Agenda - Council - 09/28/2021 - Laserfiche WebLink

Home

(b) Should the City, or its officers, agents, or employees, incur any such liability or be required to defend against any claims or demands, or should a judgment be entered against the City, the amount thereof, including costs, expenses, and attorney's fees, shall be secured hereby, shall be added to the Loan, and the Borrower shall reimburse the City for the same immediately upon demand, and upon the failure of the Borrower to do so, the City may declare the Loan immediately due and payable. (c) This indemnification and hold harmless provision shall survive the execution, delivery, and performance of this Agreement and the creation and payment of any indebtedness to the City. The Borrower waives notice of the acceptance of this Agreement by the City. (d) Nothing in this Agreement shall constitute a waiver of or limitation on any immunity from or limitation on liability to which the Borrower is entitled under law. 9. Loan Forgiveness. The Loan shall be forgiven by the City as follows: (a) The annual payment of 20% of the principal amount of the Loan shall be forgiven each year if (i) the Borrower maintains its business operations as a full -service restaurant within the City from the Loan Closing Date through the Initial Payment Date, and each annual payment date thereafter and (ii) the Borrower submits evidence satisfactory to the City that the Borrower used the proceeds of the Loan solely for eligible working capital expenditures, as listed in Section 4(f) of this agreement. 10. Miscellaneous. (a) Waiver. The performance or observance of any promise or condition set forth in this Agreement may be waived, amended, or modified only by a writing signed by the Borrower and the City. No delay in the exercise of any power, right, or remedy operates as a waiver thereof, nor shall any single or partial exercise of any other power, right, or remedy. (b) Assignment. This Agreement shall be binding upon the Borrower and its successors and assigns and shall inure to the benefit of the City and its successors and assigns. All rights and powers specifically conferred upon the City may be transferred or delegated by the City to any of its successors and assigns. The Borrower's rights and obligations under this Agreement may be assigned only when such assignment is approved in writing by the City. 5 12603643v1