FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 portion of the Property or leave the Property unguarded or unprotected; and shall not otherwise act, or fail to act, in Such a way as to unreasonably increase the tiyl< of any damage to the Property or of any other impair-tncnt of City's interest, under lte Loan Documents. Without limiting the generality of the toregoing, and except as otherwise agreed by City in writing from time to time, Developer shall promptly and faithfully perform and observe each of the fallowing provisions! 12.1.1 Alterations and Repair. Developer shall not remove, demolish or materially alter any lmprovement without City's prior consent, except to make non- structural repair, which preserve or increase the Property's value, and shall promptly restore, in a good and professional manner, any Tmprovemerrt (or other aspect or portion of the Property) that is damaged or destroyed from any cause. 12.2 Compliance. Developer shall comply with all laws and requirements of Governmental Authorily (including, wilhout limitation, all requirements relating to the obtaining of Governmental Authority approvals), all Governmental Authority approvals and all rights of third parties, relating to Dcvcloper, the Property or Developer's business thereon. 113 Taxes and impositions_ Developer shall pay, prior to delinquency, all ol'the following (collectively, the "Impositions"): (a) all general and special real plupclty ta.xcs and assessments unposed on the Property; (b) all other taxes and assessments and charges of every kind that are assessed upon the Property (or uport the owner and/or operalor of the Properly) and [hill create or may c eale a lien upon the Property (or upon any personal property or fixuues used in connection Willi the Properly), including, without limitation, non-govanmcntal levies and assessntcnts pursuant to applicable covenants, conditions or restrictions; and (c) all license lees, taxes and assessments imposed on City (other than City's income or franchise Taxes) which are measured by or based upon (in whole or in part) the amount of the obligations secured by the Properly. ifpertnitted by law, Developer may pay an_v Imposition in inStallrnents (together with any accrued interest). 12.3.1 Right to Contest. Developer shall not be required to pay any Tmposition so long as (a) its validity is being actively conlesled in good lailh and by appropriate proceedings, (b) Dcvcloper has dernonsu-atcd to City s reasonable satisfaclicn, that leaving such Imposition unpaid pending the outcome of such proccedings could not result in conveyance of the Properly in satisfaction of such Imposition or otherwise impair City's interests under the T.onn Documents, and (c) Developer has furnished City With a hand or other security satisfactory in an antumt not less than I OWN, of the applicable claim (including interest and penalties). 12.3.2 Fvidence of Payment. Upon demand by City from time to time, Developer shall deliver to Cily, wilhin ihirly (30) days Iollowing the due date of any Tmpo olion, evidence of payment reasonably salisfhctory to Cily. 12.3.3 Books and Records. Developer shall maintain complete books of accoum and nther records reflecting its operations (in connection with any other businesses as well as with respect to the Property), in accordance with generally accepted City Council 31 21 — 35 4/20/2021