04-B C-Tech Incentive Agmt - Laserfiche WebLink

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in default under the Loan. In case of such default, PEDC will deliver to the Company written notice of the default; and if the Company shall have failed to cure the default within sixty (60) days after the delivery of such written notice (as herein provided), then PEDC may accelerate the maturity of the Note and exercise all of its rights and remedies under this Agreement, the Deed of Trust, the Guaranty, the Security Agreements and the other loan documents, if applicable, to include, without limitation, the foreclosure of its lien upon the lot and all improvements constructed thereon, as is to be provided in the Deed of Trust discussed in Section C below. 6. During the Term of this Agreement, and as a further condition of PEDC granting the Loan and the conditional conveyance to the Company, the Company agrees to timely pay all applicable ad valorem taxes due and owing by it to the City of Paris and to all other taxing authorities having jurisdiction over any property of the Company within Lamar County, Texas; provided, however, that the Company's failure to pay taxes during any period of lawful protest of the same shall not constitute a breach of this covenant. In addition, the Company covenants with PEDC to pay all employment, income, franchise and other taxes due and owing by it to all other local, state and federal applicable taxing and governmental entities. If the Company shall fail to pay any of these taxes, and the taxes thereby become delinquent and not subject to further challenge by the Company, at that time such failure shall constitute a breach of this Agreement and a default hereunder and under the loan documents, and shall subject the Company to any and all rights and remedies available to PEDC as described in this Agreement, in the loan documents or as existing under applicable laws to be pursued against it. C. The terms and provisions of the Loan to be made by PEDC to the Company, together with the documents which are to evidence and secure such Loan (herein called the "loan documents"), are described as follows: 1. The Note: The Promissory Note (the "Note") shall be made by the Company, payable to the order of PEDC in the stated principal amount of $1,500,000.00, bearing no interest, and payable in fifteen (15) annual installments of principal only, the first of which installments shall commence on the second anniversary date of this Agreement, and the last of which shall be payable on the day preceding the seventeenth anniversary date of this Agreement. Commencing with the second anniversary date of the Note, principal shall be payable to PEDC by the Company in annual installments of $100,000.00 each for the remaining fifteen years; provided, however, that the Company shall receive credits against the principal payments due thereon in an amount equal to $1.00 of principal credit for every $10.00 in the salaries