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Home My WebLink AboutContract 28342� STATE OF TEXA� § �� R�� ']p�1 �,� `�'r � U10 ��t' - COUNTY OF TARRANT § GROUND LEASE AGREEMENT AND OPTION TO�PURCHASE PROPERTY This i]NIMPROVED GROUND LEASE AGREEMEllTT AND OPTTON AGREEMENT ("Lease") is made and entered into by and between the CXTY OF FQRT WORTH ("Lessor"}, a home rule municipal c�Fporation organized under the laws of ttsc Sate oi Texas acting by and through Reid Rector, its duly authorized Assistant City Manager, and Fort Worth Mercado i, L.P. (`�I.essee"}, a jinuted partnership, acting by and throug� its Generai Partner, Fart Warth Mercado, Inc. WITIlTESSETH: WHEREAS, Lessee desires to develap a mixed use development (described in Exhibit "A"} on.City-owned property locat�d at 15Da North Main Street ("Property'"); WI�REAS, the Property is located in the Narth Enterprise Zone and is in an Urban Village as designated in the 2002 Comprehensive Plan (M&C G-1370�4); WHEREAS, t.he Development will create at least 60 fuli-time jobs a�d will s�rve as a key catalyst to further ini�iate econarnic development in Che area; THEREFQRE, in coz�sideratian of the mutual covenar�ts, pramises and obligations contained herein, the parties agree as follaws: SECT�ON 1 LEASED PRENIISES; IMPROVEMENTS ON THE REMAINDER AND R,�GHT OF ACCESS Section 1.01 Lessor hereby demises to Lessee approximateiy 1.�66 acres of unimproved land Iocated in the John Baugh Survey, Abstract No, i 15 and being all of Lots 2-9, Block 216, and a portion of a 10" alley, North Fort Worth Addition located in Fort Worth, Tarrant Caunty, Texas, ("Leased Premises"), as shown in F.�chibit "B", attached hereto and hereby made a part of this Lease for all putposes. � Section 1.02. In addition to Leasing the Leased Premises to Lessee, in order for Lessee to have sufficient parking %r its business on the Leased Premises, Lessor agrees to not build or construck any impravements an the rest of land owned by the City of Fa�rt Wa:rt� in the ]ahn Baugh Survey Fort Worth Mercadq Project . �.. � _ -- _ _ - }r�, �, ��.. � Abstract No. 115 shown in Exhibit "B", however, City shall be allowed to construct a paricing garage if City det�rmines, in its sol� discretion, to be in best interest af the City. Section 1,03. At a�1 times during the terr� of this lease, Lessor or its agenC shall have the right to enter upon the Leased Premises during reasonabie hours far the purpose of examining and inspecting the same and deternzinzng whether Lessee has complied with all the terms anc� conditions of this Agreem�nt. Except in the event af an em�rgency, I,�ssor shall conduct during Lesse�'s ordinary business hours and shall us� its best efiorts to pravide Lessee at Ieast two (2) h�urs notice priar to inspectian. Section 1.04. If T.essor determines during an inspectian of �Yie Premises that Lessee 15 responsible under this Lease for any maintenanca or repairs, Lessor shall notify L.�ssee zn writi�g. Lessee agrees to begin such maintenance or repair work diligently within thirty (30) calendar days foilowing receipt af such natice and to then compiete such maintenance or repair work within a reasanable time, considering the nature of the work to be done. If Lessee fails to begin the recommended maintenance or repairs within such time or fails to complete th� maintenance or repairs within a reasonable time, Lessar may, in its discre�ion, perform such maintenance ar repairs on behalf of I�essee. In this event, Lessee will reimburse I.essor for the cost of the maintenance or repairs, and such reimbursement wi11 b� due on the date of Lessee's next monthly rent payment following campletion of the rnaintenance or repairs. S�ction 1.05. During any inspection, Lessor may perform any obligations that Lessor is authorized or required to per�orm under the Cerms of this Ix:ase or pursuant to its gavernmental duties under federal state ar local laws, rules or regulation,s. Section I,D6. Lessee will per.mit the City's Fire Marshal or his or her authorized agents to inspect the Premises and Lessee �will comply with all requixements af the Fire Marshal ar his ar her authorized agents that are necessary to bring the Premises into compliance with the City of Fort Worth Fire Code and Building Cade pro�isions regarding fire safety, as such provisions exist or rnay hereafter be amended. Lessee shall rnaintain in proper �ondition accessible �re extinguishers of a number and type approved by the Fire Marshal or his or her authorized agents for the particular hazard involved. �S�CTION � TITLE AlvD CONSTRUCT�ON 5ection 2.01. The Leased Premises are leased su�ject to any statement af facts which an accurate survey or physical inspection migi�t show, all za�ing, restrictions, regulations, rulings and ordinances, building restrictions, and other jaws and restrictions now in �ffect ar h�reafter adapted by any governmental author�ty having jurisdictian and in their present condition without regresentation or warranty by Lessor. Lessee agrees that it is taki�ng the Leased Premises in Fart Warth Mercado Project 2 their current "AS IS" condifi�ion with no xepresentatians or warranties of any nature whatsoever by Lessor (except as otherwise spec'�icall� provided €or in this Lease). 5ection 2.U2. Lessor warrants to Lessee that Lessor has the right and authority to execute this Lease, and that I.essee, upon paymen� of the required rents and subject to the tenns, cand.itiQns, covenants, and agreements contained in this L�ase, will have �xclusiv�: use and possessian of the I.eased Premises during the term of this Lease. SECTION 3 TERM Sectian 3.01. Subject to the covena�ts and conditiQns herein contained, Lessee shall have and hald the Leased Premises for a primary term of 20 years commencing an November 1, �002 and ending at midnight an Oetober 31, �022 {herein called the "Primary Term") or ur�til the expiration of the renewal' period the rcnewal periad if exereised under Section 3.d2, or unti� Lessee exercises its option to purchase the leased premises under Sectian 13 whichever is sooner, unless earlier terminated as pravided herein; provided however that the provisions of SecCian 9 Indemnification and Section 10 Represe�ta�ions and Wa�xanties and Section I1 En�ironmental Remediation shall survive any termination of this Agreement. Section 3.0�. Lessee wi11 have one option to extend this I.ease for additiona,l tezm of five years. Such renewal must be exercised in writing no sooner than six (5) months prior to the end of the lease term then in effect and na later than th:ree (3) mvnths prior to the end of the lease term then in effect. The specified written notice shaIl be effective upon r�c�ipt by Lessor. The terms set %rth herein shall go�ern and control the relation�hip of the parties hereto during any renewaI period, except that I.essor rnay increase or atherwise change �he rental rate as provided in Sectian 5 RENTS. SECTION 4 U5E OF PREMISES; COMPLIANCE WITH LAW; EA5EME1�iTS Section 4.01. I.essee is granted and sk�all have the right to use and occupy the Leased Premises for any and a�l Iawful commercial purposes, pro�ided that s�ch pnrpose complies with existang zoning of the Leased Prenvses. Lessee covenants and agrees that it shall not engage in any unlawful use of the Premises. Lessee further agrees tbat it shall nat permit its officers, agen�s, servants, employees, contractors, subcontractars, patrons, licensees or invitees to engage in any unlawful t�se of the Premises and Lessee immediateiy shall r�mo�e from the Premises any person engaging in such unlawful activities. Unlawful use of the Leas�d Premises by Lessee its�lf shall constitute an imrnediate breach af this Lease. Lessee hereby cove�ants and agrees ta keep the Leased Prenuses occupied and used at all times and to never aZiow them to become vacant. Fort Worth Mercado Project 3 Section 4.0�. Lessee will not da or suffer any Waste to the Leased Premises. Lessea shall, at its cast at�d exgense, comply with and cause tne Leased Prenv.ses to coznply with: (i) all valid federaI, state, local, and ot�er governmental iaws, ordinances, rules, orders, and regulations affecting the Leased Prernises or a part thereof or the use thereof, includirrg �any which require the making of structural ar extraordinary changes, wheth�r or not such laws, ordinances, rules, orders, or reg�lations may involve a change of policy on the part of tiie governmental bady enacting the same, and (ii) all rules, orders, and regulations of the National Board of Underwriters or uther body exercising sir�ilar functions in connection with the �revention of �re or the conection of hazardous conditions which apply to the Leased Premises. Lessee shall comply with the requirements of all pojicies of insura�ace whzch at any time may lae in force with respect to the Leased Premises (other than any palicies obtained by Lessor and not approved in writing by Lessee} and, to the extent that Lessee has notice thereof, with khe provisions of ar�y cantracts, agreements, and restrictions ai%cting the Leased Premises or a part thereof or khe ownership, occapancy, or use tk�ereof which shall have e�sted at t.he time of commencement of the Primary Term or shail have been approved in writing by Lessee. SECTION S RENTS 5ectian 5.Q1. The rents to be paid by Lessee shall be as set farth betow in this Section SA2, and such rents sha1l be paid to Lessar at Real Property Management, Gity of Fort Warth, at 927 Taylor Street, Fort Wflrth, Texas 7bi02 or at such place or to sueh agent as Lessor from time to time may designate in writing to Lessee. Sec�ion 5.0�. In cansideration of the Leased Premises and far t�e Lessor a�reein� nat to construct zmnra�eznents on land owned bv the Citv of Fort Worth shown in Exhibxt "B" other than a narkin� structure, I.�ssee shal� pay to Lessar rent during the Primary Term in an amount equal to One thousand eight hundred and eighty-seven dollars and forty-seven cents ($1,887.�47) per month, however no rent shall be due fnr the first 11 months. Payment for the first 11 months o� thzs lease in tl�e amount of twenty-two thausand six huncirad and forty-nine dollars and sixty- four cents ($22,649.64) shaIl be due on the first day of October 1, 2003 and thereafter rent �hall be due and payable an first day of each rnonth of the lease period. Section 5.03. In the eveat Lessee exercises its aption to extend tk�e Lease term for one additianal term of five years, the rental far the additianal term shall be determined by the fair rnarket o� comparable rental space. Section �.04. The monthly installments of rent shall be paid to Lessoz' without demand at the address specified in this Lease, or elsewhere designated from time to tisne by written notice from I.essar to Lessee. �n the event any such installr3nent flf rent is not paid within ten {10) days after the due date: (i) a late payment charge equal to ten percent (10%} of the yearly rent shall become Fort Worth Mercado Project 4 due and payable; and {ii) interest shall accrue on the �npaad �zaonthly renCal amaunt at ten percent (10%) per annum (hut only if I.essee is more than thirty [3D] days delinguent). SECTION 6 TAXES AND 4THER CHARGES; UTILITIES; LIEIlTS Section 6.Q1. Lessee shall pay prior ta delingucncy all taxes assessed against or Ie�ied upon it� accupancy of the I.eased Premises or upon the fxxtures, furnishings, equipment and a�l other personai praperty af I,essee lacated on the Leased Premises. When possible, Lessee shall cause its fixtures, #'urnishin.gs, equipment and other personal property ta be assessed and billed separately from the property of Lessee. If a�y of Lessee's improvements, fxtures, furnishings, equipment and other per�onal property on the Leased Premises are assessed and taxed with the property of Lessor, Lessee shall pay its share of such taxes within ten days after Lessor's delivery to Lessee of a written statement of the taaces applicable to Lesse�'s fixtures, furnishings, unpr�vements equipment or personal property. Seetipn 6.0�. I.essee shall pay or cause to be paid all charges for the installation and use of all utilities services to a11 portaans of the Leased Premises including, but not limited to furn�ishing and deposits and expenses required for the installatian of ineters, gas, wa#er, sewer, steam, electricity, light, heat, pawer, teiephon�, or other utility ser�ice furnished to or used in connection with the Leas�d Premises during the Term of this Lease. Lessor shall nat be �equired ta furnish to Lessee or any other occupant af the Leased Premises, any gas, water, sewer, steam, electricity, light, heat, p�wer, teleghone, ar other utility or service of any ki�nd. Lessar shall not be requirad to pay for any such charges, arid there shall be na al�atement of rent or liability on aceount of interrupkian of any such service. Section 5.03. Lessee acknorviedges that it has no authority to engage in any act or to make any contract which may create or be the foundation for any lien upon the pro�erty or interest in the property af Lessor. �f any such purported lien is created or filcd, Lessee will nat p�rmit it to remain, and will at its cost and expense prornptly dischaz�ge, a111i�ns, encumbrances, a�d charges upon the Leased Prernises or a part thereof, arising out of the use or occupancy of the Leased Prem�ises or a part thereaf by Lessee, by reason of any labor ar materials furnished or claimed to have been furnished, by, through, or under I.esse�, by reason af any canstruction, improvement, alteration, addition, repair, or demolition of any part of the Leased Premises.. Lessee's failure to discharge any such purported lien shall constitute a breach of this Lease and Lessar may te:tminate this Lease upon �hirty {30) days' written notic�:. However, Lessee's financial obZigation to Lessor to Iiquidate and discharge such lier� shall continue in effect follawing ternunation of this L.ease and ur�tiX such a time as the lien is discharged. Fort Worth Mercado Project 5 SECTIQN 7 MAYNTENAll10E Section q.A1. Lessee shaIl at its cost and expense keep and maintain the I.eased Prernises in a good, clean and sanitary condition at ail Cimes. Lessee covenants and agrees that it will not make ar suffer any waste of the Premises. Lessee wiIl, at Lessee'� sole cost and expense, make a11 repairs necessary to prevent the deterioration in conditinn ar value af the Premis�s, incl.uding, but not lirnited to, the mainCenance of at�d repairs to all structures, including, but not limited to, doors, windows and roofs, and all fixtures, ec�uipment, madifications and pavement on the Premises. Lessee shall be resppnsible for all damages caused by Lessee, its agents, servants, employees, contractors, subcontractors, licensees or inr+itees, and Lessee agrees to fully repair or otherwise c�re all such damages at Lessee's sole cost and expense. � � Section 7.0�. Lessee agrees that, except as otherwise express�y provided herein, all improvements, trade �xiures, furnishings, equipment and other gersonal property af evezy kind pr description which may at any time be on the Fremises shall be at Lessee' saje risk or at the sole risk� of those claiming under Lessee. Lessor shall not be liable foar at�y damage ta such property or lass suifered by lessee's business or business operations, which may be caused by the bursting, over�lowing ur leaking of sewer or steam pipes, from water from any source whatsoever, or from any heating fixtures, plumbing fixtures, electric wires, noise, gas ar odors, ar from eauses af any othar inatter, SECTION 8 TMPROVEMENTS, REPLACEMENTS, ADDITIONS, AND REMOVALS; LANDL�RD'S LIE1�d Section S.Q1. . Lessee covenants and agrees that �t shall improve the Premises in accordance with the time frames, specifications and other conditians af Exhibit "C", which