Laserfiche WebLink
9.A. - Page 36 <br /> 5.8.1 Borrower becoming insolvent or bankrupt or being unable or admitting in <br /> writing its inability to pay its debts as they mature, or making a general <br /> assignment for the benefit of, or entering into arrangement with creditors; <br /> or <br /> 5.8.2 Proceedings for the appointment of a receiver, trustee, or liquidator of the <br /> assets of Borrower, or a substantial part thereof, being authorized or <br /> instituted by or against Borrower; or <br /> 5.8.3 Proceedings under any bankruptcy, reorganization, readjustment of debt, <br /> insolvency, dissolution, liquidation or other similar law of any jurisdiction <br /> being authorized or instituted against Borrower. <br /> 5.9 If the Loan is a Rent Stabilization Program Loan, Borrower's failure pay the entire <br /> Program Loan with accrued interest within ninety (90) days of the City Manager's <br /> or his designee's final determination that Borrower has breached the terms of the <br /> Rent Stabilization Program Loan Provisions of Section 3 of this Loan Agreement, <br /> or within 90 days of the Program Manager's determination if no hearing is <br /> requested by Borrower pursuant to Section 3.4. <br /> 6. Loan Monitoring Procedures. Borrower will be required to submit each of the following <br /> to the City on January 15 of each year for the term of the Loan: <br /> 6.1 If the Loan is a Rent Stabilization Program Loan, the written statement required <br /> pursuant to Section 3.3, supra; <br /> 6.2 Verification that property taxes are current; and <br /> 6.3 Verification of current required insurance policies. <br /> 7. Prevailing Wage Laws. Borrower shall comply with all Prevailing Wage Laws applicable <br /> to the Project. <br /> 7.1 Borrower shall defend, indemnify and hold harmless City and its officers, <br /> employees, volunteers, agents and representatives from and against any and all <br /> present and future causes of action, claims, liabilities, obligations, damages, <br /> fines, penalties, judgments, actions or expenses (including attorney fees) <br /> (collectively, the "Claims"), arising out of or in any way connected with <br /> Borrower's obligation to comply with all Prevailing Wage Laws applicable to the <br /> Project. <br /> 7.2 Borrower hereby waives, releases and discharges forever City and its <br /> employees, officers, volunteers, agents and representatives, from any and all <br /> present and future Claims arising out of or in any way connected with Borrower's <br /> obligation to comply with all Prevailing Wage Laws in connection with the Project. <br /> 8. Insurance Proceeds and Condemnation Award. In the event the Property is destroyed <br /> and insurance proceeds are distributed to Borrower instead of being used to rebuild the <br /> Property, or in the event of condemnation if the proceeds thereof are distributed to <br /> Borrower, any surplus of proceeds remaining after payment of the senior liens and <br /> encumbrances on the Property shall be used to pay the balance of the Loan, and any <br /> ATTY/RES0.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT <br /> REV:05-11-15 VR <br /> Page 7 of 12 <br />