Res 2007-183 - Laserfiche WebLink

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3.8 Article TII, Section 3.4 of the Loan Agreement is hereby amended in its entirety to read as Follows: " 3.4 Surv_ey_, City receiving a survey of the Property (the "Survey"), at no expense to City, prepared by a registered licensed professional surveyor meeting the requirements of a Category lA, Condition II Survey as prescribed by the most recent version of the Manual of Surveying promulgated by the Texas Society of Professional Land Surveyors and shall (i} be sufficient for issuance (al JQH-San Marcos' expense) by the Title Company of a T-14 endorsement, 'C-15 endorsement, T-19 endorsement and%or a T-23 endorsement, if any of the same arc requested by City, and for deletion of the areas and boundaries exception of the standard printed provisions of the yfortgagee Title Policy; and (ii) contain a certificate of the surveyor to City, and such other parties as City may require, in a form acceptable to City " 3.9 Anew Article ITI, Section 3.11 is hereby added to the Loan Agreement to read as follows: "3.11 Loan Forgiveness. Notwithstanding anything in this Agreement and/or any of the other Loan Documents to the contrary, all unpaid principal and all accrued but unpaid interest due and owing on the Note shall he deemed forgiven and paid in full upon satisfaction (as applicable) of the following i,oan forgiveness conditions (each, a "Forgiveness Condition" and collectively, the "Forgiveness Conditions"): (1) Comruencernent of Constriction by JQH-San Marcos on the Hotel on or before )Viarch 12, 2007. For purposes of this Section 3,11, "Commencement of Construction" shall have the meaning given to such term m the MDA; (2) Execution of the Lease by JQH-San Marcos (as defined in the MDA) for the Conference Center on or before the date required in the MDA; (3) Timely Completion of Construction (as defined in the MDA) of the Hotel by JQH-San Marcos on or before the date required in the M1aA; (4) Commencement by JQH-San Marcos of Hotel Operations on or before the date required in the MDA; and (5) No event occurring which, by itself or with the giving of notice, the passage of time or both would constitute a default or Event of Default under this Ageement, the Lease, and/or the MDA at any time prior to January 31, 2026. For so long as the Forgiveness Conditions are complied with, no payments shall be due and owing on the Nole Iiom the date hereof through January 31, 2026 and if, on such dale, the same have been fully complied v•~th and satisfied without breach at any time prior to January 31, 2006, the indebtedness under the Note ,hall be deemed to have been paid rn full. To the c4rtent any Forgiveness Condition is breached prior to January 31, 2026, the then unpaid principal payments render the Note principal sum shall then be immediately due and payable in full without notice ofdetault," Q8S8y? 7