ILLUMINATION FOUNDATION (40) - Laserfiche WebLink

Home Browse Search

(b) Without limiting City's approval of a Senior Loan, any loan from an entity that owns, controls, or affiliated with Grantee is subject to the following: (i) The interest rate shall not exceed the Wall Street Journal Prime (WSJ) Rate in effect at the time of Grantee's agreement to such interest rate. (ii) The Senior Lender may not foreclose on the Project. (c) The City shall have the right, but not the obligation, to cure any default prior to foreclosure on the Project. The City shall have at least ninety (90) days to cure, plus such additional time as may be reasonably necessary to cure,for a period of not more than one hundred eighty (180) days, provided that City is diligently pursuing a cure of the default. (d) City shall have the right to notice of any default. (e) Grantee covenants and warrants that it shall be responsible for all operating losses on the Project during the term of the Regulatory Agreement. 10. ENVIRONMENTAL MATTERS 10.1 Representation and Warranty. Except as disclosed in writing to the City, Grantee represents that it has no knowledge: (a) of the presence on, under or about the Property, now or in the past, of any Hazardous Materials, or of the transportation to or from the Property of any Hazardous Materials; (b) that asbestos or polychlorinated biphenyls (PCBs) are contained in or stored on the Property; or, (c) that there are any underground storage tanks located in, on or under the Property. 10.2 Compliance with Environmental Laws. Grantee shall: (a)comply with all environmental laws and environmental permits applicable to the construction of the Property; (b) immediately pay or cause to be paid all costs and expenses incurred by reason of such compliance; (c) keep the Property free and clear of any environmental claims or liens imposed pursuant to any environmental law; and, (d) obtain and renew all environmental permits required for ownership or use of the Property. 10.3 National Environmental Protection Act Mitigation Measures. Grantee agrees and acknowledges that this Agreement is subject to compliance with the tribal consultation process completed in accordance with the National Environmental Protection Act ("NEPA"). Grantee shall comply with the mitigation measures resulting from the NEPA Environmental Assessment and the tribal consultation completed for the Project, and any and all related regulatory requirements arising from the National Environmental Protection Act. Grantee warrants and covenants that all activities and work on the Property and the Project shall comply with the NEPA Mitigation Measures attached hereto as Exhibit G and incorporated herein by reference. 10.4 Presence of Hazardous Materials. Grantee shall not, and shall not permit anyone else to, generate, use, treat, store, handle, release, or dispose of Hazardous Materials on the Property, or transport or permit the transportation of Hazardous Materials to or from the Property, except for de minimis quantities used at the Property in compliance with all applicable