Agenda - Council - 03/24/2015 - Laserfiche WebLink

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of the operations of Developer and Borrower, without limitation, balance sheets, operating statements and certified rent rolls, all of which shall be in form and substance acceptable to the HRA; (b) Not later than forty-five (45) calendar days after the end of each fiscal year, annual budgets and forecasts for the Project; (c) Not later than forty-five (45) calendar days after the end of each calendar quarter, internally prepared quarterly financial statements for Developer and Borrower, all in form and substance acceptable to the HRA; (d) Not later than fifteen (15) calendar days after the end of each month during the term of either of the Loans, monthly leasing status reports for the Project; (e) Not later than forty-five (45) calendar days after the end of each calendar quarter during the term of either of the Loans, internally prepared quarterly operating statements and certified rent rolls for the Project; and (f) Not later than forty-five (45) calendar days after the end of each calendar quarter during the term of either of the Loans, copies of any compliance certificates Borrower or Developer is obligated to deliver to PNC Bank, National Association under the terms of the PNC Loan Documents. Borrower shall deliver hard copies of all of the information and documents required under this Section 6.10 to the HRA at the address set forth in Section 8.5, but Borrower need not provide copies of the information and documents to Briggs and Morgan, P.A. Section 6.11 Compliance with PNC Loan Documents. Borrower shall comply or cause Developer to comply with all of the terms of the PNC loan documents. Section 6.12 Adverse Changes in Litigation. Borrower shall give notice in writing to the HRA of (a) the occurrence of any Default or Event of Default or of any other change or occurrence which could have a material adverse affect on Borrower's or Developer's financial condition or business promptly but not later than five (5) calendar days after such occurrence; (b) all litigation or any threat thereof and all proceedings and investigations or any threat thereof before or by any governmental or regulatory agencies affecting Borrower or Developer, which, if adversely determined, may have a material adverse affect on the financial condition or business of Borrower or Developer, promptly but not later than five (5) calendar days after service of process or other notification or threat of such litigation or proceedings; and (c) the actual knowledge of the occurrence of any facts which would cause the representations and warranties set forth in Section 3.1 of the Development Agreement to become untrue or materially misleading. Section 6.13 Existence and Authority. Borrower shall and shall cause Developer to (i) preserve and maintain its limited liability company existence in the State of Indiana and its authority to transact business in the State of Minnesota, as well as all of its rights, privileges, permits and licenses; (ii) conduct its business in an orderly and efficient manner; and (iii) comply with all requirements of applicable laws, statutes, ordinances, rules and regulations. C-2-15 2695614v16