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

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Section 6.14 Compliance with ERISA. Borrower shall and shall cause Developer to, at all times meet the minimum funding and recording requirements of ERISA with respect to any plan of Borrower or Developer which is covered by ERISA, and shall deliver or cause to be delivered to the HRA such information concerning Borrower's compliance therewith as the HRA may reasonably request. Immediately upon becoming aware of the occurrence of any (a) "reportable event" (as such term is defined in Section 4043 of ERISA), or (b) "prohibited transaction" (as such term is defined in Section 406 or described in Section 3003(a) of ERISA) in connection with any such plan, Borrower shall or shall cause Developer to give written notice to the HRA specifying the nature thereof, what action Borrower or Developer is taking or proposes to take with respect thereto, and when known, any action taken by the Internal Revenue Service, the Department of Labor or the Pension Benefit Guaranty Corporation with respect thereto. Section 6.15 Perfection, Maintenance and Protection of the HRA's Security Interests in the Membership Interests of the Developer. Borrower will and will cause any other members of the Developer to take any and all steps reasonably requested by the HRA to perfect, maintain and protect the HRA's security interests in the membership interests of the Developer. Section 6.16 Copies of Reports. Borrower shall provide the HRA or shall cause the Developer to provide the HRA with copies of all inspections, reports, test results and other information received by Borrower or Developer from time to time from their employees, agents, representatives, architects, engineers, Contractors or any other parties involved in the construction, design, development or operation of the Project that in any way relate to the Project or any part thereof. Section 6.17 Compliance with Environmental Laws. Borrower shall and shall cause Developer to comply with any and all laws, regulations or orders with respect to the discharge and removal of any "Hazardous Substances," as defined in the Purchase Agreement, from the Development Property. Section 6.18 Copies of Monthly Draw Requests. Until the Loans are repaid in full, Borrower shall deliver to the HRA copies of all draw requests from Borrower to PNC Bank, National Association. ARTICLE VII EVENTS OF DEFAULT AND THEIR EFFECT Section 7.1 Events of Default. Each of the following shall constitute an "Event of Default" under this Loan Agreement: (a) Nonpayment of Note. Borrower fails to pay any installment of principal on either of the Notes when due, and such payment is not made within a period of ten (10) days after Written Notice thereof shall have been given by the HRA to the Borrower. (b) Other Covenants. Borrower defaults in the due performance or observance of any term, covenant or agreement contained in this Loan Agreement and such default shall continue for a period of fifteen (15) days after written notice thereof shall have been given by the HRA to the Borrower. C-2-16 2695614v16