12-19-2007 Council Agenda - Laserfiche WebLink

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the Borrower shall have deposited into escrow with the Lender an amount equal to such taxes, assessments or premiums plus penalties accrued thereon; (11) To cause to be prepared as soon as practicable as requested by the Lender, the required financial statements /documentation of the Borrower and operating statements for the Project and to furnish copies thereof to the Lender; (12) To promptly give notice in writing to the Lender of any and all litigation involving the Borrower where the amount in dispute exceeds $25,000.00 and is not covered by insurance, and of any and all litigation if the aggregate amount in dispute in connection with such litigation exceeds $25,000.00 and is not covered by insurance, and of any and all material proceedings commenced against the Borrower by or before any court or governmental or regulatory agency; (13) To comply with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, a breach of which would materially and adversely affect the business or credit of the Borrower, except where diligently contested in good faith and by proper proceedings; (14) To comply with all existing and future registration, notification and other requirements of the Minnesota Petroleum Tank Cleanup Act, including, but not limited to, the notification of the Minnesota Pollution Control Agency of the existence of any underground and above - ground storage tanks and the age, size, type, location, use and content and of any future removal or conveyance of such tanks; (15) To preserve and maintain all of the Borrower's rights, privileges and franchises necessary or desirable in the normal conduct of the Borrower's business, and not to suspend business operations or convey, transfer, encumber or pledge any of the Borrower's properties or assets; (16) To keep all of the assets and properties necessary in the Borrower's businesses in good working order and condition, ordinary wear, tear and casualty excepted; (17) To obtain all necessary state, federal, local and private clearances, authorizations, permits and licenses with respect to the business operations of the Borrower, including, without limitation, any export and other trade licenses or permits required by law for the present or future business operations of the Borrower; and, (18) Not to undertake or permit without prior written approval of the Lender any other or additional construction on the Land or on any site or sites adjacent thereto owned by the Borrower, or any parties related to the Borrower. Section 4.10 Financial Reporting Covenants. (a) The Borrower shall provide to the Lender annually, Borrower's fiscal - year -end complied statements, including a balance sheet, income statement, and statement of cash flows, prepared by an independent accounting firm acceptable to the Lender and a copy of 2110583x4 la - 37 -