will be attached by December 15, 2002 and made a part of this Lease for all purposes. Such improvements shall hereinafter be referred to as "Mandatory Impro�ements". Lessee shall diligently comrnence eonstruction of such Mandatory Iinpro�vements within six {6} months following the Effective Date of this Lease. Lessee shall fully comply with all provisions of this Section 8 in the performance of any such Mandatory Impravements. B�fare any chatages can be made to Exhibit "C" Lessor must appro�e of such changes in writing. In the event that Lessee requests any changes to Exhibit "C" and Lessar approves such chatyges in writing, a revised Exhibit "C" signed by �oth Lessar and Lessee shall be attached to and made a part of this Lease ar�d shall supers�de the previous Exhibit "C". Sectxon 8.02. Lessee may, at its sole discretian, perform mndificatians, renovations or improvements an the Premises in addition to thase required by Section 8A1. However, Lessee may not initiate any kind changes ar improvements on the exterior of the building unless it first s�bmits all plans, specificatians and estimates for the casts af the propo�ed work in writing and Fort Worth Mercado Praject 6 also requests ar�d receives, i� writing, approval from the Economic and Commuruty Developmant Director or aut�orized re�resentative (��Director"} and the North Main Qversight Committee. Lessee cor�enanCs and agrees that it shall fully comply with all provisians of this Section 8 in the perfarmance af any such disczetionary mo�ifications, renovations or improvements. Section �.03.. ]L..essee's plans for construction must recr;iv� written approval frorn the City's Departments of Development, Engineering, Planning, Economic and Community Developm�;nt and Transportation and P�blic War%s. All p�ans, specifications and work shall conform to a.11 federal, state and 1oca1 laws, ord�inances, rules and regujations in force at khe time that the plans are presented far review. Sectian 8.04. Lessee shall sugpIy Economic and Community Develapment Department wi#h comprehensive sets o� documentation relati�e to any modification, renovation, construc�ion or improvemenC, including, at a minimum, as-built drawings of each project. As-built drawings s�all he new drawings or redline changes to drawings previausly provided to the Dircctvr. Lessee shall supply the textual dacumentation in camputer farmat as req�ested by Lessor. Section 5.0�. If Lessee serves a� its own contractar to perform the requi�rements speeified in Section 8.01 and 8.02, the following shall apply: (A} Priar to the commencement af any mandatory or discretionary modification, renovation, improvejnent or new construction, Lessee shall deliver to Lessor a payment bond and a performance bond, executed by a corporate surety in accordance with Texas Government Code, Chapt�r 2253, as arnended, in the full amount of eaeh construction contract or project. The bands shall guarantee (i) satisfactory eompliance by L.�;ssee with all requirements, te�xns and canditiQns of this I.ease, including, but not limited to, the satisfactory compjetion of the respective madifications, renovations, canstxuction pro�ects or i�nprovements, and (ii) fu11 payments to all perso�s, finns, corporations or other entities with whom Lesse� has a direct relationship for the performance of such modi�catio�,s, renavakions, construction prajects or improvements. (B} In lieu of the required bond, Lesse� may provide Lessor wit� a cash deposit or an assignment of a cErti�cate of deposit in an amount equal ta 125% af the fu11 amaunt of each canstructian contract or praject. Certificates of deposit shall be fram a financial institution in the Dallas-Fo�t Worth Metropolitan Area which is insured by the Federal Deposit Insurance Corporation and acceptable ta Lessor. The interest earned on the certificata of deposit shajl be the property of T.essee and Lessor shali have no rights in suc�i interest. If Lessee fails to carnpl�te the respective modifications, renovations, construction projects ar impravements, or if elaims are �led by third parties an grounds relating to such rnodifications, reno�atiQns, canstructian projects or improvaments, Lesso:r shall he entitled to draw down the fuil amaunt af Lessee's cash deposit or certificate of deposit. Fort Warth Mercado Project 7 Section 8.46. Priaar to the commencement of any rnodification, renovation, impra�ement or new constructi�n on the exterior, Lessee's respective cantractor shall execute and del'zver to Lessee surety performance and payment bands in accardance with the Texas Gavernment Code, Chapter 2253, as amended, to cover the costs of all work perFormed under su�h contractor's contract for such modifications, renovations, improvements ar new 'construction. Lessee shall provide Lessor with copies of such bonds prior ta the cammencement of such modifications, renovations, improvemsnts or new constru�ction. Tk�e bonds shall guarantee (i) the faithful perfarmance and completion of all construction work in accordance with the f naI plans and specificatians as approved by the City and (ii) full payment for al1 wagas for labor and services and of all bilis far materials, supplies and equipment uscd in the performance of the construction contzact. Such bands sha11 name to both L,essor and Lessee as dual obligees. If Lessee serves as its own contractor, Sectian 6.5 shall apply. Sectian 8.07. If Lessee chaoses to not post a bond as pro�ided in Section 8.05(A,) and instead provides Lessor with a cash deposit or certificate af deposit, Lessor wili allaw Lessee a dollar- for-doilar reimbursement from its cash deposit acc�unt or xeduction of its claim u�on Lessor"s certificate of deposit upon (i), where Lessee serves as its own contractar, �erification that Lessee has campleted canstruction work ar (ii), where Lessee uses a cantractor, receipt of the contractar's invoice and verification that the contractoz has compieted. its work �nd released I.essee to the extent of Lessee's payment for such wark, inciudi�g bills paid, af�davits and waivers of �iens. Section $.48. Pravided and far so lon� as no Event of Default has occurred hereunder and this lease �as not beer� terminated as provided in Sectian 16, title and ownership af improvements during the Te�n of this Lease shall be and remain in Lessee. Section �.U9. I.essee hereby gives, grants and pledges unto City a eontractuaZ preference lien upon a�l personal property on the Leascd Premises belt�nging to Lessee and upon aIl structures or improvements erected on � the Leased Premises by Lessee to secure the prornpt payment of all rentals or other amounts due Lessor under this Leas� and the perfarmance of any or all covenants ar obligations hereunder to be kept and performed by Lessee. For the purpose af enforeement hereof, Lessor may, upon kermination of t�e lease in accordance with the provisians of this Lease ar�d without further notice, reeneter and expel Lessee from the premises and also any person holding under I.essee and in addition, the T.essor rnay seize and hold all property belonging to Lessee o❑ the Leased Premises, wh�th�r tangible or intangible, and of any nature whatsoevcr, as a possessory piedge ko secure the perfa�nance and/or payment of any or all of Lessee's obligatians hereunder. Section $.10. Lessor shall have and enjoy a landlord's statutory lien, and in addition, Lessor hereby is given a�nd granted an express landlord's lien and security interest as secur�ty for all r�nts and ather sums payable by Lessee to Lessor hereund�r, upon aIl of the goods, wares, chattels, implements, fixtures, furniture, tools, equ�pment, machinery, and other property which Lessee now or at an time hereafter places in, upon, or about the Leased Premises {but subjcct to Fort Worth Mercado Project S any pre-existing liens and U.C.C. �'ilings that are placed on Lessee's inventory, parts, supplies, finished products, and equipment), all exempt�ons of said property or any part thereof being hereby exp;ressly waived and relinquished; pro�ided, however, nothing herein contaimed shall be considered as prohibiting, impairing, or �ffecting the right o� Lessee to make sales of its goods, wares, and merchandise andlor services to its customers in the normal and regular course of its business in, upon, at, ar from the Leased Premises, free and clear of the aforesaid liens and sacurity interest. If and when requested an writing by Lessor, Lessee agrees to execute and deliver to I.essor a"Financing Statement" andlor such other docum�nt or documents as may be necessary to perfect and/or protect the security interest and/ar lien (liens) of Lessor he�eunder as required or permi,tted under The Texas Uniform Comrnercial Code. Yf requir�;d by Lessee's mortgage lender, Lessor agrees to provide a written subordination of I,�ssor's landlord's lien, but a�Iy to the extent of the amount of the mortgage indebtedn�ss used to impro�e the Leased Premises. � SECTI4N 9 INDElVINIF�CATION Section 9.01. LESSEE COVENANTS AllTD AGREES, AT ITS EXPENSE, TO INDEMNIFY, PROTECT, DEFEND A1�7D HOLD HARMLESS LES50R, ITS QFFICERS, AGENTS, VOLUI�TEERS AND EMPLOYEES AGAINST AND FR4M ANY AND ALL CLAIMS, DAMAGES, LOSSES, INCLUD�1lTG �LLEGED DAMAGE OlZ LOSS TO LESSEE'5 BUS�NESS AND ANY RESULTING LOST PROFITS, LIEI�S, FINES, PENALTIES, CAUSES OF ACTION OR SUITS BY OR Ol� BEHALF OF ANY PERSON, FIR�VI, CORPORATION, OI� GOVERNN�NTAL AUTHORYTY ARISING FROM THE QCCUPATION, USE, OR POSSESSION OF THE LEA5ED PREMISES BY LESSEE, YNCLUD�NG ANY LIABILITY FOR V�OLA.TION OF CONDITIO1�tS, RESTR�CTIONS, LAWS, ORDINANC�S, OR REGULATIONS AFFECTIIlTG THE LEASED PRENIISES QR THE OWNERSHIP OR OCCUPAIlCY OR USE THEREOF. Section 9.0�. LESSOR, ITS OFFICERS, AGENTS, VOLI7NTEERS AND EMPLOYEES SHALL N.OT SE LIABLE TO LESSEE OR TO.ANY OTHER PARTY WHOMSOEVER FOR ANY DEATH, ll�T.1URY, OR DAMAGE THAT MAY RESULT TO A1�Y PERSOI�T OR PRQPERTY BY �R FROM ANY CAUS� WHATSOEVER �T OR ON THE LEASED PREMISES OI� AI�1Y PART THEREOF. LESSEE SHALL INDENINIFY AND HOLD LESSOR, ITS OFFTCERS, AGEI�TS, VOLUNTEERS Al�TD EMPLOYEES HARMLESS FROM AND DEFEI�TD THEM AGAINST AllTY AI�1D ALL CLAIMS, LOSSES, OR 3UDGMENTS FOR DEATH OF OR TNJURY TO A�1Y PER50N OR DAMAGED PROPERTY WHATS�EVER INCURRED �N OR ON THE LEASED PREMISES, AND PART THERE�F. IN THE EVENT THAT ANY ACTI0111 OR PROCEEDING IS SROi�GHT AGAINST LESSOR BY REASOI�i OF A1�Y SUCH CLAIM, LES5�E, UPON WRITTEN NOTTCE FROM LESSOR, SHALL RESIST AND DEFEND SUCH ACTION OR PROCEED�NG. Fort Wprth Mercado Project 9 Section 9.03. LES�EE AGREES TO INDEMNII'Y LESS4R AGAINST ALL LAWFUL AND REAS41�1ABLE COSTS AND CHARGES, ZNCLUDING REASOl�1ABLE COUNSEL FEES, INCURRED II� OBTAINII�G POSSESSION OF THE LEASED PRENIISES FROM LESSEE AFTER DEFAULT OF LESSEE OR UPO�T EXPIRATION OR EARLIER TERNIIll1ATION OF ANY TERM HEREOF, OR Il� ENFORCING AI�Y COVENAI�TT OR AGREEMEIVT OF LE5SEE COI�TTAINED IN THI5 LEASE. Section 9.04 LESSEE COVEI�tA1�1TS AND AGREES TO RELEASE, ZNDEMNIFY, DEFEll�D, REIMBURSE, AND HOLD HARMLESS THE LESSOR, ITS OFFICERS, AG�NTS, EMPLUYEES AND VOLU�ITEERS AGAINST ANY A1�D ALL E1�TVIRO1�iMENTAL DAMAGES AND THE VIOLATION OF A1�1Y AND ALL ENVIRONMENTAL REQ[1IREMENTS RESULTII�G FROM LESSEE'S USE OF THE LEASED PREMISES. Tl� ADDITION, LESSEE COVENANTS AND AGREES TO RELEASE, INDEMN�k'Y, DEF�ND, REIMBURSE, AND HOLD HARMLESS THE LESSOR, ITS OFFICERS, AGEI�ITS, EMPL.OYEES AND VOLUNTEERS AGAi1�ST A1�Y AND ALL ENVIRONMENTAL DAMAGE3 A1�D THE VYOLATION OF ANY AND ALL E1�1'VTRQNMENTAL REQUIIZEMEI�ITS WHEIv SAID E1�iV�RONMENTAL DAMAGES OR THE VIDLATION OF SAID Ell1V�R�NME1�dTAL REQUIREMEI�TS ARE THE RESULT OF ANY ACT OR OMISSION OF LESSEE, ITS OFFrCERS, AGENTS, EMPLOYEES, DR SUI3COI�TTRACTORS, OR THE JOINT ACT OR OMIS5I01�1 OF LESSEE, ITS OFFICERS, AGENTS, EMPLUYEES, OR SITBLEASEES AND ANY OTHER PERSON OR ENTITY. Sectian 9.05. LESSEE� COVEN�NTS AND AGREES TO, AND DOES HEREBY, INDEMNIFY, HOLD HARMLESS AND DEFEND LESSOR, IT5 OFFICERS, AGENTS, SERVAI�TS AND EMPLOYEES, FROM A1�TD AGAINST ANY AND ALL CLAIMS, LAWSUITS OR QTHER ACTYON5 FOR ANY DAMAGES OR LQSS�S, IllTCLUDING, BUT NOT LTMITED TD, PROPERTY DAMAGE 4R LOSS (TNCLUDING ALLEGED DAMAGE OR LOS5 TO LE5SEE'S BUSINE5S AND ANY RESLTLTIIlTG LQST PROFIT5) ANDlOR PERS�NAL Yl�1JURY, INCLUDING DEATIi, TO ANY AND ALL PERSONS, 4F ANY KIND OR CHARACTER, WHETHER REAL OR ASSERTED, AR�SING OUT O� OR IN CONNECTIOI� WITH THIS LEASE OR WITFI THE LEASING, MAINTENANCE, USE, OCCUPAI�ICY, EXISTENCE OR LOCATIOI�t OF THE.PREMISES. � SF�CTION 10 REPRESENTATIONS AND WARRAI�ITIES Sectian 10.01. LESSOR AND LESSEE AGREE THAT THE LEASED PREMISES ARE SEING LEASED "AS IS" W�TH ANY AND ALL FAULTS A1iTD LATENT AND PATENT DEFECTS WITHOUT ANY EXPRESS �R IMYLIED REPRE5EI�TAT�ON Fort Warth 1�Iercado Project 10 OR WARRANTY M�l.DE BY LESSOR. LESSEE COVEIlTA1�S'I'5 AND REPRESEI�T5 THAT HE HAS I1�SPECTED THE LEASED PREMISES ON HIS OW1�1 BEHALF AND IS FULLY INFORMED AS TO THE CUNDITIO�lT THEREOF, RELYING SOLELY UP��1 HIS OWN INSPECTION AND NOT UPOI� ANY STATEME�TS OR REPRESENTATIONS MADE FOR OR BY THE LESSOR OR A1�1Y OF ITS AGE�iTS, OFFICER5 OR EMPLOYEES. UPON EXECUTION 4F TffiS AGREEMENT, LESSEE ACCEPTS T�IE PRENIISES II�1 ITS PRESE�TT COND�T�ON AS BEING SUITABLE FOR ALL THE PURPDSES OF THIS LEASE. SECTIQN �l. ENVIRONN�ENTAL REMEDIATION Sectio� 11.01.. Lessee agrees that it has inspected the Premises and is fully ad�ised af its awn rights without reliance upon any representation made by Lessar concerning the en�+ironmental con�tion of the Premises. Lessee accepts the Premu'tses in their candition on the date af the cammencement of the Term and assumes all risks, if any, resulting from any present or future, latent or patent defects therein or from the failure of the Lease Premsies to comply with all legal requirements, reserving however any and all rights af Lessee with respect to parties other than Lessor. LESSEE, AT 1'TS SOLE C�ST AND EXPENSE, A�GREES THAT IT SHALL BE FULLY RESPONSIBLE FOR THE REMEDIATIQN OF ANY VIOLATION OF ANY APPLICABLE FEDERAI., STATE OR LQCAL ENVIRONMENTAL REGUI.