Laserfiche WebLink
During the term of this Agreement, Borrower shall maintain insurance policies and <br />submit copies of same to City, providing general liability coverage, property coverage (fire and <br />extended coverage hazard or special form insurance policy), builders risk coverage (if <br />applicable), workers' compensation insurance, and such other insurance reasonably required by <br />the City and its attorneys in amount sufficient to avoid any significant out -of- pocket payment by <br />borrower in the event of a reasonably insurable loss (except a reasonable deductible). The <br />aforementioned insurance shall be issued by companies reasonably satisfactory to the City with <br />language specifically indicating that the City is an "additional insured" and /or "loss payee," as <br />appropriate to the type of coverage, and that any insurance proceeds will be paid to the City. <br />Section 5.04 Payment of Taxes <br />Borrower shall duly pay and discharge all applicable taxes, assessments, and <br />governmental charges levied upon it or against its properties prior to the date on which <br />penalties would attach thereto, except that Borrower shall not be required to pay any such tax, <br />assessment or governmental charge which is being contested by Borrower in good faith and by <br />appropriate and timely proceedings, provided that Borrower provides prior written notice to <br />the City of the contest and proceedings. <br />Section 5.05 Maintain Existence <br />Borrower agrees to maintain its existence within the City of Lakewood, Ohio in full force <br />and effect and to carry on its business at 13001 Athens Avenue, Lakewood, OH 44107 in a <br />manner intended to be profitable for the term of Loan (Five [5] years). Borrower may merge, <br />consolidate, or otherwise reorganize only upon written permission from the City, which <br />permission shall not be unreasonably withheld. <br />Section 5.06 Information <br />During the term of this Agreement, Borrower shall: <br />(1) Keep and maintain records, books of account and other documents relating <br />directly to all matters covered by this Agreement, including its receipt and <br />disbursement of <br />Loan funds, in which complete entries will be made reflecting all of its business <br />and financial transactions, such entries to be made in accordance with generally <br />accepted accounting principles consistently applied. <br />(2) Borrower shall comply with all reporting requirements of the United States <br />Department of Housing and Urban Development (HUD) and the City of <br />Lakewood. <br />Page 11 of 19 <br />