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d. Fail to commence, construct and complete its new building in the <br /> Industrial Park after the land has been timely dedicated to the <br /> Company by PEDC, subject to excused delays caused by Acts of God, <br /> as defined above; <br /> e. Fail to comply with the covenants and agreements of the Company <br /> contained in this Agreement and in the loan documents; <br /> f. Have proven to be untrue any representation or warranty made herein <br /> or in the loan documents. <br /> Remedies: Upon the occurrence of any of the above Events of Default which <br /> shall remain uncured for sixty (60) days after written notice from PEDC to the <br /> Company describing the default, PEDC shall have the right to: <br /> g. Accelerate the maturity date of the Note, declaring all sums remaining <br /> unpaid thereon to be immediately due and payable; <br /> h. Foreclose the Deeds of Trust and any or all Security Agreements; <br /> i. Proceed to collect under the Guaranty from Michael Meshbesher the <br /> unpaid balance owing to PEDC on the Note, plus the value at that <br /> time of the Land as determined by the current appraisal of the Lamar <br /> County Appraisal District; <br /> j. Sue for specific performance of any covenant or agreement breached <br /> by the Company, or to recover the damages sustained by PEDC as a <br /> result of the Company's default; or <br /> k. Seek relief by temporary restraining order or injunction from a court <br /> with respect to any conduct by the Company or its officers or <br /> directors which is in breach or contravention of any covenants, <br /> agreements, intents or purposes of this Agreement or of the loan <br /> documents. <br /> <br />D. The Company hereby represents and warrants to PEDC that the following are true <br /> and correct on the date hereof and will continue to be true and correct throughout the <br /> term of the Loan: <br /> <br /> 1. The Company is a corporation duly organized, validly existing and in good <br /> standing under the laws of the State of Minnesota, and has all corporate <br /> power and authority to carry on its business as presently conducted in the <br /> State of Texas, and has filed with and received from the Secretary of State of <br /> Texas, its Certificate of Authority to transact business in Texas as a foreign <br /> corporation. In this process of receiving a Certificate of Authority to transact <br /> business in Texas, the Company shall have designated with the Secretary of <br /> State of Texas, a registered office and a registered agent in Texas to receive <br /> service of process. <br /> <br /> 2. The Company warrants and represents that it has the authority to enter into <br /> and to perform this Agreement and the loan documents described herein, and <br /> <br /> 11 <br /> <br /> <br />