12-06-1995 Council Agenda - Laserfiche WebLink

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6.5 Promptly pay and discharge all taxes, assessments and other governmental charges imposed upon it or upon its income and profits or upon the Project, and any and all claims for labor, material or supplies or rental charges or charges of any other kind which, if unpaid, might by law become a lien or charge upon the Project, provided, however, that Developer shall not be required to pay any such tax, assessment, charge or claim so long as the Developer contests the validity thereof in good faith through appropriate proceedings, and Developer shall have set aside on its books adequate reserves therefor. 304291.2 6.6 Maintain the Project in good repair, working order and condition and from time to time make or cause to be made all needful renewals, replacements and repairs so that at all times Developer's business can be conducted efficiently. 6.7 Keep true and complete and accurate books of record and account in accordance with GAAP, and allow the EDA upon EDA's request to examine and take extracts from the books and records of Developer. 6.8 Promptly notify the EDA of: (a) Any litigation which might materially and adversely affect any of the properties of Developer; and (b) The occurrence of any Event of Default under this Agreement or under any other loan agreement, debenture, note, purchase agreement or any other agreement providing for the borrowing of money by Developer and the occurrence of any event of which the Developer has knowledge and which, with the passage of time or giving of notice, or both, would constitute an Event of Default under this Agreement or under such other agreements. 6.9 Furnish to the EDA: (a) As soon as available and in any event within ninety (90) days after the close of each of the fiscal years of Developer and each of the Guarantors (which may be calendar year) a balance sheet of Developer and each Guarantor at the end of such year and a statement of profit and loss and surplus of Developer for such year, all in reasonable detail and prepared by an independent certified public accountant of recognized standing selected by Developer and acceptable to the EDA; (b) As soon as available (and in any event within 45 days) after the end of each calendar month, Developer's internally prepared balance sheet as of the end of such month and statement of income and expenses for the month then ended and the portion of Developer's fiscal year then ended (both in similar form to the annual statements required above), all in reasonable detail but subject to year -end audit adjustments and certified by one of Page 18