SR 05:219 - Laserfiche WebLink

(b) Borrower shall cause all work performed in connection with the Project to be performed in compliance with all applicable laws, ordinances, rules and regulations of federal, state, county or municipal governments or agencies. Section 3.6 Mechanics Liens. Stoo Notices. and Notices of Como let ion. If any claim of lien is filed against the Leasehold Estate or a stop notice affecting the Loan is served on the City or any other lender or other third party in connection with the Project, then Borrower shall, within sixty (60) days after such filing or service, either pay and fully discharge the lien or stop notice, effect the release of such lien or stop notice by delivering to the City a surety bond in sufficient form and amount, or provide the City with other assurance satisfactory to the City that the claim oflien or stop notice will be paid or discharged. ARTICLE 4 LOAN REOUlREMENTS Section 4.1 Insoection of Books and Records. Upon request, the Borrower shall permit the City to inspect at reasonable times and on a confidential basis those books, records and all other documents of the Borrower necessary to determine Borrower's compliance with the terms of this Agreement. The Borrower also has the right at all reasonable times to inspect the books, records and all other documentation of the City pertaining to its obligations under this Agreement. Section 4.2 Yearlv Reoorting Requirements. Within one hundred eighty (180) days of the end of each fiscal year, Borrower shall provide the City with (a) an audited financial statement for the Project for the previous year, (b) a copy of the current Project management plan, and (c) the most recent annual operating budget for the Project. Section 4.3 Maintenance and Damage. (a) Borrower shall maintain the Project in accordance with Section 3.6 of the Lease. (b) If economically feasible in the Borrower's reasonable judgment, if any improvement now or in the future on the Leasehold Estate is damaged or destroyed, then Borrower shall diligently undertake to repair or restore such improvement consistent with the plans and specifications approved by the City with such changes as have been approved by the City. The extent of Borrower's obligation to restore the Project shall be limited to the amount of the insurance proceeds. The provisions of this Section shall be subject to the rights of Senior Lenders. Section 4.4 Notice of Litigation. 10 144\105\217525.14