�TIONS OR STANDARDS THAT IS CAUSED BY LE5SEE, ITS OFFIC�RS, AGENTS, SERVANTS, EMPLDYEES, CONTRACTORS, SUBCONTRACT'ORS OR 1'NVlTEES. SEGTION 12 BASIC INSURANCE REQUIREMEl�iTS Section 12.01. Lessee shall procure and maintain at a11 times, in full force and effect, a policy or policies of insurance as specified in tl�is Section 1�, naming the City of Fort Worth as an additionaI insured and covering ail risks related to the leasing, use, occupancy, maintenance, existence or location of the Premises. Tf Lessee subleasas the Leas�d Premis�s in whole or in part, Lessee agrees to require all af subleases to obtain the fallawing insurance with the requirernents specified in this sectian 12. I.essee shall obtain the following insurance coverage at the limits specified herein: 1. Cornmercial General Iaability (CGL) Insurance Policy $1,00O,OOD each occurrence $2,000,000 aggre�ate 2. Automobile Liability Tnsura�ce Policy $1,000,000 eaeh acciden� an a combined single limiC basis Fort Worth Mercado Project 11 o� . $�.Sa,400 Property Damage $500,000 Badily Injury per person per occurrence $2,0OO,OQO Aggx'egate A commercial business policy may be required as coverage on "Any Auto'" 3. Workers' Compensatian �surance Palicy Statutory limits and Employer's liability $100,Q00 Each accidentloccurrence $I00,000 Disease - per each ernployee $500,000 Diseasa - policy limit 4. Liquor Liability — If liquor ar alcahol is served Qr sold $I,aoo,00a each occurrence Section 1�.02. Policy Endorsements as foZlaws: � The City of Fort Worth, its Officers and Employees named as an Addiiianal Insured � Thirty (30) days notice of canceilation ar non-renewal. � The follnwing clause must be includ�d: "This insurance shall not b� eanceled, limited in scope or coverage, cancelied or non-renewed, until after thirty {30} days prior writt�n notice has been given to the City of Fart Worth. o Waiver of rights of recavery (subxogationj.in fa�or of the City of Fort Worth. Section I�.Q3. The iz�surers for al1 policies must be licensed/approved to do busi�ess in the State af Texas and have a min�mum rating of A: VII in the current A. M. Best �ey Rating Guide or have reasonably equivaIent financial strength and salvency to the satisfaction of the Risk Manager. Section 12.04. The deductible or self-insured retention (SIR) affecting required insurance co�erage shall be acceptable to the Risk Manager of the City of Fort Worth in regards to asset value and stockholders' equity. In lieu of traditional insurance, atternative covexage maintained through insurance pools ar risk retention groups rnust also be approved. ' Section I�.OS. Insurance requirements, including additional types of � caverag� and increased limits on existing coverages, are subject to changc: at Lessor's option. If I�essor deternunes, in its sole discretion that additional types of caverage and increased limi.ts are necessary, I.essor shajl pro�ide Lessee sixty (60) days written notice to I.essee. Lessee agrees to obtain such new required insurance coverages within thirty {30) days following noCice to Lessee. Fort Worth Mercado Project 12 Section 12.06. As a condition preaedent to the effectiveness of t�iis Lease, Lesse� shall furnish Lessor with appropriate certificates of insurance signed by the respec#ive insurance companies as proof that it has obtained the types and ama�nts of insurance coverage required berein. Lessec hereby covenants and agrees that not less than thirty (30) days prior to the expixation of any insurance policy required hereunder, it shall provide LesSor with a new or renewal certificate of insurance. In addition, Lessee shall, at Lessor's request, provide Lessor with evidence tl�at it has maintained such coverage in full force and effect. SECTION � 3 OPTIQI�i TO PURCHASE Section 13.01. In consideration of an option fee af $1000.00 Lessor hereby grants Lessee an option (the "Option"), pursuant to and subject to the canditions of this section, to pwrchase the Leased Premises from Lessor for the fair market value as determined by a Tndependent Appra.iser plus accrued interest at 5°/a a year. AC the time of thi5 Agreement, the purchase price under this Option has been determined by an Tndepend�nt Appraiser ta be kwo hund�ed and eighty six thousand doIlars ($286,000.00}. �-aEiva'_ p��..,��n,�,�� °`B'=, D�'0�"e_ fl.,e r e o n,.o a�a� �:��: In order for Lessee to exercise its opt�on to purchase the Leased Premises, �e�see must: 1) not �e detinquent in payir�g any lease payment; 2) have paid off the H�Jp 108 loan as shown in Exhfibat "E"; and 3) pay the purchase price as shnwn on Exhibit "D" tor the mor�th and year the LesSee desires to purchase the Leased Premises. �., r_-' �+. . Section 13A�. Lessee shall have the right to exercise the Option at anytime dnru�g the tenm of tkus lease after paying off HUD 10$ loan as shown in E�chibit "E", a copy of the Ioan agreement wiIl be attached to this Iease once it is ex�cutad by all th� parties, exce�t fhat if the Leased Premises are the subject of a taking or condemnation or threat of a taking or condemnation under Section 14, then the Optian and purchase shall immediately terminate. Less�� shall give Lessor notice of the exercise of the opiion one hundred twenty (120) days prior to the date selected for exercise of the option.. Section 13.03. Lessee shall pay all closing costs, including atiy costs for a title policy. Section 13.44. For purpos�s of this Sectinn 13.05, the term "Independent Appraiser" means a person or firm experienced in appraising the value of properties similar ta the Leased Premises, who is nat a member, director, officer or employee or Lessor Lessee and, in the case of a ftrm, does not have a partner, member, director, o�f cer or emplflyee who is a member, director, officer or employee of Lessor or Lessee. � Section 13.U�.In the event Lessee exercises its option to pwrchase the Leased Premises before the Lease Term expires, at closing, Lessor shall enter into an agreement with Lessee agreeing to not develop the remainder of other land owned by the City af Fort Wvrth in the Jo�x Baugh Survey Abstract No. 115 for ten years. Fart Warth Mercado Project 13 SECTT4N 14. CONDEMNATION Section 14.U1. If the entire Leased P�emises, or any substantial part thereof which is suffici�nt ta �ender the remaining partion af the Leased Premi�ses untenantabje for L.essee's business purposes, is to be taken by eondemnation or sold under threat of condemnation by an entity, this Lease sha�l t�rminate. Upon receipt of a certificate signed by authorized officers of Lessor and Lessee stating that the entire Lease Pr�mises have been so taken, or that the reznaining portion pf khe Leased Pre�nises has been rendered untenantable by such taking for Lessee's business purposes, the �nsurance and Condemnation Trustee shail assign and pay to Lessor and Lessee, as their interests may appear, the entire award far the taking, less any expenses incurred by Lessor in callecti�g such award, and such moneys shall be divided between Lessor and Lessee as their respective interests may than appear as determined by appraisement." In the e�ent th� entire Leased Premises ar any sui�stantial part thereof which is sufficient to render the remaining portion of the Leased Premises untenantable for Lessee's business purposes, be taken by condemnation or sojd under threat of a candemnation by the City of Fort Worth and/or the Texas Department of Transpartation, this lease shall terminate. In such event Lessor agrees ta give Lessee 120 days notice to vacate and if L�ssee has prepaid any rents, Lessor will r�imburse Lessee a pro rata of such prepa�d rent for Che unexpired term of this agreement. 3uch reimbursement shaIl be the sale recovery to which Lessee will be entitied to in the event of a candemnation or threat of condemnation. Under no circz�mstances shall Lessee be entitled to any damages or r�covery of any costs except as provided herein. Section 14.02. If a portion of the Leased Premises which is less than that described in Sectian 14.D1 be taken by condeznnatian or soid under threat of condemnation by an entity other than the City af Fort Worth and the Texas Department of Transgortatian, Lessee shall ha�e the aption to adjust the Facilities to continue its business or to terminate this Lease. If Lessee elects to adjust the Facilities to continue its business, written notice thereof shall be given by I.essee to L�ssor and to the Insurance and Condemnation Trustee within ninety {90) days after such taking ar sale, and tk�e rent shall be equitably adjusted by the parties effective as of the date of the taking or sale to reflect such taking, If I.essee elects to terminate th�; Lease, written notice khereof shall be given by Lessee within ni�nety (90) days after such taking or sale ta the Lessor and the Tnsurance and Condemnatian Trustee, the award or any remaining balance to which Lessee is not entitled as reimbursement for cost of adjustment, less any expenses incurred by Lessor in collecting such award, shall be paid by the Insurance and CondemnatiQr� Trustee, upan written notice given by Lessee to lessor and Lessee as their respecti�e interests may ap�ear, and upon said monies being divided between Lessar and Lessea this Lease shall terminate. � Section 14.03. If any oi the present access routes to the Leased Premi ses are blaciced ar last by condemnatian, or lost because of public impravements, the re-routing of any access roads to the Leased Premises, or other change af condition �f the access to the Leased Pre�ses, L�ssee will ha�e the option to cancel this Lease withaut penaity. Fort Worth Mercado Project I4 SECTTON ].� SUBLETTING, ASSYGNTNG, AI�D MORTGAGIll1G Section 1�.01. Lessee may assign its interest under this Lease after receiving the written consent of I.�ssar (which shall not be unreasonably withheld), but wiZl therea.�ter remain liable far alI flbligatians herein placed on Lessee. Upon notification to Lessor of I.essee's desire to assign the Leased Premises, Lessor shall have sixty (60) days to accept or reject the proposed assignment. In the event that Lessor fails to respond within sixty (60) days, the proposed assignment leasc; shall then automatically be deemed ta have been accepted by Lessar. Neither this Lease nor tlie tenn demised hereby shall be mortgaged by Lessee nor shall Lessee mortgage or �p�edge the interests of Lessee in and to any sublease or to rental payable thereunder. Sec�on 1�.0�. Lessee may sublease the Leased Premises in whole or in part withaut the cansent of Lessor. Section 1�.03, In the event Lessee shal� merge or consoiidate with any ot�er carporatinn or transfer all or substantially all of its business and ass�:ts to anothex corporation, which in any suc� case succeed5 to all or substantially all of th� business and assets of Lessee, such successor corporaiion, withaut the req�irement of Lessor's consent, such corporation ar �ntity shall succeed to and be substituted for Lessee with t�e sam.e effecC as if it had be�n named herein as Lessee. SECTION 15 EVENTS OF DEFAULT BY LESSEE; REMEDYES OF LESSOR, A1�D TERMINAT�ON Section 16.01. In the event ane or more vf the �ollowing shall happen and be continuing (herein called an "event of de,fault"): {a) I,essee defaulCs in the payment of any of the rents pra�ided to be paid hexeunder and such default sh'aIl cantinue far ten (10) days following written notification from Lessor; (b) Lessee defaults in the observa.r�ce or performance af any other pravision hereof which is not remadied witlun thirty (30) days after written notice of such defauIt by Lessor to Lcsse� properly specifying wherein Lessee has failed to perform any such provision; it bei�g understoad that if by reasan of force majeure Lessee s�all be rendered un�ble wf�olly or in part to carry aut the obligatians referred to under this clause {b), Lessee shall not be in default during the continuance of the inability claimed. The term 'force majeure" shali mean Acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, orders of any kind of the Government of the United States ox the State of Texas, or any civil or military authority, insurrection, riots, epidemics, landslides, lightning, eartk�quake, fire, hurricanes, tornadoes, SCOiIT15, flaods, Fort Worth Mercado Project 15 washauts, draughts, arrests, restraint of government and penple, civil disturbances, explosions, breaxage or accident to machinery, transmission p#pes or canals, partial or entir�, fai]ure of utilities, ar any other cause nat reasonabIy within the control af Lessee. It is understood and agreed that the settlement of strikes, lockouts, and other industrial disturbances shall he ent.i,rely wittun the discretion of Lessee and khat the above requirements that any iarce majeure shall be remedied with all reasonable dispatch shall not require the settlement of strikes, lockouts, and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is u�favarable in Che judgment of Lessee (however, notwithstanding the preceding, in the event that Lessee's delFauit is of a nature that cannot reasonably be cured within thirty (30) days, no event of default will have occurred ii Lessee commcnces to cure its default within such V.hirty (30) day period and thereafter proceeds with diligence to complete such cure); {c) Lessee files a volu�tary petitaon in bankruptcy, or shali he adjudicated a bankrupt or insol�ent, or shall make an assignment for the benefit of creditors, Qr shal] consent tn the appointment of a t.rustee or receiver far Lessee of all or any substantaal part af its properties or of the Leased Premises; (d) A trustee or receiver is appointed for Lessee or iar all ar any substantial part of its property without the consent of Lessee and is not discharged within ninety (90) days after such appointment, excluding any periad in which such appaintment shall be stayed upon appeal ar otherwise; (e} Ninety (90) days shall have �xpired after the entry by a court af competent jurisdiction of order approving a petition seelcing r�organization, readjustm�nt, axxangemenC, composition, or a�her similar r�lief as to Lessee under the federaI bankruptcy laws or any similar law for the relief of debtors; but such period of ninety (90) days shall �ot include any periad during which such order shall be stayed upon appea] or otherwise; or (f} If Lessee has not ciiligently commenced construction of the Mandatory Improvements fo Che Premises as 5et farth in Secti�n 6.1 within six {6) months of the Effective Date of this Agre�ment, Lessar sha11 have the right to terminate this I.ease immediately; or (g) Lessee uses the Leased Premises in an unFawful manner then in any such case Lessor may, at its option, exercise any one or �nore of the following remedies: {i) Lessor may tern�inate this Lease by giving to Lessee ten {1Q) days notice of Lessor's intention sa to do, in which event tlae Tenn of this L.ease shall end, and all right, title, and int�rest oi I.essee hereunder shall expire on the date stated in such notic�; or Fort Worth Mercado Prnject 16 (ii) Lessor may terminate the right of Less�e to possession of khe Leased Pr�mises by giving at ten (1Q} days notice to Lessee that Lessee's right of possession shall end on the date stated in such notice, whereupon the right of I.