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Lltb - Page 5 of 8. thereafter foreclose any and all liens securing payment of the debt. Debtor waives all demands for payment, presentations for payment, notices of intention to accelerate maturity, protests, and notices of protest to the extent permitted by law. Failure of the City to exercise this option shall not constitute a waiver of the City's stated right in the event of any subsequent default. 3.3 If Debtor fails to begin project activities within six months of the execution of this Agreement, the HUD-EDP funds will be deobligated and this Agreement terminated. 3.4 If Debtor fails to create the six (6) full-time jobs within the time period outlined in paragraph 2.1.5, the City may accelerate repayment of a proportionate amount of the HUD-EDP funds then outstanding. For each full-time job not created per the terms of this Agreement, the proportionate loan amount is $6,667.00. Failure of the City to immediately exercise this option shall not constitute a waiver of the City's right to accelerate repayment for this or any subsequent violation. ARTICLE 4 MISCELLANEOUS PROVISIONS 4.1 This Agreement shall be governed by the laws of the State of Texas. Exclusive venue for any dispute arising under this Agreement shaH lie in Hays County, Texas. 4.2 As between the parties to this Agreement, as to all acts or failures to act by either party to this Agreement, any applicable statute of limitations shall commence to run and any alleged cause of action shall be deemed to have accrued in any and all events when the party commencing a cause of action knew or should have know of the existence of the subject act(s) or failure(s) to act. 4.3 The Debtor affirms that it has not made or agreed to make any valuable gift whether in the form of service, loan, thing or promise to' any person or any of his/her immediate family, having the duty to recommend, the right to vote upon, or any other direct influence on the administration of the City's HUD-EDP program within the two years preceding the execution of this Agreement. A campaign contribution, as defined by the Election Code of the City of San Marcos Code of Ordinances shall not be considered as a valuable gift for the purposes of this Agreement. 4.4 Debtor agrees to perform all of its obligations under this Agreement in accordance with all City Ordinances now in effect or hereafter adopted and the terms of the Applicable Laws and Requlations, as they are applicable, which is attached to this Agreement as Exhibit "A" and is incorporated by reference as if set forth herein. 4.5 Debtor agrees to maintain in full force and effect during the term of this Agreement a policy of casualty insurance on its vehicles and equipment in the amount of the