11 - Laserfiche WebLink

interest and other unpaid charges or fees hereunder, shall be due and payable on the Ulaturity Date, unless Borrower requests additional time for repayment, which repayment period may be extended to six (6) years after the Maturity Date or until June 30, 2019. All payments shall be made to Lender at such place as Lender may, from time to time, designate. All payments received hcrcunder shall be applied, first, to any costs or expenses incurred by Lender in collecting such payment or Co any other unpaid charges or expenses due hcrcunder; second, to accrued interest, and third, to principal. Borrower may prepay principal at any time without penalty. a. Borrower's sow~ce far repayment shall be the fees deposited into E3orrowcr's Fund 25 for school impact tees. 5. REPR6SENTAT[ONSRND WARRANTIES. In order to induce Lender to enter into this Agreement and to make the advances provided for herein, Borrower represents and warrants to Lender as follows: a. Borrower has the authority and power to execute and deliver any document required hcrcunder and to perform any condition or obligation imposed under the terms of such documents. h. The execution, delivery and performance of this Agreement and each document incident hereto will not violate any provision of any applicable law, regulation, order, judgment, decree, indenture, contract, agreement, or other undertaking to which Borrower is a party, or which purports to be binding on Borrower or its assets and will not result in the a~cation or imposition of a lien on any of its assets. c. There is no action, suit, investigation, or proceeding pending or, to the knowledge of Borrower, threatened, against or affecting Borrower or any of its assets which, if adversely detenmincd, would have a material adverse affect on the financial condition of Borrower or the operation of its business. 6. EVENTS OF DEFAULT. An event of detault will occur if any of the fr~llowing events occurs: a. Failure to pay any principal or interest hcrcunder within ten (10) days after the same becomes due. b. Any representation or warranty made by Borrower in this Agreement or in connection with any borrowing or request for an Advance hereunder, or in any ccrtiticate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the time when made. c. Default by Borrower in the observance or performance of any other covenant or agreement contained in this Agreement, other Chan a default constituting a separate and distinct event of default under this Paragraph 6. -2-