200011180 - Laserfiche WebLink

Browse

200011 80 any remaining deposits shall be returned to Borrower as its interest may appear. All such deposits shall be pledged as additional security for the Indebtedness and shall be held for the purposes herein provided in an interest - bearing account at a federally insured financial institution acceptable to American Family or alternatively, at American Family's option, by American Family. If such deposits are held by American Family, they may be commingled with other funds of American Family, shall be held without any allowance for interest thereon and shall not be subject to the management or control of Borrower. SECTION 1.18 INDEMNIFIED MATTERS. Borrower is aware that American Family is relying on the warranties and representations contained in the Loan Documents in making the Loan secured by this Trust Deed. Borrower agrees to indemnify, defend and hold American Family harmless against any loss, liabilities, costs or fees, including without limitation reasonable attorneys' and paralegals' fees and costs, American Family suffers at any time, whether during the term of the Loan or at any time thereafter, as a result of any inaccuracy in any statements certified in the Loan Documents, regardless of whether Borrower or any employee of Borrower had Knowledge thereof. The obligations of Borrower and Guarantor under all indemnifications contained in the Loan Documents shall be the direct obligation of each such party, respectively, in addition to constituting additional Indebtedness, and shall survive satisfaction of the Loan. Any breach of any indemnification contained in the Loan Documents shall constitute an Event of Default. ARTICLE 2 MANAGEMENT, LEASES AND RENTS SECTION 2.1 PROPERTY MANAGEMENT. Borrower shall manage the Premises unless replaced with property management approved in advance in writing by American Family. SECTION 2.2 AMERICAN FAMILY'S APPROVAL OF FUTURE LEASES REQUIRED. During the term of the Loan, Borrower shall submit each proposed Lease, if any, for review to American Family prior to entering into such Lease, and shall not enter into any such Lease without the prior written consent of American Family, which consent may be withheld in the reasonable discretion of American Family. All Leases shall include provisions requiring that the Tenants thereof provide Borrower with copies of their annual financial statements, complete copies of which Borrower shall provide upon request to American Family. SECTION 2.3 BORROWER TO SUBMIT AND COMPLY WITH LEASES. During the term of the Loan, Borrower shall submit to American Family, within five (5) business days of execution of each new Lease, if any, a true copy of such Lease and a Subordination, Nondisturbance and Attornment Agreement and Estoppel Certificate satisfactory to American Family in its reasonable discretion, duly executed by the Tenant under such Lease. 22