9093-19 13900 Lake Ave. Econ Dev Rebate

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In entering this Agreement, Grantee represents that it relied upon the advice of its attorneys who are attorneys of their own choice and that the terms of this Agreement and attached Exhibits and documents have been completely read and explained to Grantee by Grantee's attorneys, and that the terms are fully understood and voluntarily accepted by Grantee. Grantee represents that the City afforded Grantee the opportunity to completely read and ask questions of the City concerning the terms of this Agreement and attached Exhibits and documents and that Grantee fully understands and voluntarily accepts those terms. ARTICLE IV - CONDITIONS OF GRANT The obligation of the City to make the Grant shall be subject to the fulfillment to the City's satisfaction on the Execution Date of each of the following requirements set forth in Section 4.01 through Section 4.06. Section 4.01 Execution and Delivery of Grant Documents Grantee shall execute and deliver to the City the Grant Documents each in a form and substance satisfactory to the City and its attorneys. Section 4.03 Governmental Approval Grantee shall secure all approvals, permits, and consents of governmental bodies having jurisdiction with respect to any Project activities. Section 4.04 Approval of Others Grantee shall secure all necessary approvals and consents required with respect to this transaction by any mortgagor, creditor, or other party having any financial interest in Grantee or Grantee's property. Section 4.05 No Event of Default and Representations and Warranties There shall exist as of the Closing Date no event or condition, which constitutes an Event of Default as hereinafter defined in Article VII, or which, after notice or lapse of time or both, would constitute such an Event of Default and no such event shall occur as a result of such grant. ARTICLE V - AFFIRMATIVE COVENANTS Grantee shall comply with the following covenants set forth in this article from the Execution Date until the end of the project, or until the Grant Funds have been issued, unless the City otherwise consents in writing. Section 5.01 Payment of Other Indebtedness 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 Page 7 of 18