Agenda - Council - 09/08/2026 - Laserfiche WebLink

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and if the Borrower commences and diligently prosecutes the appropriate steps to cure such breach, no default shall exist so long as the Borrower is proceeding to cure such breach; (b) If any material covenant, warranty, or representation of the Borrower shall prove to be untrue in any material respect, provided such covenant, warranty, or representation of the Borrower remains untrue in any material respect for thirty (30) business days after written notice thereof to the Borrower by the Lender; (c) a final judgment is entered against the Borrower that the Lender reasonably deems will have a material, adverse impact on the Borrower's ability to comply with the Borrower's obligations under this Agreement; (d) the Borrower sells, conveys, transfers, encumbers, or otherwise disposes of all or any part of the Property without the prior written approval of the Lender; or (e) the Borrower merges or consolidates with any other entity without the prior written approval of the Lender. Section 4.2. Remedies Upon Default. (a) In the event of a default, the Lender shall have the right as its option and without demand or notice, to declare all or any part of the Forgivable Loan immediately due and payable, and in addition to the rights and remedies granted hereby, the Lender shall have all of the rights and remedies available under the Uniform Commercial Code and any other applicable law. (b) The Borrower agrees to pay the costs and expenses incurred by the Lender in enforcing its rights under this Agreement, including but not limited to the Lender's attorneys' fees. If any notice of sale, disposition or other intended action by the Lender is required by law to be given to the Borrower, such notice shall be deemed reasonably and properly given if mailed to the Borrower at the Property or at such other address of the Borrower as may be shown herein, at least fifteen (15) days before such sale, disposition or other intended action. ARTICLE 5 Loan Disbursement Provisions Section 5.1. Payment Disbursement. The Loan Proceeds shall be disbursed at the closing of the purchase of the Property in the following division: (a) $55,000 shall be paid directly to the City of Ramsey as part of the purchase price of the Property; and (b) $195,000 shall be paid to the Borrower. ARTICLE 6 Nondiscrimination Section 6.1. Nondiscrimination. The provisions of Minnesota Statutes, Section 181.59 and any successor statutes, which relate to civil rights and discrimination, shall be considered a part of this 3