2025-09-01-R - Laserfiche WebLink

Home Browse Search

or instrument,or result in the creation or imposition of any lien,charge or encumbrance of any nature whatsoever upon any of the assets or properties of the Borrower. (b) No consent,approval or authorization of,or declaration or filing with,any governmental or administrative body or agency on the part of the Borrower is required for the valid execution and delivery of this Agreement and the Note and the performance by the Borrower of its obligations thereunder. Section 2.5 No Default. The Borrower is in compliance with all of the terms and provisions set forth in the Loan Documents on its part to be observed or performed,and no Event of Default(as defined in Article VI hereof),or any event that,with notice or lapse of time or both, would constitute any such Event of Default,has occurred and is continuing. Section 2.6 Financial Condition. The financial statements, including balance sheets, and any other written statement furnished by the Borrower to the Lender do not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein or herein not misleading. There is no fact known to the Borrower which the Borrower has not disclosed to the Lender in writing which materially adversely affects or is likely to materially adversely affect the financial condition of the Borrower,its ability to own and operate its property in the manner such property is currently operated or its ability to perform its obligations and make payments under this Agreement and the Note when and as the same become due and payable. Section 2.7 Compliance with Existing Laws and Aereements. The execution and delivery of this Agreement by the Borrower,the performance by the Borrower of its obligations hereunder,and the consummation of the transactions provided for in this Loan Agreement and the Note and compliance by the Borrower with the provisions of this Loan Agreement and the Note and the undertaking and completion of the Project (i) are within the municipal powers of the Borrower and have been duly and effectively authorized by all necessary action on the part of the Borrower and(ii) do not and will not result in any breach of any of the terms, conditions, or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Borrower pursuant to any existing bond ordinance,resolution,trust agreement,indenture,mortgage,deed of trust,loan agreement or other instrument(other than this Loan Agreement)to which the Borrower is a party or by which the Borrower or any of its property may be bound,nor will such action result in any violation of the provisions of the charter or other document pursuant to which the Borrower was established or any laws, resolutions, ordinances, governmental rules, regulations or court orders to which the Borrower or its properties or operations is subject. Section 2.8 Disqualified Persons. Neither the Borrower, nor any employee of the Borrower, is a"disqualified person"with respect to the Lender within the meaning of Section 4946(a)of the Code. Section 2.9 Insurance Coveraee. The Borrower has insurance coverage in full force and effect, against such risks and in such amounts as is customarily maintained by municipal corporations in the State of Arkansas. 5