8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

Home Browse Search

ARTICLE X Miscellaneous Provisions Section 10. 1. Agreement Term. This Loan Agreement shall remain in full force and effect from the date hereof to and including the date of payment in full of the Notes, or, if said date is not a Business Day, on the next succeeding Business Day, or, such earlier date on which the Borrower prepays the amounts due under the Series 1993 Note pursuant to Article V hereof and under the Agreement; provided, however, the obligation of the Borrower to pay additional amounts pursuant to Sections 5. 3 (a) and (b) hereof shall survive termination of this Agreement. Section 10.2. Loan Agreement for Benefit of Parties Hereto. Nothing in this Loan Agreement, express or implied, is intended or shall be construed to confer upon, or to give to, any person other than the parties hereto, their successors and assigns and the holder of the Notes, any right, remedy or claim under or by reason of this Loan Agreement or any covenant, condition or stipulation hereof; and the covenants, stipulations and agreements in this Loan Agreement contained are and shall be for the sole and exclusive benefit of the parties hereto, their successors and assigns, the Trustee and the holder of the Notes. Section 10.3 . Severability. In case any one or more of the provisions contained in this Loan Agreement or in the Notes shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. Section 10.4 . Limitation on Interest No provisions of this Loan Agreement or of the Notes shall require the payment or permit the collection of interest in excess of the maximum permitted by law. If any excess of interest in such respect is herein or in the Notes provided for, or shall be adjudicated to be so provided for herein or in the Notes, neither the Borrower nor its successors or assigns shall be obligated to pay such interest in excess of the amount permitted by law, and the right to demand the payment of any such excess shall be and hereby is waived, and this provision shall control any provisions of this Loan Agreement and the Notes inconsistent with this provision. Section 10.5. Addresses for Notice and Demands. All notices, demands, certificates or other communications hereunder shall be sufficiently given and shall be deemed given when mailed by registered or certified mail, postage prepaid, with proper address as indicated below. The Issuer, the Company, and the Trustee may, by written notice given by each to the others, designate any address or addresses to which notices, demands, certificates or other -44-