1985-05-04-R - Laserfiche WebLink

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Q -5- J 5. The Grantee/Borrower shall have the sole authority and full responsibility, without recourse to the Federal Government or any of its agencies, for the settlement and satisfaction of all contractual and administrative issues arising out of this grant and/or loan. 6. Except for such aspects as, but not limited to, zoning, building permits, and recording requirements, this Grant, Loan or Grant and Loan shall be governed by and construed under Federal law. 7. By acceptance of the Offer of Government assistance, the Grantee/Borrower represents that it has not paid, and also, agrees not to pay, any bonus or commission for the purpose of obtaining an approval of its application for this assistance. C. Loan (Bond and/or Note) Requirements 1 . Bonds and/or Notes a. The Grantee/Borrower shall initiate and prosecute to completion all proceedings necessary to the authorization, issuance, and sale of the Bonds and/or Notes to the security thereof. When said proceedings have been completed to the point of, but not including, the delivery of the Bonds and/or Notes to the Government, the Grantee/Borrower may file a requisition requesting the Government to purchase the Bonds and/or Notes. The requisition shall be supported by such data as the Government shall require to determine whether the Government is obligated under the provisions of this Agreement to honor such requisition. If the Government is so obligated, it will purchase the Bonds and/or Notes covered by such requisitions , within the limitations, however, specified in this agreement. b. The Grantee/Borrower shall furnish the Government a transcript of proceedings for the authorization, issuance, sale and security of the Bonds and/or Notes evidencing that the Bonds and/or Notes , when delivered and paid for will constitute binding and legal obligations payable and secured in accordance with their tenor and that all proceedings for the financing and the acquisition , construction and develop- ment of the project preliminary to the delivery of the Bonds and/or Notes to the Government have occurred in due time, form, and manner, as required by law. c. In the event that the Government, pursuant to its bid, is requested to purchase all or any part of the Bonds and/or Notes , the Grantee/Borrower shall deliver upon closing one or more Bonds and/or Notes in principal amount(s) satisfac- tory to the Government, registered as to principal and interest in the name of the Government.