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

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Agreement as though wholly set forth herein and the Borrower shall comply with each such provision through the term of this Agreement. ARTICLE 7 Borrower's Acknowledgments Section 7.1. Acknowledgements. The Borrower acknowledges that the Lender, in order to obtain funds for the Loan Proceeds, is using funds provided by the State under the Local Affordable Housing Aid Program. The Borrower acknowledges that nothing contained in this Agreement shall be deemed or construed to create between the State and the Borrower (or, except as Borrower and Lender, between the Lender and the Borrower) any relationship, including but not limited to that of third -party beneficiary, principal and agent, limited or general partnership, or joint venture. ARTICLE 8 Other Special Conditions Section 8.1. Forgivable Loan Closeout. The Borrower shall, upon request from Lender, provide the Lender with all documentation necessary to demonstrate that the Loan Proceeds have been used for the items and purposes set forth in this Agreement. Upon submission by Borrower to Lender of reasonable evidence that the proceeds of the Forgivable Loan have been used pursuant to the requirements of Section 3.1 (subject to the Lender's written approval not to be unreasonably withheld, conditioned or delayed) all obligations under this Agreement, and all other documents, covenants, promises and agreements relating to the Forgivable Loan between Borrower and Lender, including Borrower's requirement to repay the Forgivable Loan shall terminate and the Forgivable Loan will be forgiven. Section 8.2. Release and Indemnification Covenants. Except for any breach of the representations and warranties of the Lender or the gross negligence or other wrongful act or omission of the following named parties, the Borrower agrees to protect and defend the Lender and the governing body members, officers, agents, servants, and employees thereof, now and forever, and further agrees to hold the aforesaid harmless from any claim, demand, suit, action, or other proceeding whatsoever by any person or entity whatsoever arising or purportedly arising from the Borrower's activities on the Property. Section 8.3. Modifications. This Agreement may be modified solely through written amendments hereto executed by the Borrower and the Lender. Section 8.4. Notices and Demands. Any notice, demand, or other communication under this Agreement by either party to the other shall be sufficiently given or delivered only if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally: (a) As to the Lender: City of Ramsey Attn: Brian Hagen, City Administrator 4