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R98-41 AUTHORIZING LOAN AGREEMENT
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R98-41 AUTHORIZING LOAN AGREEMENT
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Last modified
4/12/2016 11:58:02 AM
Creation date
4/12/2016 11:58:00 AM
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Resolution/Ordinance
Res Ord Num
R98-41
Res Ord Title
AUTHORIZING LOAN AGREEMENT - ONE MAIN PLACE
Approved Date
3/30/1998
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. <br /> . ' . <br /> � ` <br /> -16- <br /> in connection with the use of Federal Funds. ) Cardwell shall <br /> create or retain at One Main Place at least one full-time job for <br /> each $35, 000. 00 advanced by Decatur on the Loan. <br /> 5. 9 Liens and Encumbrances. Pay promptly all persons or <br /> entities supplying work or materials for the Project and <br /> discharge immediately by bond or otherwise, or make other <br /> arrangements acceptable to Decatur with respect to, any <br /> mechanic's or other lien filed against the Real Property arising <br /> out of a good faith dispute between Cardwell and the person or <br /> entity filing such lien. <br /> 5. 10 Other Acts. Execute and deliver, or cause to be <br /> executed and delivered, to Decatur all further documents and <br /> perform all such acts and things which Decatur deems necessary or <br /> appropriate to protect or perfect its mortgage or security <br /> interest in the Real Property. <br /> ARTICLE VI _ Negative Covenants <br /> During the term of this Agreement and so long thereafter as <br /> the Note and any other indebtedness of Cardwell to Decatur, <br /> including any indebtedness for fees and expenses, shall remain <br /> unpaid, without the prior written consent of Decatur; Cardwell <br /> will not: <br /> 6. 1 Encumbrances. Create, incur, assume or suffer to exist <br /> any mortgage, lien, security interest, pledge or other <br /> encumbrance on the Real Property except in favor of Decatur, and <br /> except as disclosed to Decatur and in Exhibit B. <br />
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