06-20-11 Council Agenda - Laserfiche WebLink

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(d) The Borrower will maintain and permit the Lender, acting by and through its officers, employees and agents, to examine all books, records, contracts, plans, drawings, permits, bills and statements of account pertaining to the Project and to make extracts therefrom and copies thereof. (e) (f) (g) 'i'he Borrower will furnish to the Lender as soon as possible and in any event within seven days after the Borrower has obtained knowledge of the occurrence of each Event of Default, or each event which upon the giving of notice or passage of time or both would constitute an Event of Default, which is continuing on the date of such statement, the statement of the Borrower setting forth details of'such Event of Default or event and the action which the Borrower proposes to take with respect thereto. Borrower shall furnish Lender with annual unaudited financial statements, in form satisfactory to Lender, reviewed by a certified public accountant, within 90 clays after the end of each fiscal year until the Note and the Security Documents are paid and satisfied. Borrower agrees that Lender may, subject to city regulations, place a prominent sign on the Land, at a location to he selected by Lender, advertising Lender's participation in the financing of the Project. (h) The Lender and the Inspection Representative may conduct such inspections of the Project as either may deem necessary for the protection of the Lender's interest. Any such inspection shall be made, and any certificates issues by the Inspection Representative shall be issued, solely for the benefit and protection of the Lender, and the Borrower shall not be entitled to rely thereon. (i) (j) The Borrower shall furnish to the Lender true and correct copies of all leases of all or any part of the Improvements when executed, together with such estoppel certificates and subordination agreements from the tenants under such leases as the Lender may require. The Borrower shall timely and faithfully perform obligations owing from it to any other lender or mortgagee holding a secured position in the Land prior and superior to that of Lender. Section 5.2. Negative Covenants. The Borrower agrees that, without the prior written consent of the Lender, it will not: (a) Create or permit to be created or allow to exist any further mortgage, encumbrance, security interest or other lien upon the Land or Improvements, except those shown in the title insurance policy referred to in Section III hereof and approved by the Lender, and except tnechanics' and materialmen's liens in respect of obligations which are not due (provided that such liens are actually 10 14