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8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)
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8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)
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Last modified
3/21/2013 4:21:19 PM
Creation date
10/1/2012 1:26:24 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8447-93
Bill Number
107-93
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hereby agrees to defend and indemnify the Issuer against and hold <br /> it harmless from any and all claims and demands whatsoever which <br /> may be asserted against it by reason of any alleged obligation or <br /> undertaking on its part to perform or discharge any of the terms of <br /> such leases, except that the foregoing indemnification shall not <br /> apply with respect to any action taken by the Issuer which <br /> constitutes willful misconduct or gross negligence; and should the <br /> Issuer incur any liability, loss, or damage in defense against any <br /> such claims or demands, the amount thereof, together with all costs <br /> and expenses associated therewith, including attorneys' fees, legal <br /> assistants' fees and legal expenses, shall become part of the <br /> Indebtedness and a lien upon the Mortgaged Property, payable by <br /> Borrower to the Issuer upon demand, with interest per annum at two <br /> percent (2%) above the National Prime Rate, adjusted monthly on the <br /> first day of the month, from the date of the advance until paid. <br /> Borrower represents that it has not executed any prior assignments <br /> of any of its rights under such leases to any party other than the <br /> Issuer. <br /> The Borrower and the Issuer hereby further covenant and agree <br /> as follows: <br /> -4- <br />
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