Agenda - Council - 07/12/2022 - Laserfiche WebLink

Home

endangered or the School Facilities or any part thereof will be subject to loss or forfeiture, in which event the Company shall promptly pay and cause to be satisfied and discharged all such unpaid items. The Company may from time to time in its sole discretion and, at the Company's own cost and expense, install or place other equipment and tangible personal property in the School Facilities and such property shall become part of the Mortgaged Property. Section 4.5 Governmental and Utility Charges. The Company shall pay or,under the terms of the Lease, cause the Charter School to pay during the Term of the Loan Agreement, as the same respectively become due, all taxes, assessments, and other governmental charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the School Facilities or any part thereof, or any interest therein or the revenues derived therefrom or hereunder, all utility and other charges incurred in the operation, maintenance,use, occupancy and upkeep of the School Facilities and all assessments and charges lawfully made by any governmental body for public improvements that may be secured by a lien on the School Facilities, provided that with respect to special assessments or other governmental charges that may lawfully be paid in installments over a period of years, the Company shall be obligated to pay only such installments as are required to be paid during the Term of the Loan Agreement. If no Event of Default or event which with the passage of time would be an Event of Default then exists, the Company may, at the Company's expense and in the Company's name, in good faith contest any such assessments and other charges and, in the event of any such contest, may permit the assessments or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom if at the time of such contest the Company provides the Trustee and the Issuer with an opinion of Independent Counsel that by nonpayment of any such items the School Facilities or any essential part thereof will not be subject to loss or forfeiture and with cash or a bond in the amount of one hundred ten percent (110%) of the amount of the assessments or other charges to be contested. If the Company is unable to provide such opinion or to post adequate cash or bond such assessments or charges shall be paid forthwith. In the event that the Company shall fail to pay any of the foregoing items required by this Section to be paid by the Company, the Issuer or the Trustee may(but shall be under no obligation to) pay the same, and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Company to the party making the advancement, which amounts, together with interest thereon, at the Late Payment Rate from the date advanced, the Company agrees to pay upon demand. Section 4.6 Casualty Insurance. The Company agrees to insure or cause to be insured the School Facilities against loss or damage of the kinds usually insured against by companies similarly situated, including, without limiting the foregoing, fire and uniform standard extended coverage,vandalism and malicious mischief endorsements,use and occupancy coverage and extra expense insurance for a period of one year, by means of policies issued by the Minnesota School Boards Association Trust, a state-sponsored self-insurance fund for Minnesota School Districts, or by reputable insurance companies duly qualified to do such business in the State and rated at least "A" by A.M. Best with uniform standard coverage endorsement limited only as may be provided in the standard form of extended coverage endorsement at that time in use in the State, in amounts that are not less than the greater of the outstanding principal amount of the Bonds or the full insurable value of the School Facilities plus any fixtures and equipment of the School 13 730911770