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Section 4.06 Guaranties & Security <br />Upon request, Borrower shall provide the City a corporate guaranty with respect to the Secured Promissory <br />Note which shall guarantee the punctual and full payment of the principal and interest on the Loan as well as all <br />other amounts payable by Borrower pursuant to this Loan Agreement, and the prompt., observance and performance <br />by the Borrower of all of the covenants, agreements, and other provisions in this Loan Agreement. <br />Section 5.01 Repayment of Loan <br />Borrower shall pay by the due dates established in the Secured r"issary Note of evert date and attached <br />as Exhibit I the principal and interest on the Note and any other amount . that become due and payable to the City <br />pursuant to this Agreement or pursuant to the LoanDocuments. <br />Section 5.02 Payment of Other Indebtedness <br />During the term of t iAgreement; Borrower shall maintain insurance policies and submit copies of same <br />to City; providing general liability coverage, property coverage (fire and extended coverage hazard or special form <br />insurance po�l�y) builders risk coverage (if applicable), workers' compensation insurance, and such other insurance <br />reasonably requby the ired City end its attorneys in amount sufficient to avoid any significant out-of-pocket <br />payment by bof�ow'r 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 language <br />specifically indicating that the pity is an "additional insured" and/or "loss payee," as appropriate to the type of <br />coverage, and that any insu0e 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 governmental charges levied <br />upon it or against its properties prior to the date on which penalties would attach thereto, except that Borrower shall <br />not be required to pay any such tax, assessment or governmental charge which is being contested by Borrower in <br />good faith and by appropriate and timely proceedings, provided that Borrower provides prior written notice to the <br />City of the contest and proceedings. <br />Page 8of14 <br />