65-04 EDF for Vedda & Sons - Laserfiche WebLink

Home Browse Search

44107, as more particularly set forth in the Open-end Mortgage Deed (See Exhibit D), which lien evidenced by such mortgage shall be free and clear of all prior liens and encumbrances with the exception of any easements of record or easements necessary for public utilities and applicable zoning laws, and also with the exception of any first mortgage for financing of the Grantee's purchase of the property and construction of the project, for which the Grantor agrees to provide any necessary subordination agreement to or for such first mortgage. ARTICLE V - AFFIRMATIVE COVENANTS Grantee shall comply with the following cOvenants set forth in this article from the Execution Date until the GRANT has been fully repaid to the City, including any interest obligation, unless the City otherwise consents in writing. Section 5.01 Maintain and Insure Property Grantee shall maintain during the term of this Agreement the real property provided as security for the GRANT, in such condition, maintenance, and repair that the City's security will be adequately protected and that the business carried on in connection therewith may be properly and advantageously carried out at all times. During the term of this Agreement, Grantee shall maintain insurance policies and submit copies of same to City, providing general liability coverage, property coverage (fire and extended coverage hazard or special form insurance policy), builders risk coverage (if applicable), workers' compensation insurance, and such other insurance reasonably required by the City and its attorneys in amount sufficient to avoid any significant out-of-pocket payment by Grantee in the event of a reasonably insurable 1055 (except a reasonable deductible). The aforementiòned insurance shall be issued by companies reasonably satisfactory to the City with language specifically indicating that the City is an "additional insured" and/or "loss payee," as appropriate to the type of coverage, and that any insurance proceeds will be paid to the City. Section 5.02 Payment of Taxes Grantee shall duly pay and discharge all applicable taxes, assessments, and governmental charges levied upon it or against its properties prior to the date on which penalties would attach thereto, except that Grantee shall not be required to pay any such tax, assessment or governmental charge which is being contested by Grantee in good faith and by appropriate and timely proceedings Section 5.03 Maintain Existence Grantee agrees to maintain its existence within the City of Lakewood, Ohio in full force and effect and to carry all its business at 12000 Berea Road, Lakewood, OH 44107 in a manner intended to be profitable for the term of GRANT (five [5] years). Grantee may merge, consolidate, or otherwise reorganize only upon written permission from the City, which permission shall not be unreasonably withheld. Page 8 of 16