06-10-2026 Council Packet - Laserfiche WebLink

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12 Error! Unknown document property name. remaining after such work has been completed shall be used first to repay the Other Project Financing that has priority over the LCDA Loan pursuant to one or more subordination agreements or by virtue of lien priority under applicable law, then to repay the LCDA Loan, then to repay the Other Project Financing that is subordinate to the LCDA Loan pursuant to one or more subordination agreements or by virtue of lien priority under applicable law. Section 6.04. Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair, restoration, modification or improvement referred to in Section 6.03 hereof, Borrower will elect in a written notice to the Lender to (a) terminate this Agreement, or (b) complete the work and pay any cost in excess of the amount of the Net Proceeds. Borrower agrees that if by reason of any such insufficiency of the Net Proceeds, Borrower shall make any payments pursuant to the provisions of this Section, Borrower shall not be entitled to any reimbursement therefore from the Lender, nor shall Borrower be entitled to any diminution of the amounts payable under Section 2.02 hereof. Section 6.05. Cooperation of the Lender. The Lender shall cooperate fully with Borrower at the expense of Borrower in filing any proof of loss with respect to any insurance policy covering the casualties described in Section 6.03 hereof and in the prosecution or defense of any prospective or pending condemnation proceeding with respect to the Project or any part thereof or any property of Borrower in connection with which the Project is used and will, to the extent it may lawfully do so, permit Borrower to litigate in any proceeding resulting therefrom in the name and behalf of the Lender. In no event will the Lender voluntarily settle, or consent to the settlement of, any proceeding arising out of any insurance claim or any prospective or pending condemnation proceeding with respect to the Project or any part thereof without the written consent of Borrower so long as there has not occurred and is continuing an Event of Default hereunder. Section 6.06. Conflict of Interests/Code of Ethics; City Representatives Not Individually Liable. (a) No member, official, or employee of the City shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official, or employee participate in any decision relating to this Agreement which affects his personal interests or the interest of any corporation, partnership, or association in which he is, directly or indirectly, interested. No member, official, or employee of the City shall be personally liable to Borrower or any successor in interest, in the event of any default or breach by the City or for any amount which may become due to Borrower or successor or on any obligations under the terms of this Agreement. Section 6.07. Equal Employment Opportunity. Borrower agrees for itself and its successors and assigns, that: (a) Borrower will comply with applicable federal, state and local laws, rules and regulations regarding equal employment opportunities, including nondiscrimination provisions contained in Chapter 181, Minnesota Statutes, the Americans with Disabilities Act of 1990 (as amended), Section 109 of the Housing and Community Development Act of 1974 (as amended), the Age Discrimination Act of 1975 (as amended) and Executive Order 11246, as amended by Executive Order 12086. (b) Borrower is committed to the concept of equal opportunity in both participation by women and minority business enterprises and employment of women and minorities, and agrees that the affirmative action program of Borrower is binding on Borrower.