�ssee to the passession of the I.eased Premises or any part thereaf shall cease on the date stated in such notice; or (iii} T.essor may enforce the provisions of this Lease and may enforce and protect the right of Lessor hereunder by a suit or suits far the specific perfarmance of any car+enant or agreernent contained herein or for the anfQrcement �oi any nther appropriatc legal ar equitab�e remedy. Sectio� 1.6,0�. If Lessor exercises either of the reznedies provided for in Section 16AI (i) or (ii) abave, Lessar may then ar at any time thereafter re-enter and take complete and peaceful possession af the L�ased Prernises, with or without process af law, and may rernove alI persons therefrom, and I.r;ssee covenants that in any such event it wiil peacefully and quietly yield up and surre�der the Leased Premises to Lesspr. Section 16.03. In the event of the ternnination of this I.ease by Lessar as provided for in Sectio� 16.01 {i} or (u) above, Lessor shall he entitled to recover from LeSsee ail rentals accrued and unpaid for the period up ta and including such teYmination date, as well as a11 okher addi�ivnal sums payable by Lessee, or for which Lessee is liable or in respect of whiCh Lessee under any of the gravisions hereof has agreed to indemnify Lessar, which may be then owing and unpaid, amd all costs and expenses, including court costs and reasonalale attomeys' fees incurred by Lessor in the enforcement of its rights and ramedies hereunder, and in addikion Lessor shalt ba entitied to recover as liquidated damages for lass of the bargain: (a) an aggregate sum which, at the time of such terminatian of this Lease, represents the then present worth of the excess, if �any, of the aggregate of tha basic rent, -additional rent, and all other payments required to be paid by Lessee hereunder that would have accz�ued for the balance af the Term over the reasanable rental valu� of the Leased Premises for the balance of such Term, it being agreed that, uniess otherwise required by law, said amount of basic rent, addi�ional rent, and all other payments required to be paid by Le�see hereunder and said then reasonable rental value of the Leased Premises shall be discourited at the rate of six percent {6%) per annum to� the dates payable, and it being further agre�d that said sum shall accrue and beeome immediately due and payable upon any such termination of this Lease without the necessity of request or dem�nd, and (b) any damage� in addition thereto, incjuding reasanable attorneys' fees and caurt costs,. which Lessor shall have sustained by reason of the breach of any af the covenants of this I.ease other than for the paym�nt af rent. � Sec�ion I6.U4, In the event of termination of this Lease bv Lessors as nravided for in Section 16.01(i) ar (ii? above, all ri�ht� title and ownerslain to all inr�nrovement� on the Premi�es and all fixtures and other items attached ta anv stru.cture on the Premises shall 1pass to Lessar. In addition, ail ri�hts, nowers and nri�ile�es �ranted to Lessee hereunder shall cease and Lessee shall vacat� the Premises. Within twenty (2�) days follawing the Fort Worth Mercado Project 17 effective date of tcrmination or expiration, Lessee shall remave from tlne Pre�nises all txade fixt�res, tools, machinery, equipment, rriaterials and supplies placed on the Premis�s by Lessee pursuant to this Lease. After suc� time, Lessor sha11 have the right to take full passession of the Premises, by force if necassary, a�d to remave any and ali parties and prop�rty remaining on any part of the Premises. Lessee agrees that it will assert no claim of any kind against Lessor, its agents, servants, employees or representatives, which may stem from Lessor's termination of this I.ease or any act incident to I.essor's assertion of its right to ternninate or Lessor's exercise of any rights granted hereunder. Section 16.05. No default by Lessor hereunder will constitute an eviction or disturbance af Lessee's use ar�d possession of the Leased Premises or render Lessor liable for damages or entitle Lessee ta be relieved from any of Lessee's obligations hereuncier (including the obligation to pay r�nt) ar grant Lessee any right af deductian, abaternent, set-off, or recoupment, or entitle Les�ee to take any action whatsoever with regard to the Leased Pr�mises or Lessor untsl thirty (30) days a€ter I.essee �as gi�en Lessor written natice spec'sfically setting forth such default by Lessor, and I,esspr has failed to cure such default witlun said thi�rty {30} day period, or if such default cannot zeasonably be cured within said thirty (30) day period, then within an additional reasonable period of time so long as Lessor has commenced curative action within said thirty (30) day period and thereafter is di�igently attempting to cure such default. Section 16.06. Na waiver by the parties to this Lease af any de�ault ar breach of any term, cQndition, ar covenant af this Lease will be deemed ta be a waiver of any other breach of the same ar other term, condition, ar covenant cantained in this Lease. No provision af Chis Lease may under any circurnstances be deemed ta have k�een waived by either party to �his Lease unl�ss such waiver is in writing and signed hy the party charged with such waiver. Lessee agrees Chat the receipt by I.essor of rent with the knowledge of the breach of any covenant or cbndition of this Lease by Lessee will not be deemed to be a waiver af such breach, and no provision of this Lease wi�l be deemed to have been waived by Lessor unless such wai�er is in a written anstrument signed by Lessnr. SECTiON �.� REMEDIES; NO WAIVER Seetion 1i.41, Each right, gower, and remedy of Lessor pro�ided for in this Lease shall be cumuladve and �oncurrent and shali be in addition to every otF�er right, power, or remedy provicted for in �this T.ease, ar, unless prohibited by tk�e tez�ms hereof, now or hereafter existiz�g at law or in equity or by statute or otherwise, in any jurisrliction where such righEs, pawers, and remedies are soughC to be enforced, and the exercise or beginning af the axercise by LeSsor of any one or more of the rights, pawers, or remedies provided for in thi5 Lease ar now or hereaftcr existing at law ar inequity or by statute or otherwise shall not preclude the simultaneous o:r later exercise by Lessar of any or all such other rights, powers, or remedies. Fort Worth Mercado Project 18 Section 1'�.02. The failure to insist upan a strict perfoi-m�ce of any of the co�enants or agreements herein set forth or to d�clare a forfeiture for any violation thereof shall not be considered or taken as a waiver or relinquishment for ti�e fut�re of I.essor's rig�ts to insi�t upan a strict compliance by Lessee with ail ihe covenants and conditions hereof, or of Lessor's right to deciare a farfeiture for vialation of any co�enants or conditions if such violation be continued or xepeated be�+ond the curative periods of time pezmitted in above. SECTION 18 INDEPENDENT COI�TRACTOR Sec�ion 18.OL It is expressly understood and agread that Lessee shall operate as an inc�ependeni eontractor as to aIl rights and privileges gt�anted he�ein, and not as an agent, representative or employee of Lessor. Lessee shall have tlae exclusi�e right to control the details of its operatio�s and activities on the Leased Prernises and shall be solely responsible for the acts and omissions of its officers, agents, servants, employees, cantractors, subcantractors, patrons, licensees and invitees. I.essee acl�vwledges that the doctrine of re�pondeat superiQr shall not apply as between Lessor and Lesse�, its officers, agents, employees, contractors and subcontractors. Lessee further agrees that nothing herein shall be construed as the creatian of a partnership or joint enterprise between Lessor and Lessee. SECT�ON l.9 NOI�I�DYSCRIMIIl1ATION COVENANT. Section 19A1. Lessee, %r itself, its personal representatives, successors in interest and assigns, as part of the consideration herein, agrees as a covenant running with the land that no persan shall be excluded frorn participation in or denied the benefits of �.essee's use of the Leased Premises on the basis af race, color, nadanaI origin, religion, handicap, sex, saxual orientation ar fam,ilial status. Lessee further �grees far itself, its personal xepresentatives, successors in interest and assigns that no person shall be excluded iram the provisian of any services on or in the construct�on of any iinprovements or alterations to the Premises on graunds of race, color, national arigin, religian, handicap, sex, �exual orientatio� ar iamilial status. Sectian 19.02. Lessee agrees to �urnish its accommodations and ta price its goods and services on a fair and equal basis to all persor�s. In addition, Lessee covenants and agrees that it will at all times camply with any requirements imposed by or pursuant to Tit�e 49 of the Cade af Federal Regutations, Part �1, Nan-Discrimination in Federally Assisted Prag�rams of the Department of Transportation and with any amendments ko this regulation which may hereafter be enactad. Section I9.03. Ii any claim arises from an alIeged violation of this non-discriminatian co�ve�ant by Lessee, its personal representatives, successors in interest or assigns, Lessee agrees to indemnify Lessor and hoZd I.essor harniless. Fort Worth Mercado Project I9 SECTION 24 LICEIlTSES AND PERMITS. �e�tian 20.01. Lessee sliall, at its sole expense, abtain and keep in effect all licenses and pernuts nec�ssary for its operations. ' SECTION 21 �NUE AND JURISDICTXON SectiQn 21.01. If any action, whether real or asserted, at law or in equity, arises on the basis of any pro�ision of this Lease or of L,�ssEe's aperations on the Leased Premises, venue for such action shall lie in stat� coarts located in Tarrant Caunty, TexaS or the United States District Court ior the Northern District of Texas, Fort Warth Division. Section 21.0�. This I.ease shall be construed in accordance with the laws of the State of Texas. SECTION �� MISCELLANEQUS Section 22.0�. At any time or from dme to time, Lessee may, in conformity with all laws, ordinances and ragulations, construct or erect upon or attach to the Leased Prernises such signs, insigt�ia, billboards, and symbols as-it may desire. 5ection ��A�. If I.essee does not exercise its option to purchase the Leased Premises, upon the termiz�atian or expiration of this Lease for any reason whatsoever, I,essee shall vacate and surrender the Leased Premises, and giva peaeeable passession thereaf to Lessor. SECTION 23 W.A�VER, SECTION HEADINGS, A1�ID SEVERABILITY 5ection �3.01. Neither this Lease nar any provision hereof may be changed, wai�ed, discharg�d, ar ternunated orally, except by an snstru�nent in writing, signed �y the parties. Thzs I.ease shal� be binding upon and in�re to the benefit of the parties hereta and their zespective successors and assigns. • Sectian 23.02. Tne headings in this Lease are inserted for reference only, and shall nat define or �imit the provisions hereof. Fort Worth Mercada Project 20 Section �3A3. This Lease may be executed in several counterparts, each of which shall be an original, but all of which shall constitute one insttvment, Section 23.04. Tn the event that any clause or provision of this Lease shall be held to be invalid by any court or competent jurisdiction, the invalidity of such clause or provision shall not affect any of the re�naining pravisians hereof. SECTION �4 1lTOTICES Section �4.01. All notices, consents, or oth�r communications required ar permitted here�nder shall be deemed sufficient if given in writing addressed and maiied by registered mail, ar delivered to the party for which the same is intended, as fallows: to I.essee: Deyla Gnadiana 2015 North M�in Fort Worth, Texas ?d106 ta I.essor: Robert Sturns witi� a copy ta: Econnmic and Community Development City of Fort Worth 1000 Throckmorton Fort Worth, Texas 76102 CynChia Garcia City Attorn�y's Office 1000 Thrackmarton Fort Worth, Texas 76102 or to such other address as such party may hereafter designate by notice in writing addressed and mailed or delivered to the other party hereto. SECTION 25 ENTIRE UNDERSTANDII�iG Section 25.01. This Lease expresses the entire understanding and alI agreements of the parties hereto with each other and neither party hereto has made or shall be bound by any agreem�nt or a�y representation to the other party which is not expressly set forth in this Lease. Fort Worth Mercado Project 21 IN WITNESS WIIEREOF, th�e parties have executed this Lease in rrxultiples, tkus z� �� day af � ��1 2002. , LESS4R: CZTY OF FORT WORTH BY: i .! � ` �1 _, Reid Rector � Assistant City Manager APPRO D AS TO FORM AND LEGALITY: � : - - .... City Attorney ATTEST: 1 1 � '� _ " � _ ity S�creta �.-��o� �__,� _� Cont��x � �h� i��i�� !-.... _ � � _s=v..�� -w�� sa. __ .r_-''_�.. _"_'�. ��a�! LESSEE: FORT WORTH MERCADO I, L.P. BY: FORT W4RTH MERCADO, INC., GENERAL PART'NER . . � � , �, ��..�:.. � . ='` .• . ' / • % { :.-%./- - �beyia Guadiana Presid�nt lUl+�� I, �`. 22 � STATE OF TEXAS § . § COUNTY OF TARRANT § BEF�RE ME, the undersigned a�thority, on this day personally appeared DEYLA GUADYANA, President of FORT WORTH MERCADO, IliTC. General Partner on behalf of FORT WORTH MERCADO I, L.P., known ta me to be the person whose name is subscribed to the foregaing instrument and acknowledged to rne that she had executed the same far tha purposes and cansiderations therein express�d, as the act and deed of said limited partnership, in the capacity therein stated. ;.� GIVEN UNDER MY HAND AND SEAL OF OFFICE this �.i day af Qctober, 2002. t.�..:� .. ,. � �.. �.....g�._ ..�,.�&�e,� i ,Sf111�� } _ =o �,pY PV�(��i� �i1'i� � LAI�l� - �- �: n� hIDlC7ry All{1�G. $1diA OQ YB%� ., �'%,�;.� ,..�E+;`� My CQiCiRlis5i0�+ El�ItP.S i16�2�414 s �+�+ii �►��` - .�..,...r,....�......� - - --- --- ,�....]', �TATE OF TEXAS COUNTY OF TARRANT . / � � �- � N Publ' tate of Texas � �%i/�, , _ � .�" This instrumeni was ackr�owledged before me this the �� day of , 2d0 by the City of Fort Worth, by and ttu�ough its duly auth4rized Ass tant City anager ` �i�� , on behalf of the Ciiy of Fort Worth. =p� �p��} [1VS��LIi DAR�GS ��G IVOiARY pUBLIC ��,i�� 5ta#e of texas ./� ��,�^ Comm. Ex�. 03-�1-2Q05 ��`�}.� pu `�."` ""''.,' `.. „`.. - Noiary Public, Sta�e of Texas �� o.a, . 23 �x�:,�',� � v �'or� �7orfit� �,�r��do 1��. Wednesc�.ay, oceo6er 09, zoQ2 �o�rt 5tu.rns , �iiy��f Fort'�Worth - �corio�iic D�v�Ioprnen.e bepa.xzment � "� _ . .._ . _ _ _ . _ Qscar F�.oses . . . � , . . - - - A-- -.. . � , .. • -- � - �ozx'Worth F..�anomic pevelopmenz Carp. Enclosed is a 1�t�ief�des�riptian of the proj�ct we p�opose to build ar 15Q0 I�axth Ia�ain in - - � . . - rh� azea �txo�rr. �� he�i�y as "Fort Woreh ,Mercada �roj��. .. �.A -- - . . ... . . This gril.Z be one b�ding approacimaee�y 5�,0+44 s�u�re fe�ti v�iCh r�wo f�oozs ot� �o� e�ds - . • -. , . .. . _ _.. -- - - an�. C�►e centf�* SecCipn Yo �e th�e {lo�rs. The fi�rst floor will all be us� for xe�ail wi�h exr�pt�ion of a restauran� an a�e ettd af rrhe building. ihe seeor►d floor wi�l be us�d as .. �prc�Fessional ofFice�space �nd possible res�aurane exp�nsian, �Tho chird floa� i.s .., • appr�rdrnaLely 6,D�0 feet rhat can be divided a,ccatc�ing to ics use. "71iis rhi�d �I��r r�vill als� have a roa� top tetx�a.ce. �'he �aYg�r�d use ^ecril�l hc ews a�onference qr banquec h�ll or as a rece�t�ion faci�ity �nr weddings, farniIy �atherin�s �at� €�+etxts o� this riaeuxe. � ,Pt Pas�o sixs dit�ctl� undex t'he �hird fla�rr. 'Ciy.es Pa.aeo is a laxge apen �ea with a fauntait� rha� a►i.11 create a�orxr go the parkiag area iixi the ba� �f rhe �zil�ing and i� w'i,1� �lso create at� area to promoc� acrivi�ies such as musicals, �xt e�iibirs, and eaxetra�inme�.G Ti�is bttilding and rhe recepkion �rea �ri�l be adtruni�t�rec� it► hvus,e bq �ort `�1'arth 11�e�cado Xnc. T�ank y�u, � ,� G�'�' �. � T.��ly� Guadiana � �Pesid�nt, Pare �lot�h M�rr.ado XnC. 20T� �. 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74,$41.2tl $173,34D.8i �i�'�2,175.58 � ffi171,oa�.5� $1 �8�@34.5'T $1�B,B50.T2 �i�7',�55.96 �1��,2�s.2s �t��,as1-�o -$163,�@ 1,9� $l�2.677,3�6 $181,467,89 $1$O,ZS3,B0 $159,033.24 $167,8Q8,41 $136,578,�47 $1 a5,343.41 $� �,� os.zo �152,8S7.s2 �161,6a7.26 $7 5��351.48 S14@A90.47 �147.��.21 $14Ei�552�fi'7 $145,�75.@3 $�43,g93.5Y $74�,7�8.17 �741,418.31 $140,11 �,C� ��38,917.40 5157,50�,30 $13��1 �7.78 5134,8s7.73 �139,542.2i 5132.294.16 �� JAN-o�-zo03 TUE ii�o7 AM FW �coN DEV coR� � FAX No, 8i7332s456 p, p��ag Amor4 158 7 59 160 iB1 1fi2 1S3 1 fi4 1B5 tss i 67' rse i�s 170 171 t�� 173 174 175 n� 177 �7a 479 'f8� 181 982 183 9 84 195 1�8 187 988 189 19� 'fg1 19� is3 19� 'f 95 hs� 197 198 1�9 �D4 iz�� 1�1IiB 2111 j 6 3�1�1s 4HH6 5I1l1s B1'jl1S 7'lir�s �JiHfi 911 �1 & 1 or1,1 � 111911 fi 1211116 119l1Z zr�n� 311f17 �!'1l17 91'1I17 ��i� Yf�ll7 �ni�y 911/17 1or1H� 411i117 12ltft7 1h��e 2/111 B 317I1@ as��$ 511l18 s11/18 71yl18 8I1/19 911/1 B 1fl11l18 iv7na 12111'�8 111l1 B �ti�s 31411 B 4!1l19 �Ml9 9 &/1J19 S.O�O�16 5.aoo� 5.�D6°k rJ,'QQd°Iis B.UQOo�G 5.0�096 5.�04'°� rJ' .{i��°/6 5.0404� 5,L1GDP/q s.aanp� 5.Q00°i6 6,004� 5.�60Wo 5.a40°.6 5.Op0�,4� S.f�UO% �,044°.6 s.�on� 5,000� b,040°r6 5.p�095 6,�OA°6 s,ana�, 5A�% 5.40�96 5,Od0�Ya B,DOa°/v S,DOp°�6 5�600°�v 6.000% 5,Qa0% S.GQ�1°� 5.�0�% 5.Ofl0°fo s.aaa� rJ,QO�°� 5,6D�°% g,00d� 5.000^.6 5.�I3Q9�b S.ObD°,6 �.av�� 1,987.47 31,�87.47 �1,�97.a7 $1,68T_47 51,��'�:�7 $'1 ��6i.47 $1,B�i,47 $1 �9�7.q7 $1,��7.47 $9 ,��7.47 31,sa7.47 $1,8�7,bi 54 ��67.�7 �h,ea7.47 ��7.4q �1 �E5�7.�% 51,68iA7 $'E,S87.A7 �h,��.�� S7,P�i,4% �1 �8�7.47' $1,8$7.$7 �7 �s87.47 �,,ae�.�r ��,s8i.a7 �1,887.47 $1.887.47 �9,887'.4i �7,es�.a� $T,&87,47 $1,$87.47 $ f ,887.4y $1 ��87.�i $1,887.�7 �1,887.47 �1,887.47 $1,887,47 �1,&�7,47 $1,SB7.47 S 1 ��97,�47 �1,@�?.8Y $1.��7.47 $1,887.47 bs�a,ae $&45.31 �539.72 b.534.i 0 $525.46 $szz.a� �517.� 1 �5t 1.�1 $5D�.$7 $4�5.91 $494.13 $+4�1@.33 �4$256 347�,84 �70,76 566�4.85 �4'�5.83 $4�.9� �4�.U0 �a�7.o� $+134.9H $438.9� $A2�.85 $418,74 ��o.�a �{d4,46 �998.38 �asa,aa s3ss,es $379.