2021-36 - Loan for historic preservation of Bi-Rite

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Section 5.10 Indemnification Borrower 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 Borrower 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 Borrower in the event of any default or breach of the Agreement by the City Section 5.11 Expense of Collection or Enforcement In the event Borrower defaults on any provision or obligation `contained in the Loan Documents or this Agreement, Borrower shall pay the City an amount equal to the City's costs and expenses of collection, enforcement or correction of such default in addition to any caber amounts that may be due from: Borrower on the Loan. Moreover, the Borrower's obligations and duties to the City which are set forth in this Section, shall continue unabated until the City has no environmental obligations or liablmes under any local, state or federal laws and any rules or regulations thereunder. Section 6.01 Article VI- Events of Default Default Under to -- If orrower shall fail to comply with its obligations under this Agreement and the Secured Promissory fate of even date. (ii) Payment Default Urer Other Indebtedness -- If default shall exist in the payment when due of any installment of principal or interest on any of Borrower's other indebtedness and if such default shall rema n nremedi6l-V for thirty (30) days whether such other indebtedness is in existence at the Executi on Date, -,or incurred after such date; (iii) Incorrect Representations or Warranties -- If any representation or warranty contained in or made in connection with the execution and delivery of this Agreement or in any certificate furnished pursuant hereto shall prove to have been incorrect or untrue in any material respect when made; (iv) Default in Covenants -- If Borrower defaults in the performance of any other term, covenant, or agreement contained in the Loan Documents and such default shall continue unremedied for thirty (3 0) days after the earlier of either: (1) the default becoming known to an executive officer of Borrower; or (2) written notice thereof was given to Borrower by City; Page 10 of 14