Agenda - Council - 08/08/2017 - Laserfiche WebLink

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and consummate the credit transactions referred to in this Agreement will be received by Lender. 5.1.3 Certified Income Tax returns of Borrower to be received by Lender within 120 days after each fiscal year end. 5.1.4 Annual personal financial statement the Guarantor, to be submitted concurrently with the Borrower's statement required above. 5.1.5 Annual personal income tax returns (including all schedules and K-1's) of the Guarantor to be submitted concurrently with the Borrower's statement required above. 5.2 Borrower record keepine and Lender inspection of Collateral and records. Borrower will keep true and accurate books and records of its business operations and accounts, and will permit Lender at any reasonable time and during regular business hours to inspect the Property and to examine Borrower's books, records, and files, and make copies thereof, and to discuss the affairs of Borrower with its members/shareholders, officers, directors, and employees. In addition, Borrower shall provide (i) annual financial statements, annual debt schedules and tax returns of the Borrower not later than 120 days after each fiscal year end of the Borrower; and (ii) annual personal financial statements and personal tax returns for the Guarantor not later than October 15 of each. PART 6. FINANCIAL COVENANTS AND LIMITATION ON CETAIN ACTIVITIES OF BORROWER 6.1 Indebtedness, liens, and disposition of assets. Borrower shall not, without the prior written consent of Lender, which approval shall not be unreasonably withheld, do any of the following: except debt incurred in the ordinary course of business and indebtedness to Lender contemplated by this Agreement, incur indebtedness for borrowed money; sell, transfer, assign, pledge, lease, grant a security interest in, or otherwise encumber any of Borrower's assets, except to Lender and except to those identified on Exhibit B, the Permitted Encumbrances. 6.2 Ownership stability of Borrower. Borrower covenants that unless prior written approval has been provided by Lender, which approval shall not be unreasonably withheld, Borrower's majority limited liability company membership interest holders in control of Borrower at the time of this Agreement shall not sell or otherwise relinquish majority ownership control of Borrower. 6.3 Change of business form or identity. Borrower will not, without the prior written approval of Lender, which approval shall not be unreasonably withheld, change its business forms, business names or trade names, change location, or acquire or merge or consolidate with any other entity. 6.4 Commercial Use. Until the Loan is paid in full, Borrower shall maintain the Property in commercial use in accordance with all City ordinances. The Property shall be considered in commercial use if Borrower operates a business on the Property; Borrower leases the Property or portions thereof to an entity that operates a business; or Borrower is actively marketing the lease of the Property or portions thereof to one or more businesses. 5