�9 �373.31 $3A7.Ofl $�350,66 �,aa �a47.91 $341.50 �33$.OB §3i@.59 �322.d9 �316,57 s349,U2 . �30�.44 $�g5-&M1 �1,336.59 �1,3�sZ.1 � �1 �347�78 $t,353,37 $1,359.04 $1 �384.67 �1,370.36 �1,316.07 $1,369 _8CI �1,3�7.5& �1,393.3d 3i ,38,8.1 S �y,ao4.9s S�,a1a.�3 $1,448.71 $1,42d.61 S1 ��26, 5d $7,4�4.48 $ 7 ,d44.47 $1,4s��.47 S1,b52.b0 �i,�F58,S� �7,�-�3 $1,+i7D.73 $1,47$.86 $1,�l83.D1 �1,�d$9.99 �i,49s.aa �1,50'1.63 $1 �547.88 $7,51d.17 �1 ��Q.47 �1,5�s.81 $1,533.17 $'I �53g.5B �1�545.$Y �9,552,b2 �9 �858.�� $1�5a��3� $'� ,�"71.3J �i,5�8,45 �1 �585,a3 $1��9'i,83 5134,87�,87 $729,532.4a $128r1&4.65 ��zs,�si,za �i2s,a7a,2� �124, y 07.80 �1�2,737.24 �92i,3s9.17 $115,879.39 .$11�,5'�1.81 $177,158.47 $795,799.� $194�394.'J4 $112,9@3.51 �i11,568.80 $��a,1�a.19 $108,79 5.85 $�o�,ae�.�� $t05,84�.69 �ina,asa.�� $702�9e41.73 �1 D1,4�3.18 $40D,G18.55 �sa,�r.a2 ��,ora.ss �85,5$7.95 �s�,as�_�s lfi92�l�3.37 � $g1�4Q1.74 �$51,593.�6 $9$�078.BS $e�,�s�.zz �85,03�.4'! �83,4�5.�3 $81,959,�7 $80,413�7� $T�,@6i.�8 �Tr,�oz.aa $i3,737.0�^ �74,'i �'i.12 $7�,�@�.Bfi �71,aa1.�q $59,410.L7D �a�� J�N�a7-20�3 TUE 11,08 A� FW EC6N DEV CdRP FAX �0, 8173326456 P, Ofi/Q8 Amor� ��1 zoa zas 2Q4 zos 206 2�� zc� 209 210 211 zi2 219 214 215 21� 217 2t8 219 22L! 221 zza za3 224 22S 2�zs a�� aae 22S 230 231 �sz a�� 2�J� �35 23@ 2,37 �3� 23S zao , 52�9.21 �2az.56 �zr�.gs �$9.15 �282.44 $2'S5.63 5248.83 $242,01 $�35.15 �5,25 �?21.35 $a1�.a1 5207.dd �aon.�e $993.�1 $7 ��.a5 Si�s,ae $77�.1 � $1 B5.OU �157.8�' �150,�1 $143.3� �13�.71 S7�$,81 $127.�$ $114,1� �106,74 $99�3a $9'1.87 $&4.38 $78.87 �89.33 $�t.�� {.15 �i46.51 $3�.64 $31.13 $�23.40 �� s.s� ��.ea $1,598.�7 �4��4.9� $1,6] 1.�'i �1,8� �.3a $1,&25.fl7 S1,k�31.84 ffi'� ,638.64 $1,845.47 $1,g52.32 51,855�.21 �1,88G.12 ;1,87�.� �7 �6�0.� �1,B�i.aa $1��s4.OF ��,�o1.iz s�,7os.z� $1,715.33 51,�aa.4� $1,729.d6 $t,73�.88 51,744.10 a1,751.36 $1,758.8� �1,765.99 �s,Tra.a� $1,7�0.74 $1,�'�e.1& $9 ,795.f 1 $'{,803.a9 ��,aia,so �i ��aa� si,e25_r2 �'�,633.33 �1 �840.9T �1 �S�b�a6� $7��5fi.34 $1 �BS�,O� S7,a��.a� �t,��s.sa $67,�91.74 �ss,zo6.e� �6�,595.20 �2,975,B7 $fi1,351.98 �59,71 �.9b $5�,061.3a ��,43s.86 $5�,7@3.53 �i53,1 �4_32 �51,��B.�o 3��,T�5.14 �4�,145. � o �as,41 �.a7 $44,724.0� $+t3,G22.�81 $:41,3'14.�7 �39,599,34 $37,876�86 $38,1a7.21 $34,47 D.35 ��,se�.as �'i30,914.89 $29,156_Z3 �z�,asn.aa szs,s�s.s� �r�3,�3&_15 5�2,��.oa �Z�,2��.39 $1�,419.sa ��,ea�.�a 574�92A.�6 $7 �a,994.a3 $17,9�`1.�0 $9,3Z0,54 $7,471,90 $5,815.56 $3,751.4$ �t ,a�e.sa '�0,80 ffi732,62�.3� 3118�OoG�Ofl Pac�e � ��r1� 8I11i 9 8l1119 ho11►1� � vt��s ��ns 1171�0 211/20 311120 411l20 5/'E12Q �/1 �o 7l9I20 8l71'zo 911/2� 4 cV1 �20 11 �9 �a 1?111�0 i11121 �/1 �1 3li/21 411121 511/21 er��ai 71�121 ��iz� �n��a 1o��rz� 11/iJ21 92JV21 �r�r�z zMrzz yirxz 4J1J22 .�'i/1l22 611I22 711122 @11I22 sr7raa ��rtir�a 5,�A�4la 5,�04°% s.naa� S.�UO°�6 S,BUdQln 5�@0�°16 5.Ofl�1°,�0 �.aao�, 5.0�096 5,00496 5.004% 5.UD0°% 5,OGQA� 5, q�4°k 5.�QOo.6 $.00Q°10 5.�oDy� rJ.�9/� S.�A04�o 5.0�0% 5.�16°.� s.00a�b �,�oa� S,Aa�°% S.OQbq�6 5.Od0a� �,t�96 5.�°r6 5�GOp°�b s.�ao�,� �.000� 5A�4% s,�oa�,� 5.fl0�°/u b,0069�0 s.aoo� S.08G°l6 5.9Q�°/a �.a�o� s.oao^� �1,��'�.a7 �1,�67.47 s�,��p.a� $7,887.a7 �rt,��p.a'� �1,88i.47 51,��.47 �1��.a� �'i,�87.�7 $7,8�i.�7 �t,�67.�y �9,@�i,4�' $1,8�i.�'7 $1 ��ei.47 ��,ea7.47 ��,a��.�� $t,��7.47 $�,e67,47 51�687.47 ffi1,897.4i $7,887.47 *�,as�.ar $i,B8�.47 ffit,s87,�7 $1.887,�7 $'i,887,��' $ �.ss'�,a1' $1,&87,47 3'f.8B7,47 �1�9�7,r67 $1,887.47 $1,887.A?' �1,88�.a� $1,SEl7.47 �1,687.4i $1,�87A7 $1,887,47 �1,&87,47 �t,aa7.�� S� ,�e�,�� JAN-07-�D�3 ��E 11�d8 AM FW �GO� DEV CqRP ��X��O. 5173326�56 P, a8/08 Amor� 9�fi428,��16 ��g� i � � �i'��//v� / % �" PRo�rrssouv �oTE (CONSTRUCTION AND PERM�NENT} (Fixed Rate) �3,1 �?,?97.0� October 28, 2002 For value recei�ed, F�RT i�VORTH MERC�DO Y, �.P., a Texas lirnited partnership, as principa] ("Borrawer"), promises to pa_y to the order of THE F�RT WORTk� ECON�MIC DEVELOP�I�IEIYT CORPORATZON, a Texas non-profit cor�orat�on {"Lender") at 115� South Free�vay, Suite 215, �'ort �Vorth, Texas 76104, or at such ot�er address as Lender shall from tiine to tiine specify �n writing, the principal sum of THREE MILLIQN �NE I�[JNDR.ED THIRTY T�� THOUSAND TWO HUNDRED NINETY SEVEN AND N� /la0 DOLLARS {�3,1�2,?97.Q0), ar sa much thereof as fram time to tiine may be disbursed by Lender, and is OUtSCiii1C�1Xi�, under the terms of that certain Constntction Loan A�reement (Canstruction and Per��zil�nt) a� even d�te herewitli bet�veen Borr�wer and Lencier (the "Loan Agreement"}, ta�,7etller �vitli interest a�i the outstandin� princi�al frai�l the date advanced until paid at the rate set out be{a�v. Interest sh�ll [�e computed an a per anr3ui71 basis of a year of �60 days and for the actual numver ot' dzys elapsed, uniess such calculztian would result in a rate greater thai} the hi��f�est rate permitted by applicabl� la��, in whicl� case interest shall be cam�uted on a per anr�uiz� �asis ofa ye�r af3G� da�v�s ar �G6 days in a leap wear, as the case may t�e. l. De,�cr•��»iui� rlf' I nurt. Tllis Nate represents both a construction loan and a peri��ai�ent laan. Reference is her�b�� n�ade to the Loa�1 A�reement for C�[rtcilIl defnitions and oti�er ter��ls t1I�C� COIIC�ItIUllS �V�11CI] �raver�� the a��reements of Barrower and Lender re+�ardin� the loa�i repi�esei�t�d by tliis N�te. Tile derinitions of terms nat otherwise defined herein arE as set fo�-�i� in the Loan r��reement. �'. 'l��r•rr�.,• .=��ar�licuhl�� Dr�ril�;. rl�c: (.'rl�r.�•��•r�c�rr»r P�rir�c�. a. 1'utirmr�r� 7��1•nr.ti�. Durin� the Coristru�tion Period, interest anly sha91 t�e due and 4�ay�able iz�o�itl�l�� as it accrues on the lst day of each and even� caiendar mornl7. be<<inninV7 Decei�iber I, 20a�, and ca«ti�luin�7 re�ufarly and monthly thereafter until aiid 111C�11C�111� November 1, 2403, on �vhich ciate aii interest then remainin� un�aid, shall be then �t�e and payaUle; interest beinS7 calculated on the unpaid principa] each da� prEncipal is ��utst<zncii�i� a�1ci 111 pa}'�i�ents made credited to any collectio�l costs and late char,es. to tliL r�iscl��r�Je of i�itel-�st acc�l�ed. in such order �s Lender shaU deteemine. L b. Iii�crr��.5'� I�u��. Tl�� utSpZid princip�l balance of tlus Note slzal9 b�ar interest ��-ior to mat�u-it�� (ho�ti��•er s�ieli n�acuritti• is bro��Pub about) at a fi�;ed ra�e ot'fir:�e percent (5%) 4)t'i' (il7�l11111. limited ta any stach rights, remedies or recourses under the Laan Documer�ts, at law ar in equity, ar (v) pursue any combination of the foregoing; and in the event default is mad� in the prompt payir�ent of this Note when due or declared du�, and the same is pIaced in the hands of an attorney fnr collection, or suit is brought an same, or the same i� collected through probate, banl:ruptcy or other judiciai proceedin�s, then the Barrower agrees and promises to pay all costs af collection, includin� reasonable attarney's fees. 3 Jc�i»t crr�c� Seti��.�ral Liahility_; Wairer. Each maker, signer, surety and endorser hereof, as ti�+eil as all heirs, SUCC�550T'S and le�al r�presentatives of said parties, shail be directly and primarily, jointly and severally, liable �or the payment of all indebtedness hereunder. Len.der may re�ease or �rodify tl�e obligations of any of the fore�oing persons or entities, or �uarantors hereof, in connection with this loan without affecting the obIigatians of the others. Except as specifically provided 1lerein, ali such persans or entities expressly waive presentment and dema�ld for payi�ent, natice of default, notice of intent to accelerate maturity, notice of acceleratioc� of maturiFy, pratest, notice of protest, notice of dishonor, and all other notices and demands for w11ic11 waiver is not prahibited by law, a�ld diligence in the coile�tion hereof; and agree to all renewals, exte�lsions, indulrrences, partiai payments, releases or exchanges of collaterai, or taRin� af aciditinnal collateral, with or witl�out notice, before or after maturity, No delav or omission oi Lencier in e�ercisin� any ri�ht ]lereunder shall he a waiver of such right or any oth�r ri�,ht t�nder tllis Note. �� Nr� Il.��,ir�� t�►fc.�lrcl��l; IIti•rrrti� .S'a��irr_�rs• t,larr.��c.�., ln na event sha!! interest contracted for, char��ed oi- received hereu�lder, plus any ather cfiarges in connection here�vith which constitute interest, e�ceed the lI1c�Xf111U111 interest peri�itted by applicable la�v. The amounts of such. interest �r otl�er char�es previously paid to the halder af the Nate in excess of the amaunts pern�itted bv a�plicable !aw shall be applied by the holder of.the Nate to reduce the principal of tlle ind�Utedness evidenced by the Note, or, at t11e aption of thE hoIder of the Note, be refunded. To the e`te��t permitted by applicable law, detenninat�on of the le�al maximum amount af interest �hall at all times be made by amortizintr, proratin�, allocating and spreadinQ in equal parts duri«�r the periad ��f tlle ti�ll stated tefm o�tlie loan and inde�tedness, all interest at an� time coritracted tor. chai��,eci ��r received fraEn tl�e Borrower hereof in connectio�� wit11 the loat� and indebtedness evide�tced hereb}', st� that tl�e actual rate of interest on account of su�h indebtedness 15 ll!]]t01'Sll ifiCOU��lwut tlle terni hereot'. IC►_ ti'c�r.�lrril�'. Tltis Ne�te llas been e�ecuted and delivered pursuant to tiie Laan A�reem�r�t, anc� is secured l�y, inter alia, the followin�: (a_} a Deed ot Tnist, Sect�rity A�reement - Financin� Statement (the '`Deed of Trust") ot' e��en d�te h�re�vitl� from Borrower in favor of Oscar Flores, Tn.istee for the b�:��tit c.�t the Lender, co��erin�r a]easel�ald estate which relates to certain re31 property �itu�tted in Tarrar�t Cc�ui�t�f, Texas, as more particularly described therein (the ..�� 0��1�tjr,��, (b) an :�ssi�,rnnent of` Leases and Rents of even date hereivith #io�r� Borrower i�t i;��ar ��f Lender. � , � This Nate, the Loan A�reement and all other documents evidencing, securing, goverrung, guaranteeing and/or pertainin� to this Note, including but not lirruted ta those documents ciescribed abave, are ]lereinafter collectively refarred to as the "Loan Dacuments." The holder of this Nate is entitled to the benefits and security pravided in the Laan Documents. 1 I. Texas I'irrrnrce L'nc�e. Tn no event sha�l Chapter 346 af the Texas Finance Code {which reaulates certain revolving Ioan accounts and revolving tri-party accountsj apply to this Note, To ihE extent that Chapter 303 af the Texas k'inance Cade andlor A.rtic�es 1D.002 and 1D.Q03 of the Texas Credit Title are applicable to thas Note, the "weekly ceiling" specified in such artEcle is the applicabie ceiIin;; provided that, if any applicable law permits greater intere�t, the law perrnittin; the ;reatest interest shall agply. 12. Go��erjrii��r LcnN. Y'cr�r�c�,. This Note is being executed and deIivered, and is intended to be performed in the State of Texas. Exeept ta the ea�#ent that the Iaws of #he United Siates rnay apply ta tlie terms hereof, the substantive laws af the State o£ Texas shall govern the validity, construction, enforcement and interpretation of this Note. In the event of a dispute involvin� this Nate or any other instruments executed in coru�ection herewith, the undersigned irrevocably a;rees that venue far suc� dispute shalI lie in any court of competent jurisdiction in Tarr�nt County, T�xas. 13. Prri�xl.s•c� r�fLaarr. Borrower agrees that no advances under this Note sha�l be used for personal, family or hausellald �urpases, and that ail advances hereunder shall �e used solely for bitsiness, co�nmercial, investment, or other similar purposes, l�}. Ccr��liurr.s, Th� ca�tions in this Note are inserted for conve�ruence only and are not to be u5ed to limit the terms herein. 1]. .ITif�rrirci�r� 1'rrff�r»1atic�r�,, Barrower agrees to promptly furnish such financial i�forination and statements, includin; financial statements in a farmat acceptable to Lender, �15f5 of assets and liabilities, a�in�s af receivables and payables, inventary schedules, budgets, forecasts, tax returns, and ather reports with respect to Barrower's financial conditi�n and busines; operatians as Lender may rec�uest from time �c� time. This provisio❑ shall not alter the ob�i��atio�� of Borrower t� deliver ta Lender any other financial statements or reports pursuant to t17e teni�s of that certain Loan Agree�nent oieven date herewith between Lender and Borrower. 16. Limitation of Recat�rse. Subject to the pro�isions set fortt� belaw, Borro�ver sha�l not be pei•soi��lly liable to pay the Laan and Lender agree� to Iaok solely to the Property and an�� other coilaterai E�eretofore, now, or hereafter pleciged by any party to secure the Loan. Notwitl�standin� the fare�oin�, Borrower shall be persanally liabie (a} for aII proceeds and incoi�le froe�l tl�e Property and the o#her assets s�curing the Loan coilected after a Defa�lt rnrhich are not ap�iied in �ayi��ent of this Note ar expended in connection with the operation of the Pro�aert�� in the ordin��y course of business; (b) FoX payment of alI damages, including but not Iimited ta lttorneys' tees and expe��ses, arisin� from: (i) frat�d; (ii'? material i��isrepresentat�on; 0 {iii} misapplication or misappropriation of fiinds {such as insurance proceeds or condemnation awards) which may come into t�he possession of Borrow�r; {iv) waste to the Property; (v) the obliaations set farth in Section 6.6 of the Deed of Ttust which relate to environmental matters; (vi} failure to pay ad valorem taxes and insurance premiums; and (c) for payment of tl�e principal, alI accrued interest and any other arnounts due and owing under the Loan Dacuments in the event of (i) an unauthorized transfer in vioIation of Section 6.4 of the Deed af Trust; (ii) the ereatian ar existence of any "Subordinate Mortgage" in violafian of Section 6.5 of the Deed of Trust; (jii) the failure to permit property inspections as required by Sectian 2.2(j) of t�e Deed of Trust; or (iv} a breach o£the Lease Covenants contained in Section 2.3 of the Deed of Tnist; and {d) for all casts of collections (including �ut not Iimited to reasonable attorneys' fees and accountants' fees and expenses) in any way reiated to the :Foregoin�. T11e limitatians of liabil�ty as set forth in this para�raph sha�l terminate upon any termination af the Lease in violation of Section 2.3 of'the Deed oFTrust or an transfer in violarion of the pro�isians at� Section 6.4 of the De�d of Trust. The provisions of this paragraph shali in no way limit or impair Lender's enforcement a;ainst the Property o� any o�her security granted by tlie Loan Docume��ts of any of Lender's rights and remedies under the Laan Doc«i�ients. I6. N��icc.�.