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

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6.5 Business taxes and insurance. Borrower covenants to pay all taxes associated with their business, including but not limited to income taxes, sales taxes, employee taxes, and all other business related taxes, whether federal, state, county, municipal, or imposed by any other governmental unit. Borrower further covenants to maintain liability, hazard insurance policies in coverages and with such endorsements as are reasonably satisfactory to Lender, and to pay all worker's compensation and unemployment premiums or charges, when due, to maintain all insurance policies and employment - related coverages in full force and effect throughout the term of this Agreement. PART 7. DEFAULT 7.1. Default defined. Default under this Agreement shall consist of anyone or more of the following events: 7.1.1.Failure to pay when due any amount required of Borrower or any Guarantor under this Agreement or under the Note, security agreement, or other loan instrument or document executed in connection with this Agreement. 7.1.2.Failure to perform any act or deed required of Borrower or any Guarantor or failure to refrain from any act prohibited, under this Agreement or under any related instrument or document executed in connection with this Agreement. 7.1.3.Failure of majority limited liability company membership interest holders of Borrower to maintain its status as majority owners of Borrower. 7.1.4.Any warranty, representation, or statement made or furnished to Lender by or on behalf of Borrower or any Guarantor which is false or misleading in any material respect, either now or at the time made or furnished. 7.1.5.The dissolution or termination of Borrower's existence as a going business, insolvency, appointment of a receiver for any part of Borrower's or any Guarantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower or by or against any Guarantor. 7.1.6.Failure to discharge taxes or other liens, other mortgages or charges levied or assessed against the Collateral other than the lien created under this Agreement by the parties. 7.1.7.Any other event defined as an event of default in any separate promissory note, security agreement, mortgage or other instrument or document executed in connection with this Agreement. 7.1.8.Death of an Individual Guarantor to the extent life insurance assigned or pledged to the Lender, or other sources of funds or security, are unavailable to reasonably substitute for the financial security which the deceased Individual Guarantor had provided to the Lender with his/her Guaranty during his/her life. 7.1.9.Any attempt by any Guarantor to revoke the guaranty or impair its enforceability. 7.2. Remedies. In the event default occurs, Lender may exercise anyone or more of the following rights and remedies: 7.2.1.Declare the entire balance of the Loan referred to in this Agreement or any or all loans governed by this Agreement as immediately due and payable. 6