Res 2007-183 - Laserfiche WebLink

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4.7 Ownership of ,4ssets, ,iQH-San ~•Iarcos has good and indefeasilile tale to the Property and the Property is free and clear of liens, except fur (i) the Pennilted Encumbrances and (ii) those granted to City pursuant to the Deed of Trust ancfor any of the other Loan Documents. 4.8 "Taxes. All tares and assessments due and payable with respect to the Property have been paid or are being contested in good faith by appropriate proceedings. JQH-San Marcos has timely filed all tax rehu~ns which rt is required to file, taking uito account valid extensions to file tax returns obtained by JQH-San 1~larcos. 49 Invironmental. "Co JQH-San Marcos's actual knowledge, [he Property is not, and will not, in any material respect, be in violation of any federal laws, Hiles or ordinances for environmental protection, regulations of the Environmental Protection Agency, any applicable local or state law, rule, regulation or rule of common law or any Judicial mterpretatton thereof relating primarily to the environment or Hazardous Materials," 3.11 Anew Article V A. is hereby added to the Loan Agreement to read as follows: "ARTICLE V A. AFFIRMATiVF, COVF,NANTS Clntil fiill payment and performance of all obligations of JQH-San Marcos under the Loan Documents, JQH-San Marcus will, unless Crty consents otherwise in writing (and without limiting any requirement of any other Loan Document): 5.1 Insurance. Maintain, at JQH-San Marcos' sole cost and expense, commercial general liability insurance on an "occurrence" basis against claims for "personal injury" liability and liability for death, bodily injury and damage to property, products and completed operations, in limits satisfactory to City, from time to time, with respect to any one occurrence and the aggregate of all occurrences during any given annual policy period, it being agreed that City may charge the required limns throughout the term of this Agreement. Such insurance shall name City as an additional insured. In addition to the foregoing, JQII-San Marcos shall cause any contractor performing work on the Property to provide and maintain comprehensive (commercial) general liability insurance and workers' compensation insurance for all employees of the general contractor meeting the requirements of this Section 5.1. r;ach policy of insurance (i} shall be issued by one or more insurance companies each of which must have an A.M. Best Company financial and performance rating of A-LY or better and are yualilied or authorised by the laws of the State of Texas to assume the risks covered by such policy, (ii) shall provide that such policy shall not be canceled or modified without at least thirty (30) days pnor written notice to City, and (iii) shall provide that any loss othcrvvisc payable thereunder shall be payyable notwithstanding any act or negligence of JQFI-San Marcos which might, absent such agreement, result in a Forfeiture of all or a pai~[ of such insurance payment. JQFI-San Marcos shall promptly pay all prernituns when clue un such insurance and, not less than liReen (l~) days prior to 98~Ky7.7