10C Action 2011 0207 - Laserfiche WebLink

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further agreed that Agency does not and shall not waive any rights against Owner that it may have by reason of this indemnity and hold harmless agreement because of the acceptance by Agency, or the deposit with Agency by Owner, of any of the insurance policies described in this Agreement or the Loan Agreement. 3.3 Books and Records. The Agency shall have the right, during business hours and after reasonable notice to Borrower, to inspect and copy Borrower's books and records concerning the use of the Loan Proceeds. 4. DEFAULT AND REMEDIES 4.1 Events of Default. The occurrence of any one or more of the following events shall constitute an event of default hereunder ( "Event of Default "): (a) Borrower fails to pay when due the principal and interest payable under the Note, and such failure continues for ten (10) days after Agency notifies Borrower thereof in writing. (b) A default on the part of Borrower arises under any Agency Document, and such failure continues after expiration of all applicable cure periods. (c) Any of Borrower's representations or warranties contained in this Agreement, or made by Borrower in connection with the execution and delivery of this Agreement or in any certificate furnished pursuant hereto, or in connection with any request for disbursement of Loan Proceeds shall prove to have been incorrect when made in any material respect. (d) Pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors ( "Bankruptcy Law "), Borrower (i) commences a voluntary case or proceeding; (ii) consents to the entry of an order for relief against Borrower in an involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or similar official for Borrower; (iv) makes an assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due. (e) A court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Borrower in an involuntary case, (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Borrower or substantially all of such entity's assets, (iii) orders the liquidation of Borrower, or (iv) issues or levies a judgment, writ, warrant of attachment or similar process against the Property or the Project, and in each case the order or decree is not released, vacated, dismissed or fully bonded within 60 days after its issuance. (f) Borrower fails to maintain insurance as required pursuant to this Agreement, and Borrower fails to cure such default within 10 days. 1582106.