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. . ... . .. . . ........ . .i.l. . .. ..._ ..... . . . <br />. , e?$ . ...°# <br />• +M1w? <br />termination of this Agreement under this paragraph, neither the <br />City nor the Borrowers shall nave any further rights or obli- <br />gations hereunder, except that the obligations of the Borrowers <br />under paragraph 5 hereof shall survive any such termination. <br />5. In order to induce the City to execute and deliver <br />this Agreement, the Borrowers hereby agree to defend, indemnify <br />and hold the City and its officials harmless from anci against <br />any and all loss, cost, expense, claims or actions arising out <br />of or connected with the execution and delivery of this <br />Agreement and the consummation of the transactions provided <br />for herein and contemplated hereunder. Whether or not the <br />Bonds are issued, the Borrowers shall pay the reasonable fees <br />and expenses of Peck, Shaffer & Williams in connection with <br />reviewing the Project, the Bonds and all documentation in <br />connection therewith. <br />6. In addition to the terms and conditions herein- <br />above stated, it is expressly understood that issuance of the <br />Bonds is subject to the following conditions: <br />A. The public hearing requirement under Section <br />103(k) of the Internal Revenue Code shall have been fulfilled. <br />B. The Bonds shall have been privately placed with <br />or guaranteed by a sophisticated institutional investor, lender <br />or insurance company. <br />-5-