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963 <br /> <br /> or to comply with the building laws of the City of Paris or the requirements <br /> of the Development Standards of the industrial Park, then the Company shall <br /> be considered to be in default under the Loan. In case of such default, PEDC <br /> will deliver to the Company written notice of the default; and if the Company <br /> shall have failed to cure the default within sixty (60) days after the delivery <br /> of such written notice (as herein provided), then PEDC may accelerate the <br /> maturity of the Note and exercise all of its rights and remedies under this <br /> Agreement, the Deed of Trust, the Guaranty, the Security Agreements and the <br /> other loan documents, if applicable, to include, without limitation, the <br /> foreclosure of its lien upon the lot and all improvements constructed thereon, <br /> as is to be provided in the Deed of Trust discussed in Section C below. <br /> <br /> 6. During the Term of this Agreement, and as a further condition of PEDC <br /> granting the Loan and the conditional conveyance to the Company, the <br /> Company agrees to timely pay all applicable ad valorem taxes due and owing <br /> by it to the City of Paris and to all other taxing authorities having jurisdiction <br /> over any property of the Company within Lamar County, Texas; provided, <br /> however, that the Company's failure to pay taxes during any period of lawful <br /> protest of the same shall not constitute a breach of this covenant. In addition, <br /> the Company covenants with PEDC to pay all employment, income, franchise <br /> and other taxes due and owing by it to all other local, state and federal <br /> applicable taxing and governmental entities. If the Company shall fail to pay <br /> any of these taxes, and the taxes thereby become delinquent and not subject <br /> to further challenge by the Company, at that time such failure shall constitute <br /> a breach of this Agreement and a default hereunder and under the loan <br /> documents, and shall subject the Company to any and all rights and remedies <br /> available to PEDC as described in this Agreement, in the loan documents or <br /> as existing under applicable laws to be pursued against it. <br /> <br />C. The terms and provisions of the Loan to be made by PEDC to the Company, together <br /> with the documents which are to evidence and secure such Loan (herein called the <br /> "loan documents"), are described as follows: <br /> <br /> 1. The Note: The Promissory Note (the "Note") shall be made by the Company, <br /> payable to the order of PEDC in the stated principal amount of <br /> $1,500,000.00, bearing no interest, and payable in fifteen (15) annual <br /> installments of principal only, the first of which installments shall commence <br /> on the second anniversary date of this Agreement, and the last of which shall <br /> be payable on ihe day preceding the seventeenth anniversary date of this <br /> Agreement. Commencing with the second anniversary date of the Note, <br /> principal shall be payable to PEDC by the Company in annual installments <br /> of $100,000.00 each for the remaining fifteen years; provided, however, that <br /> <br /> <br />