12-19-2007 Council Agenda - Laserfiche WebLink

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(3) any future event that would cause the representations and warranties contained in this Agreement to be untrue when applied to the Borrower's circumstances as of the date of such event; and (4) any material adverse change in the operations, business, properties, assets or conditions, financial or otherwise, of the Borrower. Section 4.9 Additional Covenants. In addition to the covenants and agreements of the Borrower set forth herein and contained in the Mortgage and the documents related hereto, the Borrower hereby covenants and agrees, so long as the Note remains unpaid, as follows: (1) The Project shall comply with all applicable restrictions, conditions, ordinances, regulations and laws of governmental departments and agencies having jurisdiction over the Project, and shall not violate any private restrictions or covenants or encroach upon or interfere with easements affecting the Land; (2) To keep, perform, enforce and maintain in full force and effect all of the terms, covenants, conditions and requirements of this Loan Agreement, the Note, the Mortgage and the Security Agreement; and, not to amend, modify, supplement, terminate, cancel or waive any of the terms, covenants, conditions or requirements of any of said documents without the prior written consent of the Lender; (3) Upon the demand of the Lender to deliver to the Lender an updated survey showing the Project to be located within applicable lot lines of the Land and the setback lines and not encroaching upon any easements, streets or adjoining property; (4) Not to create, permit to be created or to allow to exist, liens, charges or encumbrances on the Land (other than "Permitted Encumbrances" as defined in the Mortgage) and the lien of general real estate taxes and the installments of special assessments payable therewith, except for such liens, charges and encumbrances which are being diligently contested in good faith by appropriate proceedings and provided that, if requested by the Lender, the Borrower shall have provided to the Lender security satisfactory to the Lender as set forth in Section 1.03 of the Mortgage; (5) So long as BankCherokee is the Lender, to maintain all of the Borrower's primary bank accounts with the Lender and /or an affiliate of the Lender. (6) In addition to the Insurance required to be maintained by the Mortgage, to obtain and maintain, or cause to be obtained and maintained, during the term of the Loan, if applicable (and, from time to time at the request of the Lender, furnish the Lender with proof of payment of premiums on): (a) Comprehensive General Public Liability Insurance, providing for limits of coverage of amounts acceptable to the Lender, but not less than $500,000 per occurrence for general liability and $500,000 per occurrence for excess liability, and naming the Lender and the City as loss payees and /or additional protected persons, as their interests may appear. 21l0583v4 17 -35-