AG 2002 11 18 (Regular) - Laserfiche WebLink

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7. Municipality, hereby covenants and agrees that Municipality shall deliver to Lender at the address set forth above (or such other address as may be designated by Lender) written notice of any default by Borrower under the Incentive Grant Agreement simultaneously with sending such notice to Borrower and that no notice of default given to Borrower, and no exercise of any remedy by Municipality as a result of any such default, shall be effective unless such notice shall have been delivered to Lender. Municipality hereby covenants and agrees that Lender shall have the right, but not the obligation, to cure any default by Borrower under the Incentive Grant Agreement and Lender shall be afforded (a) sixty (60) days to cure any such default, (b) in the event that any such default cannot, with reasonable diligence, be cured within such sixty (60) day period, such longer time as may be required to complete such cure, provided Lender notifies Municipality of its intention to cure such default and Lender promptly commences and diligently pursues such cure to completion, and (c) in the event that such default is incapable of cure by Lender, such time as may be required for Lender to gain possession of Borrower's interest under the Incentive Grant Agreement pursuant to the terms of the Loan Agreement and Security Instrument, provided Lender notifies Municipality of its intention to cure such default and Lender promptly commences and diligently pursues such cure to completion. Municipality shall not be required to make any payment under the Incentive Grant Agreement while a default by Borrower thereunder remains uncured. Upon the curing of a default by Borrower or Lender, as applicable, under the Incentive Grant Agreement, Municipality shall pay all amounts payable under the Incentive Grant Agreement during the period such default was ongoing in accordance with the terms and provisions of Paragraph 6 above. 8. Municipality agrees not to modify, amend, terminate or cancel any of Borrower's rights or obligations under the Incentive Grant Agreement without providing Lender with prior written notice and any such modification, amendment, termination or cancellation without Lender's consent shall not be binding without such prior written notice. 9. By their execution below, the parties hereto acknowledge and agree that to the extent that Lender is entitled to notices, such notice shall be sent to the following address until Lender hereafter notifies the parties hereto to the contrary: JPMorgan. Chase Bank 270 Park Avenue, 10th Floor New York, New York 10017 Facsimile No. (212) 834-6592 Attention: Michael Mesard With a copy to: Commerzbank AG, Now York Branch 2 World Financial Center 34th Floor ~ New York, New York l~t~I Facsimile No.: (212) 266.,-7565 Attention: Anthony J. Tuffy 2~o2497.o3 LIB:CH 3