��. All notices, rec�uests, de�nands and other communicatians requiretf or penritted hereuilder shall be iii writing, and shall be dee�ned to be giver� or delivered when actually received by the party to who�z� directed, or, if earlier and regardless of whether actually recei�ed, upon depasit in a re�ularly inaintained receptacIe for the United States mail, re,�istered or certified, posta��e fuliy pre�aid, addressed t� tl�e �arty to wham directed at its address set forth below or at such other address as suc1� plrty may have specifi�d previously by notice actually received by the other party; If to Borrower: Fort Wort� Mercado I, L.P. 2015 North Main Street Fort Worth, Texas 76106 If to L�i�der: Fort Worth Economic Development Corporatian I 1 SO South Freeway, Suite 21.5 Fort Worth, Texas 76104 5 Bo�avvER: F4RT WORTH MERCADO I, L.P. a Texas Iimited partnership By: Fort Worth Mercado, Inc., a Texas corporation Tts General Partner �..?': ! -��`'�"�. c i �Deyla Gua �an�. Presic�ent G CONSTRUCTION LOAN AGi2F_^FN�N'1' (Construc�ion and Permanent) THIS C�NSTRUCT��N LOAN AGREEMENT dated October 28, 2002, is made by TAE FORT WORTH ECONOMIC DEVELOPMENT CORP��ATION, a Tex�s nnn-profit corpor�ttion ("Lender"), whose address is 1150 Sauth Freeway, Suite 215, Fart Worth, Texas 76�04, and F4RT WORTH MERCADO I, L.P., a Texas limiied parEnership ('Borrower"}, whose address is 2015 North Main, Fart Warth, Texas 76106. ArticIe I DefiE�itions and Use of Terms l.Ql Cerr.ain. Defan,ition.r. As useci herein, the following terms have the meanings indicated, unless the context otherwise requires: "Advance" �r�eans a disbursement hy Lender of any of ihe proceecis of the Loan or Borrower's Deposit. "Af�davit of Borrower° means a swam affida��t af Borrower (and such other parties as Lender may require) ta the effect that all statements, invoices, b�ll.s, and other expenses incident to the acquisition of the Property and the construction of the Impxovements incurred to a specif'ied date, whether or not specified in the Approvecl Budget, have been paid in full, except for (a} amounts retai.ned pursuant to a Construction Contract, and (l3) items tv be paid from khe procee�ds of an Ad�ance then being requested or in another manner satisfactory to Lender. "A�reement° means tlzis Construction Loan Agreemeni, as the same may from time to time be amended or supp�emented. "Ainortization Period" r�eans nintEen (19) years, commencing on tt�e I.oan Conversian Date. "Apnlication £ar Adva��ce" means a written application by Borrower (and such other parties as Lender may require) to Lender, on a form approved by Lender, spacifying by name, current acidr�ss, ar�d amou3lt a� parties ta wham Borrower is obligaied for �abor, materials, or services s��pplied for the canstr�ctian af the Zmpxovements and all other expenses incident tn the Laar�, the Proper�y, ancl tf�e eanstruction of the Improvements, whether or not speci�ied in the Approved Budget, requestin� a�� Advar�ce for the payment of such items, cantaining, if request�d by Lender, an Affidavit Qf Barrawer, accampanied by such documents as Lender may reasanably request. "At�nroved Bud�et° means a budget and cost itemizafion prepaxed by Borrower, ar�d approved in writing by Lender, sp�cifying the cost� �y itern of (a) acquisition of the Land; (b) all iabor, materials, a��d services neeessary for the constn�ctian of the Improvernents in accordance with the Plarrs, a�1d �11 Governmental Requirements; and {c) all ather expenses anticipated by 1 }i Bflrrower incident to the Loan, the Property, and the construetian of the Tmprovements. The Approved Budget is attached hereto as Exhibi� D. "Architect" means Boz7rower's axchitect (and/or engineer) lieensecl i� the State of Texas, acceptable to I,ender, and nameti in Exhibit C. � "Architect's Agreement" means a wrikten agreement duly executecl by Arclutect in favor af Lender (a) consenting to t�3e assign.ment and encumbrance hereunder af the Plans and of Borrower's Rights in the Architeckural Contract, if any; (b) agreezng io continue performance under the Architectural Contract, if any, at the r�quest and for the benefit of Lender or its designee; (c) certifying Ehat the Plans comply wit�l all applicable Governmen�al Rec�uirements (and have b�n approved), and dlat the Iinproveme�7ts if constructed substantaally in accQrdance with the P1ans wiil have direct and free access (adequate for the intendeci uses of the Land and Improvements). ta arid connectian wiih one or more dedicated public streets and thoz'oughfares and water, storm and sanitary sewer, gas, electric and telephone lines, pipes and services; {d) subartiinating all ]iens, securify ii�terests azid c�aims of Architect against the Property, Borrower and the Pia�is, to those of Lender uncler the Lc�� D�ctu�lents; a��d (e) respecting suc}� othex matt�rs as Lender may require. "Architectural Coi}tract" ine�v�s a wntten agreement between Borrowez' and Architect for arclutectur�J services pertaining to constnaction of the Improve��Zents. "A557�t1[31�11t Ot Lec3Se5 alld R�niS�� mear�s t11e Assignment af Leases and Rents.covering leases, rents ��d otller il�come derived from tf�e Land a�Zcl Improvements ta secure payment and performa�lce af the Obligatian. 'Borrower" means aIl parties named Borrower in the first paragrap� o� this Agreement. "Borrower`s Depasit" I�ltentionally Deleted. "Business Dav° means a day otlier. tllan a Saturcfay, S�nday or a day on wliich commercial k��ilcs in Fort Worth, Tex�ts, are autl�orizeii to be clased. "Closin� Date" 111�175 Zfl� C�05111� Da�e SP�Cif� 171 EX}]Ib][ C. "Code" mea�ls tl�e Unifor�l� CoEnmercial Code of the State of Texas or of any other state havinb jiirisdictia�� witli respect ro any af the Rights of Lender under the Loan Dflcuments. "Commit�z�e��t F�e" mea�ls tl�e Co�nmiti��ent Fee specifie�i in Exhibit B, to be paid to Lender in eonsideratioil of tl�e ct�mmitment of Lender to make the proceed� of t�ie Loan available to Borrawer frnm ti��e to tiEne duriilg ti�e teri�n of, and as pz'ovided in, this Agreen�ent. Unless otherwise providecl in Exhibit B, the Comailitment Fee shal� be paid to Lender an the cEate �ereof. "Cc7il�nletian Date" means th� Completio�� Date sp�cifiad in Exhibit C. � "CanstrEaction Contract" means each agreement made by Borrower for construction of the Tmprovements. "Construction Period" means the period �xtending from the date of this Agreement and ending on the Loan Converszon Date. "Cantractor" means each Person with whom Barrower makes a Constructian Contract. "Contraetor's A�reement" means a written agreement duly executed by Contractor in, favor of Lender (a) consenting to the assignment and encumbrance hereunder af the Construction. Cantract; (b) agre�ing to continue perforinance under the Constructian Contract at the request and far the �enefit of Lender �r its design�; (c) subordinating all liens, security ir�ter�sts and claims of Cantractor against t�ie Property ar Bnrrowez-, to those of I.ender under the Loan Doc�ments; and (d} respecting such other matters as Lender may require. "Current Date" means a date within thirty (30) days prior to th� Closing Date. "Debtor Relief Laws" means any applicable liquidation, cnnservatorship; bankn�ptcy, mozatariuir►, arrange�nent, insoivency, reorganiza�ion, or ather similar laws, damestic or fareign, inclttding but not limited to those in Title 11 of the LTnited States Code, as amended fram time to time, affecting Eiie rights or remedies of credit�rs generally, as in e�fect from time to time. "Deed af Trust" 1T1P,aC15 the Deed of Trust, Security Agreeme�t and Financing Statement covering the Land and Improvements to secure paym�nt and performance �f the �bligation. "Def-�ult" has the �neaning set forth in Article V and in any other pravision hereof using t]�e tenn. "Fi�l�ncial State�nents" means financial informa�ion of Borrower, as set forth in Section 4.16 hereof, as, at the ti��e in question, have been most recenkly furnished to Lender. "Governmental Authoritv" means the United States, the state, the county, the czty or any othez political subdivision xn which the Prop�rty is located, and any court or politica� subdivision, agency, or instrumen�ity having jurisdiction over Borrawer, Guarantor ar the Property. "GOV�ri1117�I1taI RP,CflI1r�111eT1tS�� means all statutes, laws, ordinax�ces, rules, regulations, orders, wzits, 1.�1�LII�Ct1UI1S or decrees of any Governmental. Authority applicable to Bflrraw�:r, Guarantar ar tf7e Prnperty. "In1DrqV�illetlt5" means the Impravements ident��'xed in Exhibit C and more partic�larly described in the Pla�7s, a��d any items, related to the constructian, instajlation, �quipping ar de�oratifln of the I��provements, required by any lease but not covered by the Plans. � "�nsp�ctin� Architects/E��ineers" means Inspecting Az'chitectslEngineers, if any, specified by Le3ider fxom ti�ne to time. "Land" me.ans the real estate described in Exhibit A. "Le.�se" mea�r�s that certain Ground Lease Agreement and Option to Purchase dated Octoher 28, 2002 between B�orrower and the City of Fort Worth, Texas, covez�ng the Land, as saine may be amended from tim� to time. "Leasellold" means Ehe estate created in favar of Barrawer pursuant ta the Lease. "Lender" �n�ns Lender named in the f�rst paragraph of this Agreement and its successors and assigns, in whole or in part. "Loan" means the Loan by Lend�r ta Borrower pursuant to this Agreement. "Loan Documents" ir�eans this Agreernent, the Note, the Deed o� Trust, and suc� ather dac�ime�lts evide��czng, securing or pertaining to tl�e Loan as shall from time to ti�ne be �x�cuted and delivered to Lender by Borrower, or any other party pursuant to this Agreement, including, WI��lOLEt liinitation, each Affidavit af Borrower, each Application for Ad�a.nce, and the Approved Budget, and any futt►re ame�ldments or supplements hereto or theretfl. "I.�o�u� Conversion Date" meaiis October 2$, 2�03, tt�e date upon which the Conszruction Period ends a��d the Loa�� contemplated under this Agreement becomes a permanent Iaa�1. � "Mar�i�} St�ch" l�as the meaning given thereto in Section 221.3{v) of Regulatic�n U, promtilgat�d by tl�e Board of Governors of the Fedez'a] Reserve System, F.R.S. Reg. U., 12 C.F.R. part 221 {Jan��ary 1, 1983 revisio�l}, as ame�lded fro�n time to time. "M�[erial Adverse Ci�a�i�e" means any occurrence or combinatio�� of occurrences wl�icf} co�ld r��so�lal�ly be expe.cted to be material a�1d adverse io khe financial canditaon or business oper�tio�l of Borrower or which could reasonably be expected to cause a Default. � "Note" me�l�ls the Pramissory Note made �y Borrower payable ta kh� order of Lender 1R ��1� I�1aXlllll1111 117101111i Of tlI"1d �V1d�I7Clllg the YA3I7. "O�li�atioi�" means all present and future indebtedness, abligations and Iiabilities of Borrti��er to Le��der arisir�g pursua�lt ta this Agreement or any of the other Loan Documents or otE�erwis�, and a�iy renewals, exte��sio��s or a.mendments ther�of, or any part ��ereof, renardless of wl�ettjer s��ch indebtedness, obiigatians and liaE�ilities are direet, indireet, iixed, contingent, liquic�ated, unliquidated, joint, severa� or joii7t a�1d several. � "ner�l��nei�t Loa�1 Ai��ou��t" means the total amount a�principal and otl7er Advances made by Lender durin�, the CQilstructior� Period for items in the Approved Bud�et, W�11C�1 111 il0 � event shall exceed THREE MILLION ONE HUNDRED THIl�TY TWO THOUSAND TW4 HUNDRED NINETY SEVEN AND N0/140 DOLLARS ($3,132,297.0(l). "Permanent Loan Periad" means the periad foilowing the Laan Conversion Date durang which the Loan sha11 be in the nature of a permanent Saan having a term of nineteen (19} years. "Person" means any individuai, firm, co�ratian, assaciatian, partnership, joint venture, tz-�st, ather entity, utii.ncarporatecl organizatian or Govemmental Autharity. "Plans" means the finaJ. working drawings and specifications for the construction of the I�i�provements {inciuding soil reports and engineering ca.iculations) prepaxed by Architect and as modified or sup�lernented from time to time and approved by Lender, Borrawer, any less� of the Property, if applicable, and, to the extent necessary, by each Gavernmental Authority. "Principal Debt" means the aggregate unpaid balance of all Advances of the Laan az►d all ott�er principal indebtEdness, if any, under the Note at the time in qu�stion. "ProAertv" mear�s the Leasehold, the Land, the Impro�emen�s and all other property, real and personal, naw ar hereafter subject to a right, lien or secUrity interest to secure the Loan as described herein, in the D�cl af Trust ar in any of the other Loan Doeuments. "Ri 1�" mEans rights, remedies, powers and privileges. "Securitv A�reet��ent" mEans khe security agreement cantair►ed in the Deed of Trust sec�ring the payment and performance af the Obligation, covering as collaterai the personai pz'operty (inciuding money), tangible and intangible, �w�ed or use£ul in conneckion with, or ariszng out af any part �f, the Property and any additional collateral specified in Exhibit B and the proceecis af the callateral. "Survev" i7ie��ns a survey of the Land consist�ng of a plat and fialc� notes, prepared by a licenseti surveyor acceptable ta I.ender and the Title Company which survey shall: {a) refl�t the actUal dime�isions of the Land, th� grass and net area af the Land, the Iocation of any easements, rights-of-way, setback lines, encroachments or overlaps �tterEof or thereover and the outside baundary lii}es of any iinprovemeiits located ther�on; (b) ic�entifj+ by recording reference any easements, setback lines or other jnatters referred �o in tiie Tit1e Commi.tment; (c) include the surveyor's registratian number and 5e.al and the date of the Survey; (d) include a surveyor's c�rtificate acceptable to Lender; (e) reflect that the Land has access to and fram a publicly dedicated street, roadway or higllway; (fl be su�ficient to cause the Tit1e Company � delete the "survey exception" i�� Sched�le S of th� Titie Policy to thE extent permitted by the rules of the State Board of rnsura�lce; and (g) reflect rhe area withi� the Land that has been designated by tk�e Federal Insurance Administrataor}, the Anny Carps of Engineers or any ather governmental agency or body as heing subject to special ar increased flood hazards. "Titl� Camvanv" means t��e tit�e company or title campanies named in Exhibit C. 5 "Title Pa�icv° means a m�rtgagee title insurance policy (or policies�, and any reinsura��ce agreement (or agree��ent�} issued by the Tit1e Company in accordance with Exhibit E. 1.02 Hcarlri�.z�s. Tlie headings, captiQns, �nd arrangements used in a�ny of the Laan DocUments are, unless specified atherwise, �or convenience only and shall not be deemerl ta limit, amplify, or modify the terms af the Loan Documents nor to affect the mear�ing fi�ereof. 1.03 Nunaber an�l Gender of Wnrcls. Whenever herein the singular number is used, the same shall include the plural where apprapriate, and wazds of any gender shail include each other gender w11�re appropriate. RefereE�ce herein to Borrower s�ail mean, joini�y and severally, each Person camprising same. 1.0� M�. Uniess stipulate� otherwise, all references herein or in ar�y af the Loan DdCLI111�I�LS �0 "Dollars," ��111011ey," ��payments," or otller similar financial or monetary terms are references to currency of t��e United States of America. 7.05 Articic,s. Sictif�rrs a.«cl. F�I�ihr�s. All references herein to Artictes and Sectaons are, unless speci�ieci otherwise, references to articJes a��d sections of this Agreement. A� references ilereii� to �a� "Exl}ibit," "Annex" or "Schedule" are re#erences to exhibits, a�7nexes or schedules attaci�ed E7ereto, al3 of wkaicl� are mac�e a part hereaf for all purposes, the same as if set farth ilerein verbatim, it being L111d�I'SfOOCI Cl1at 1� aC]j+ eX}ll�lf, annex ar sclledule attacheri 1lereto, which is ta be exectited and deliver�d, contains� blanks, the same shail be completed correc�ly and in accardance with th� terms a��d pxavisio��s cantained and as contemplated herein priar to or at t��e time of the execution ��d deiivery thereof. The words "herein," "�er�f," "hereunder" and other similar compou�lds af the ward "here" wht;n used in this Agreeir�ent shall refer to the entire Agreement and nat to any particular provisioit ar s�ction. Ai-ticle II Commiiment to I,e�id; Advances 2.01 Cr��7va�ar�77c�rar To Lencl. S�ibject to and upon the terms, covenants, and condirians hereof, Le�lder hereby agrees to lend ta Borrawer an aggregate sum not ix1 excess of THREE MILLION QNE HUNDRED THIRTY T1hT0 TH�USAND TWO HUNDRED TiINETY SEVEN AND NO/100 DOL.LARS ($3,132,297.00), in Adva�lces, from time to �ime prior to 2:00 p.m., Fort Wortl�, T�xas, tii��e ac� the Campletion Date. An amount repaid may not be retiorrowed. 