8923-17 Economic Development Grant to University Tees

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Borrower shall pay punctually the principal and interest and any other amounts due on any other indebtedness now or hereafter owing by Grantee to the City or any other lender. Section 5.02 Maintain and Insure Property 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 borrower in the event of a reasonably insurable loss (except a reasonable deductible). The aforementioned insurance shall be issued by companies reasonably satisfactory to the City with language specifically indicating that the City is an "additional insured" as appropriate to the type of coverage. Section 5.03 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, provided that Grantee provides prior written notice to the City of the contest and proceedings. Section 5.04 Maintain Existence Borrower agrees to maintain its existence within the City of Lakewood, Ohio in full force and effect and to carry on its business at 13000 Athens Avenue in a manner intended to be profitable for the term of the Project (Five [5] years). Grantee may merge, consolidate, or otherwise reorganize only upon written permission from the City, which permission shall not be unreasonably withheld. Section 5.05 Information During the term of this Agreement, Grantee shall: (1) Keep and maintain records, books of account and other documents relating directly to all matters covered by this Agreement, including its receipt and disbursement of Grant funds, in which complete entries will be made reflecting all of its business and financial transactions, such entries to be made in accordance with generally accepted accounting principles consistently applied. Section 5.06 Disclosure of Documents All of the records, information, data, reports, etc., prepared or assembled by the Grantee under this Agreement are confidential and the Grantee does covenant and agree that those items shall not be made available to any individual or organization, other than an agency of the United States Government, without the prior written approval of the City. Page 8 of 22