8923-17 Economic Development Grant to University Tees

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Applicable federal, state, and local laws shall govern disclosure of documents, which are in the possession of the City. Section 5.07 Inspection Grantee shall permit any duly authorized representative of the City, or any other appropriate governmental official, at all reasonable hours, upon reasonable notice, and as often as reasonably requested, to have the right to (1) inspect Borrower's books of account (and to make copies of and /or extracts therefrom); or (2) discuss with agents and employees of Grantee: Grantee's affairs, employment and contracting goals, finances, accounts and compliance with the terms of this Agreement. Grantee shall provide statements, records, data and the City free access and entry to any portion of Grantee's premises for the purposes of such inspections and discussions until the terms of this Agreement have been complied with and fulfilled. Section 5.08 Notice of Default Within ten (10) days of any event, which constitutes an Event of Default, as defined in Article VI, or as defined under any of the Grant Documents, Grantee shall provide written notice to the City of the event. If an event occurs which would, with notice or lapse of time, constitute an Event of Default; Grantee shall likewise give notice to the City within ten (10) days of the discovery of that event. Section 5.09 Indemnification Grantee shall be fully responsible and shall indemnify and hold harmless the City, its officials, employees and agents against all liability, claims, demands, losses, damages, delays and costs arising from any act or omission by, or negligence of Grantee and its officers, agents, or employees or its contractor or subcontractor or the officers, agents or employees of the contractor or subcontractor while engaged in the performance of this Agreement. Also, no member, official, or employee of the City or of its agents or contractors shall be personally liable to Grantee in the event of any default or breach of the Agreement by the City. ARTICLE VI — EVENTS OF DEFAULT The disbursement of Grant funds will end, without any other notice or demand of any kind of presentment or protest, if any one of the following events occurs (an "Event of Default ") whether it is voluntary or involuntary or, without limitation, occurring or brought about by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. Section 6.01 Default and Cure (1) Default Under Note -- If Grantee shall fail to comply with its obligations under this Agreement. (2) Payment Default Under Other Indebtedness -- If default shall exist in the payment when due of any installment of principal or interest on any of Grantee's other indebtedness and if such Page 9 of 22