2.02 I1�rert�.5�t. Ij�terest at tl�e rate sp�cifi�d in the Not� shall be computed on the Principai Debt wl�ich �xists from ti�lie to tiine a�ld sh�ll be computed with res�ect to each Advatice only from �lie date of d�� Adv�r�ce. '?.03 Prr�cc�cltrl'c� fr�r 13ni•ra��viiaz>. Lend�r shall not be required to make Acfvances more frequ�ntly tlian specitied in Exhibi� C. Each Applica�ian for A�vance sllall l�e subnutted by Boz-i•ow�r to Len�ler a re�Zsoi�al�le time (but not less than five Business Days) prior ta the requested 0 date (wluch must be a Business Day) of the Advance, Except as Lender may otherwise determine from time to tzme, each Advance wz�l be made 'a� Lender's principal office. Lender shall fund 100 % of approved invoiceci gresenteti for the costs of Iabor, materials and services for the construction of the Impravernents, as same are contemplated in the Apgroved Budget, until Advances totaling $1,5�0,Ot10.00 have beE:n made by Lender. Thereafter, Lender shall fund no rr�are than 80% of tY►e invoices pzesented for such costs of labor, materials and services fox the canstruct�ion of the Iinprovements. 2.Q4 Advc�t�ccs. Advances shall be made only for costs and expenses specified i_n the Appraved Budget, and then only far work performed, services rer�dered ar materials furnisherl; no Advance shall be made for advance or unearned payments. Advances faz payment af casts of canstruction of the Improvements shall be made only after actual commencem�;nt of construetion of the ��prove�nents and shaJ.I nat exc�d the aggregate of (a) the costs af labor, materials a,rid services incorporated into the Zmprov�ments in a manr�er acceptable to Lendex, plus (b) if approveri by Lender, t��e purchase price of al� uninstalled material.s to be utilized in the construc�ion of the Improven�ents stored on the Property, oz elsewhere with the written consent af and in a manner acceptable to Lender, less (c) retainage, if any, specified in ExY�ibit C, and less (d) all prior Adva��ces for payn�ent of costs o� labor, materials and services for the constntctian af the Improvements. Wit��ut liinitation of other conditions applicable thereto, the fnal Advarkce, including all retainage, will nat b� made until Lender has recaived the �o�lowing: (1) an Affidavit of Completion camplying with §53.1Qb af the Texas Property Code and a completion certificate from Architect and from Inspecting ArchitectslEngineers, i� any, (2) evidence that all Governmental Rec�u�rements have be�n satisfied, including but not Iimited to, delivery ta Lender of certificates oti occupa�lcy per�nitting the Improvements to be legally occupied, {3) evidence that no mechanic's or makerialmen's liens or ather encumbrances ha�e been fileci and remain in �ffect aga.inst the Property, (4) �inai lien releases or wai�ers by Architect, Contractor and all subconfractors, materialmen a��d other parties who have supplieti labor, rnaterials ar services for the construction af r]�e Lnpravements, or w'�o otk�erwise might be eniitled ta cla�m a contractual, statutory or constitutional lien against the Property, atad (5) an "as-built" Survey showing that �he I�nprovements as completed do not encroach on any boundary Iine, easement, bu�ding setback line ar od�er restricted area. To tl�e extent that the Improvements are divideci into phases or identifiable segEnents, references in tl�e preceding sentence to � final Advance shall inclvde each final Advance with respect ta stich a pl�ase or segrnent. 2.05 Ca�zrlit.ic�rt.s tc� rlr� Firsr. Aclva.nce. As conditions precedent to the first Advance, Bozrar�ver must satis�y tfie canditions required hereby and execute ar�ci deli�er to, procure for and deposit with, and pay to Lender, and if appropriate recozd in khe pzoper recorc�s with all filing and recarding fees paid, t��e docu�i�ents, �cert�cates, and other it�ems referred to in Exhibit B, together with such other c{ocuments, certificates and items as Lender may require from time to tzme. Exce}�t as atherwise specifically provided herein or agrEed in writirig by I.�nder, all such documents, certificates and otller items shall bear a Cu�rrent Date. The �'ust Advance may only be utilized to fund expenses approved by Lender. 7 2.Ob Crnadit.ions tc� Su.l�seauerrt Advar�.cGs. As canditions preced�nt tfl e.�ch Advance following the first 1�dvance, in addition ta all oiher requirements herein, Borrower must satisfy the fOIlOWlllb TP,CjUkC2171�i7CS 317d, if required by Lender, deliver to Lender evidence vf such satisfaction: (a) AIl candi�ions prece�dent to the first Advance or skated elsewhere herein shall ltave been satisfied. {b) There shall then exist no Default nor shall there have occurred any �vent which with the giving af notice ar the lapse of �ime, or both, could become a D�fault. (c) Th� representations and warranties made in th�s Agreemeni shall be true and correct on and as of the dat� of each Advance, and iile request for an Advance shall constitute t�le represei�tatia�i and warranty by Borz'ower that such re�resentations and wazxanties are true c`i17C� COiI'C'Ct c`iC 511C�1 tllll�, (d) Th�; Tit1e Poliey shall be endorseci and extended, if rec�tuired by Lendex, to cov�r eacl� Adva�lce with no additional ti�le exceptions oUjectionable to Lender. {e) Borrower shall pracure and d�liver ta Lender, if required by Lend�r, releases or wait�ers of inecl�a��ic's liens and receipted bills shawzng payment of all amaunts due to all parties wl�o 11ave furnished �naterials or services or performed labor of a��y kind in cannection witli the co�lstnactian .of any o� tl�e Ii�provements or otherwise with respect to the Pro�erty. (t) An II1S]]�CLiD11 0� �ld acceptable report an the Imprave�lents Uy Inspecting Architects/E�lgineers, at Borrower's sole cost and expense. (g} A faunda�ion survey, if res�uired by Lender, shall have been furnished to L.end�r withi�� ten (10) days ot layinb of each foundatior� af the �mprove�l�ents shflwing no encroacilment ot the ImprovemenCs on any baundary line, easement, i�uzldinb setback line or other restrictec� area. (h} T1�e sum of the Principal Debt plus the amount of tlle requested Advance shall not be in excess af tl7e �.i�1o��t tl�en available under Section 2.01. 2.Q7 Annrnvecl BcrrlLTc�t Allncatin��s. Lender shall not be obligated to maice an Advance of an ite�n allocated in ti�e Approved Budget ta tl�e exte�7t tliat the amount of the Advance of such item when added to the amount of prior Adva�lces af sucl� item would exceed the atnount allocated to such item in the Approver] Biidget. Lender reserves the right to rnalce Adva�lces which are allocated ta ti�y Ot tjl� lt�f71S in d�e Appraved Budget for such other items thereii� or i�l suct� diffe;-ent proportions as Lender �alay, in its sole discretion, deem necessary or advisable. Borrower 31�ay ��ot reallocate items af cast in or cha�lge the Approverl Bud�et withouk the prior written conserlt of Le�lder. ;•; 2.Q8 Nn Waive�•. No Advance shall constitute a waiver of any conditian precedent to the abiigation of Lender to make any further Advanee or preclude Lender from there,after declaring the failure of Borrower to satisfy such condition precedent ta be a Default. 2.Q9 Condir.ians Preceden.t_.__for the BenefiL of Lertder. All c�nditiQns precedent to the obligatian of Lender to malce any Advance are imposed hereby solely far the benefit of Lender, and no otUer party may require satisfac�ion Qf any such condition precedent or be entiYled to assume that Lender will refuse to make any Advance in the absence of strict compliance with such conditzons precedent. A:ny requirement af Chis Agre:ement may be waiveti by Lender, in whole or in part, at any t�me. Any rec�uirement herein af submission of evidence of the e7cistence ar nanexistence of a fact n�eans that t�ie fact sha11 exist or not exist, as the case may be, and withaut wai�ing any cond'ztion or any obligation of Borrower, Lender may at all times independen�ly establisla ta its satisfac�ion sucY� existence or nonexistence, 2.1 D Sul.�nr•dr'nr.r.tr'oja. Lender shall not �e obligated to make, and Borrawer shall not be entitled to, any Advarace until such time as Lendex shall have received, to the extent requested by Lender, subordinatian agreeme�zts from Arclutect, Contractor and all ather Persons furnish�g labor, materials or setvices for tha design or construction of the Improvements, subordinating to the lien of the De�ed of Tnist and the Rights of Lender th,ereu�der any lien, claim or charge they may have against Borrower or the Prop�rty. 2.11 Selvicifa,�� Fc�G. Barrower's total manthly obligation shall ineJ.ude a servicing fee paid to Lender or its assigns of one half �rcent per annum af the outstanding balance of the Note det�rmined on the anniversary date of the Note each year. This servicing fee shall be proxated manthly and shall be in addition to the principal. and a.nte:r�st payment on tI�e Nat�. Article III Re�areset�t�t.ions and Warranties of Borrower Borr�wer hereby represents and warcants as follaws: 3.01 Finaiacial. Slute��en.ts. The Financiai Statements are tnie, cflrrect and complete as of the dates specified therein and fully and accurately pres�nt the financial condition of Borrovvez as af tlle dates specified. S�nce the date of the Financial Statements, no Materiai Adverse Change has occurred in the fi�lailcial conditioi� of Borrower nor, except as here�ofore disclosed in writing to I.encfer, has Borrower incurred any material liability, d'u'ect or indirect, fixed or contingent. Bazxower �s solve�lt. 3.02 SL�.irs. Acrivn,r. Etc. There are no actians, suits or pxoceedings pendiuig ar to the l:nowledge of Bozrawer threatened before or by any Governmental Authority against or affecting Borrower or the Property, or invalving the validity, enforceability or �riority of any of the Loan Dacuments. Barrower is �1at, and the consummation of the transactions contemplateci hereby and the performa�1ce or satisfactioz� of any of the terms or canditaons hereof and of the othEr Loan Documents wili �lot cause Barrower to be, in violation of or in default with respect to any E Go�ernmental Requirement or in default (or provide cause for acceleration af indebtedness) und�:x any inortgage, deecl o� trust, lease, promissory noie, loan agreernent, credit agreement, partnership agreemei�t or ot��er agreement or restriciion to which Borrower is a party or by whic�3 Borrower flr the Property may be bound or affected. BoRower's development of the LaaZd and Improvements and a��y sale or lease tllereof by Borrower are and shalI be exempt fram the re�'rstration and reporting requirements of the Interstate L" and Saies Full Disclosure Act and reeulatians thereunder as amended from t��ne to time. 3.03 Staru.r of Bnf-rntiver; Val.ic� arrd Bir��lin.� Obl.i.�a.tion. if Barrower is a coiporation, partnerslup ar other entity, Borrower is and shall until the Obliga�ion is ful�y discharged continue to be {a) duly �rganized and validly exis�ing and in good standing under the Iaws of �he state of its org�nization, au�d in good standing under Texas law; (b) �iz� compliance with all canditions prereqtEisite to its lawfully doing business in Texas; and {c) possessed of all power ancf autharity necessary to own the Property, to canstruct and operate the improveinents, to enter into and perform Borrower's abligaCions under the Laan Documents and to make tl�e bozxowings contempIateci l�ereby. All of t�3e Laan Documents, and all other documents referred to hez'ein to whicli Borrava�r is a party, upon execution and delivery will constitute valid and binding obligztians of Borrower, enforceable in accordanc� with their ter�ns exce�t as the enfarcement thereof may be limited by Debtor Relief Laws. 3.0� Title to rl�e Lcascl�r�lc1. Borrower is the "Lessee" under the Lease, and the legal and ec�uital�le owner nf �i�e Leasehold and all improve�nents tl�ereon subj�ct oniy to� title exceptions (specified in the Titie Policy) which are here�fter accepted by Lender. 3.05 Cr)11i177LYf.CN.177G17f (7f C1117,5I1'LfCl101Z. PI1Di i0 the recordation of the Deed o� Trust, no work of any kind (including d�e destructian or r�inovaZ of any e7cisting impro�ements, site work, cIeari�lg, gn�bbi��g, draini�lg or fe�zcing of the Land) sliall have comm�nced or shall have been per#orn�ed on the Land, no eqUip�nent or materia] shall have been deIi�ered to or upon the Land for a�1y p�irpose wl�atsoever, a�ld no can�ract (or memoxandum or affi�a�it thereo#� for the supplying of labor, i�z�terials, or services for the constniction o� the Tmprovements shall ha��e been executed or recorded in a�ly i�eci�a��ic's lier, or �ther public records. N4 CONSTRUCT�4N 4F THE IMPROVEMENTS SHALL BE COMMENCED UNTIL SUCH TIME AS BI�RROWER SHALL HAVE RECEIVED A N�TrCE TO PROCEED FROM LENDER. 3.06 Pcr�t�n,se c�f Lna.ra. Tl�e proce�s of the Loan wili be used %r the gurposes specified in the Approved Budget. Suc11 praceeds are nat and wi�� not be useti directfy or indirect�y for persanal, t�mily, housei�old or agricultlrral� pl�rposes or fnr the p�rpose of p�rchasing or carrying any Marbin Stock or for Clle purpose af extending credit to others far the purpose of gurchasing or carrying ti�y Mar�in Stack. 3.07 Nn Frrrl.arl�c� Tn DLS�el.n.sc�. No representatian or warranty made by Borrower under this Agree�i�ent a��t[ no docui7le��t, instzument ar certi�icate furnis��ed, to be furnished or causetl or ta be causerl to �e f��rnished i�y Borrower ta L.ender ii� anticipation of or pursuant to this Agreement contains or wtll co��tai�1 �uly untn�e st��tement af a material fact or omits or �ill omit to state a ma�erial fact neeessary Co i��ake the state�l�ents contained therein not misl��i��Q. � Article IV Covenant� and A�reements of Borrower Borrower hereby covenants and agr�:s as follows: �.01 Huzard and Other Irrsura.r�.ce. (a) Borrower shall obtain and maintaun ti�e insurance covezage reqvirerl by. Exhibit F and any oth�;r Loan Documents and shall furnish to Lender promptly upon rec�uest a certificate or certificates from the xespe�tive insurer(s) sett.i�g foxtiz the nature and extent of aiI such insurance maint�ined by Borrawer and the ariginals of each insurance policy (or to the extent pernutted by Lender, a certified copy of the original palicy and a satisfactory certificate af insurance) with premiums fully paid. Any such insurance may be evidenced by blanket insurance policies covering the Property and other property and assets, pro�ided that each palicy otherwise comglies with �he requirements of the Laan Docurr�ents and specifies the amount (if less than alI.) of the total coverage that is allocated to the Property. Borraw�r 5ha11 nnt taice out separate insurance car�cuz�rent in fornn ox contributing iri the event of Ioss with that re.