act, as the same may be <br />amended from time to time, during the entire term of this Security Instrument and that it will <br />comply with any requirements established by any federal, state or local governmental authorities <br />having jurisdiction over such matters. All future maintenance, renovation, repair and construction <br />conducted on the Premises shall all be completed in accordance with the Americans with <br />Disabilities Act. <br />1.11 Payment of Operating Costs, Liens, and Other Indebtedness. Borrower agrees that it will <br />pay all operating costs and expenses of the Premises; keep the Premises free from mechanics’ <br />liens, materialmen’s liens, judgment liens and other liens, executions, attachments or levies
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