�uired to be maintained hereunder unless Lender is included therean under a standard mortgagee ciause (without cantributian) acceptable to Lender, with loss payable as pravided herein. All iiisurance shall be primary without right af contribu�ian from any other insurance tl�at may be carriecf by Borrower or Lender and that all of the pravisions thereof shall aperate in the.manner as if there were a separate palicy coverir�g each insured. Borrower shall immediately natify Lender w�enever any such separate insurance is taken out and shall promptly deli�er to Lender any policy or certifcate of such separate insurance. The Trriprovements shall nat be accupied un�il Borrower has obtained and furnished to Lender a"permission to occupy" endors��r�ent ta the builder's risk insurance, which endorsement is satisfactory to Lender, ar Borrower ha� obtainerl replacement cov�rage in the form of an all-risk insurance policy ugon the compieted I�nproveil�ents meeting th� requirements of Exhibit F, whi.ch policy will not be impaireti by the occupancy of the Improve�lients and is satisfactory to Lender. (1�) Not later tl�a�l ten (10) days be�ore the expiration date of any such insurance policy, Barrower sha11 deliver to Lender a binder tir certificate of the insurer evidencing Che renewal or replacei��e�lt of t11at policy, witl� premiums ful�y pai�d together with (in the case of a renewal) a eopy of �11 ei�dorsements to tlie policy affecting the Praperty and not previously delivered to I.ender, or (in t}}e case of a replacen�ent) a�i original or cerkified copy of the re�Iaeemen� �licy. Barrower shall pay all premitnns o�� policies recfuired hereunde.r as they become due and payable and promptly . deliuer to Lender evidence satisfactory to Lender of the timeiy payment Ehereof. Barrawer shall at all times comply with the requi�rements of the insurance policies requireci hereui}der and of t11� issuers af such policies and of any board of fire underwriters or similar body as appiicable to or affecting the Property. (c) If Bonower faiis to obtarn andlor maintain the ir�surance required under th� Loan Docunlents, {i) Borrower will indemnify azti� hold Lender harmless from and against any damage, loss, liability or expense resulting frqm a11 rislcs that would have been covered by the required inst�rance if so Ill$IIlC�1.11Ed; (ii) if a��y loss accurs, L�nder shall nevertheless be entitled to the 11 bei�etit af all insura��ce covering khe loss and held by or for Borrawer, to t.he same extent as if it had bee�1 made payable to Lender; and (ii.i) Lendez has the right (but not the obligation) to obtain such insurance at Borrower's ex�ense, which may at Lender's electaon be coverage for Lender's interest anly, �e casts and expexlses so expended by Lender shall be due and payable by Bonower on demand, a part of tY�e �4bligation, even if in excess of the ampunt set forth in Sect�on 2.01, and sectrred by the Loan Docu»Zents. If any hazard, title, or other insurer �ecomes insolvent or sub�ect kD all� baTi�CTLlptCy, receivership or similar proceeding or if, in Lender's reasonable opinion the financial resp�nsibility of such insurer is or becomes inadequate, Barrower sha1l promptly abtain and deliver to Lender a like poiicy (or, if and to the extent permitt�d by Lender, a certified copy of the policy or a satisfaetory certificate �f insurance) issued by anatk�er insurer, which insurer and policy meet the requirements of the Loan Documents. {d} UQon any fareclosure af the De,ed of Trust ar transfer of title to the Property in lieu of foreclasure, all of Borrower's right, title and interest in and to t�he insuranc� po�icies referzeci to in this Section (including uneari�ed premiums} and all praceeds�payable thereunder shall thereugon vest in the purchaser at foreciosure or otl�er such transferee to the extent pexmissible under such policies. (e} Lender l�as the night (b�kt not the obligation) to make proof of loss for, s�ttle arid adjust any claim under, a�id receive �i�e proceeds of, all insuranee for loss of or damage to the Property, and the costs a�ad expe�lses (includinb reasonable attomeys' fees), appraisal costs, 3rid GOI15Ll�t1I1C fees i��curred by L,ei�der in the adjustment and cr�llection af insurance praceecis shall be du� and payable by Borrower an demand, a part of the Obligatia�3, even if in excess of th.e amount set farth in Section 2.01, and secured by the Loan Dacumen�s. Lender shall not be, under any circ�imstances, liable or responsible for failure �o c�ilect ar exercise dilibenc� in ihe collection of any ot st�ch praceecis or for the obtaining, maintaining ar adequacy of any insurance or for failure to see to tl�e proper applicaiion of any ��ount paid aver ta Borrawer. (f} Borrower shall take all necessary actiQn, with Lender's consent, ta obta.in the bene�t of any insura.�}ce proceeds lawfiilly or eq�itably payabie to Borrower or Lender in connection with any loss of or da�na�e tn the Praperty, all of wl�ich shal.l be paid dir�ctly to Lender, wliether ar nat the secu�.ty for t�rte Loui has Ueen impaired or otherwise affected, and applied �rst ta reimburse Lerider and the Trus[ee for all unreimbursed costs and expenses, inciuding attorney's fees, incurred in con�lectioE� with tile collection of such proceeds and �lle balance of such groceecis shall, at Lender's option in its sole discretion, be (i) rele�sed ta Bonrawer, (i�) applied ta repair or restoratian, either partly or ei�tirely, af the Property so da�l�aged, an cor�ditions required by I.�nder, or (iiz) applieci to tf�e pay�llent of tl�e Q�ligation, whetller or not due, in such order and ma��ner as Lender may elect in its sole ctiscretioi�. I�� v�y event, t�le c�npaid portion of the Obligation shall remain in full force a�ld �ff�ct and the �ayment �l�ereaf sliall nat be excused. 4.02 Cnnrl�l�cr.nce �vttlt. Gr�vc��•rar17ei7trr.l. Re�r�rirc�l�lcn.ts. All Governmental Requirem�nts shall be ti��ely complied witlt a�ld evidE�lc� thereof delivereci to Lender. Barrower assumes full responsibility far tlle complia�lce of ihe �lans and the Property with al.l Governmental Rec�uirements and with sound Uuilding a��d engineerin� J�ractices, and notwithstanding any appravals by L.�nder, 12 Lender shall have na obligation or responsibility for khe Plans ar any other matter incident ta the Properiy ar the construction of the Improvements. 4.03 Con.st.r��cr.r'an Co�r,tra.ct_s. Borrower shall become party ta na contract, �acl�rding any Canstructioi� Contract, for the perfarmance of any work on the Property or for the supplying of any labor, materiais, ar services for the canstruction of the Improvements except upon such terms and with stich parties as shall be appraverl in writing by Lender. Each Canstruc�ion Contract shall provide that all liens, claims and ck�arges af Coniractar are subordinate to the Deed of Trust and the Rights of Lender thereunder and shall. require all subcontracts to contain a pravision subprdinating d�e subcantractors' liens, claims and charges to the Deed of Trust and the Rights o� L,ender thereunder. Fach Construction Contract shall also pra�ide that no change orders shall be effective without the prior written approval of Lender. Na appraval by Lender of any Construction Contract or change order shall make Lender respansible for the adequacy, form ar content �f any Construction Contract or change order. 4.04 UtiT.it.r.'es: Access. Bonower sY�all take all steps necessary to provide that (a} all utility services necessary for the const�ructaon of khe Improvements and the operation thereof for their intendeci purposes are available for cannection to the rmprovements, i�cluding water supp�y, starm and sanitary sewer facilities, arid gas, eleetric , and telephone facilities; and (b) eiiher all roads necessary for access to a�1d from the Fraperty har�e been completed or the necessary rights-of-way therefor have been acc�uired by the appropriate Governrnental Authority or dedicateci to the public use and accepterl by such Governm�ntal Authority, and all necessary steps havE been tak�n by Barrower and such Governmental Authority to assure the comp�ete construction and installation therenf prior to the Con�pletion Date. �.05 Cnr�srrcr.ct.r'nrz c�f rhe I�nnroven�c�n.ts. The construction of the Improvements shall be prosec�teci witJ1 dilige�lc� and continuity in a good and workmanlike manner and in accordance witl� sound btiilding ��d engineering gractices, all applicable Governmental Requiremen�s, the Pla.ns and the requirea��ents of any lease, if applicable. Borrower shall cammence canstruction of the I�1�prov�ments within sixty (60) �ays fram the date oi tlus Agreem�nt and shall not permit cessation of work for a period in excess of ten (10) days, �xcept cessation for not more than tkurty (30) days in the aggregate caused by acts of God or other causes no� within the contral of Bonrawer, without the prior written consent a� Lender and shall complete construc�ion of the Improvements on or before the Completion Daie, free and clear of all liens except fhe lien of the Deed af Trust. 4.06 Cor�•ectin�a nfD�.�fe�ets. Borrower shall correct or cause ta be eozxected (a) any defect in t��e Improvem�n�s; (b) a�iy material departure in the construetion of the Improvements from the Plans, Govern��ental Rec�uire�l}ents or the requirements of any lease, if applicable; or (c) any encroachme�lt by a��y p�rt af the I�npzovements or any structure iocated on the Land on any building liile, ease�nent, property Iine, or iestricted area. 4.�7 Stny°cr..�lc� rjf Mu.tc�firrl..ti•. Barrower shall cause all rnaterials s�pplied for, or intended to be udlized in, the C0175�C11Ct1011 0� the Tmpro�ements, but not affixed to or �carporat�d into tl`�e Improvements ar the I'roperty, to be stored on �e Land or at such oth�r loca�ion as may be 13 appraved by Lender in wnf�ng, with ad�quate sa.feguards, as req�ired by Lender, to prevent and irisure against loss, theft, damage, or cdm,ningling with other materia.is �r projects. With respect to materials noi starecl on the Land, Borrovrer shall execute ar;d deliver such finanei.z�g stat�m�nts and s�curity agreements as Lender shall require to evidenc�. an� perfect Lender's security inter�st �herei��. � 4.08 I�snectr'a� �f t.1�.e Pronertv. Borrowez shall permit Lender, Inspecting ArcllitectslEngin�rs, any Gavernmental Authority and their agenEs and representatives to entex upac3 the Property and any location where materials intended to be utilized in the constructian of the Improvem�nts are skared for khe purpose of inspec�ion of the Property and such materials at all reasonable times. 4.09 Nntices I�v Gaver��er{tul Ar�tJ�oritv; Fij�e and. Casu�rlt.v Losses. Et.c. Sorrawer shall �meJy cornply with a�1d proir�ptly fumish to Lender true and camplete cc�pies of any notice or claim by �iy Goven�ment�l Authority pertaining to the Property, Borr�wer shall pr�mpfly notify Lendex of any fire ar other casualty or any notice of taking or eminent doma.in action or proceedxng a�Fecting t11e Pro�erty. Borrower shail maintain the insurance policies required hereunder in full force a�1d effect �i�til the OUligation zs f�lly pa�d and �erformed. �.1{� Snecirrl. Accr��rre1. Barrower shall maintain a speczal account with Nt�z�thwest Bank into whicl� all Advances (btit na od�er :Funds) and excluding direct disbursements made by I.ender pursua�lt to this Agreement sha11 be deposited by Barrower and against which cIlecks shall he drawn anly far tlle payment of (a) cost� of labor, materials and services supplietl for the constructian of ihe Improve��e�1ts specified in the Appraved Budget; a��d {b} other costs and expenses incicient to the Loan, the prop�rty, a�ld the const�ruction of tile Impravements specified in the A,pproved Budget, 4. l i �nl�lic'atlt�ia r�f Aclvcri7ce.s�. Borrower shall disburse all Advances for payment of eosts a�d �xpeE�ses speci�ied in t��e Appro�ed Budget and far no ather purpose. 4. I2 BCJIYY)1VC'.1'f.s Dc�1�n.rit. inter�tio�ia�ly Deleted. 4.13 Ditz�c�f Di.shcrisc�i�7eja� ujtcl Anpl.icrr�ion hv Lc�nder'. Lender shatl have the right, but not d1e oblibatio�i, to disburse a��d apply directly the proceeds af any Advance tQ the sa�isfaction oi any of . Borrawer's obligatio��s �iereunder. Atiy Advance by Lender for sucli pur�ose, except Boirower's Deposif, si7�il be part of the Loan and shall be secureti by the Loan Documants. Borrower hereby authorizes L.ender to hold, use, disburse and apply tiae Loan and Boxrawer's Dep�sit for payil�eilt ot costs of constn�ction af the rmpravements, expenses incident �o the L.oan aracl Clle Property ��d t��e payme��t ar pei•formance ot any obligation af Borrower hexeund�r. Bonower I�ereby assigns a�ld pledges tl�e pi•oceerls of the Loan and Borrower's Deposit and grants therein a security interest ta Lender �ar st�ch purposes. Lender may advance and ineur s�ch ex��Y�ses as Lender xeasonably dee��s necessary to pr�serve the Property and any oiher security for the Lo�l, �u�d st�ch expe��ses shall l�e secured by the Laan Documents and payabl� to Lender upon dein��c�, Le�lder may disbur5e �u�y portion ar az�.y A.dvance at any time, and from time to tii��, to persons otf�er tha�� Borrower far the pt�rpases specified in this Section irr�spective af any other 14 provision hereof, and th� arnount of Advances to which Bvrrower shall there�.fter be ent�tleci shall �e correspondir�gly reciuced. 4.14 Cnst.s and. Exnenses. Borrower shall pay when due all easts and expenses rec�uired by this Agreement, u�ciuding, withaut lir�itation {a} all taxes and assessments applicable to the Property; (h) all fees for filing or recording any Laan Documents; (c) all fees and c�mmissions lawfully due to brokers, salesmen and agents in connection with the Laan ar the Pxaperty; (d) all reaso�labl� fees and expenses of counsel �o Lender in connec�ion vvith the negotiatian, preparation, intezpz'etataon, amendment or enforcement of any of the Loan Documents, the malang of any Advance, or a�y suit to which Lender is a party in�olving this Agreement or the Praperty; (e) all title insuzance and titlE examination charges, inciuding premiums far the Titl� Palicy; (� a11 survey costs aaid expenses, including the cost of the Survey; (g) all premiums for the insurance policies as required ��ezeunder; and (h) all other reasonable costs and expenses payabl� to third parties incurred by Lender in connectior� �ith the cansummation of the transactions conternplated by this Agr�ment. 4.15 A�Iclr'tio��.�ll. Docur7�err.ts. Borrower shall execute and deliver to Lender, fram time to time as required �by Lender, s�ich o�her documents as shall reasanabiy be necessary to pravide the rights a��d remec�ies Co Lender granted or provided for by the L,aan Dacuments. 4.16 Fincr.racin.l. SCa.�e�aaents; Ins�ection of Books a.�ad Records. During the first year of the ter�n of the Loan, Barrower shall furnish to Lender internally prepared financial statements of Borrower prepared in accnrda��ce with generally accepted accounting principles cansistentIy appiied and certified to be tt-ue and carrect by the chief financial officer of Bonower within tk�irty (30} days after the end of each calendar quarter, �temizing the income and expenses of the Property, a�l in detaiI �reason��Iy s�tisfactory to Lender. Durin; the remainder of the term of the L,oan, financial statements meeting the criteria st�ted abave s�a�l be furnished to Lender with forty-five (4S) days after the end of each c�lend�r year. AdditionaIly, Borrower shalI allow Lender from time to time ta inspect the Property and all records relatii�g thereto or to ti�e Loan, and to make and take away copies of such records. 4.17 No Liahilitv r�f Lcnrlc�i•. Lender shall have no liability, obIigation ar r�sponsibility with respect to dle construction of the Improvements except to advanee the Loan and Borrawer's Deposit purst�ant to this Agreei��ent. Lender shall not be obligated to inspect the P'roperty or the constructio�i ot tl�e Improvements, �or be liable for the performance or default oi Bozxower, Architect, Inspecting ArchitectslEngineers, Cantractox ox any ather party, or for any failure ta construct, complet�, protect or insure the Improvements, or for the payment of costs af labor, materials or services supplied far the construc�ion of the Tmpro�ements, or f�r the perfarmance af any obiigatior� af Borrower. Nothing, including without limitatian any Advance ar acceptance of any document or instnintent, shall be cons�i-ued as a representation or war�ranty, express or irnplied, to a��y party by Lender. Furtk�er, Lender shall not have, and has noi asst�med, and by its execution and acceptance of this Agreement hereby expressly disclaims any liability ar resgonsibility far the payment or perform�nce oi any indebtedness or obligation of Borrower, and na term or condition hereof, or ot a�ly af the Loa�� Doeume��ts, shall be construed otherwise. Borrawer hereby expressly acknowled�es tf�at no term or condition hereaf, or af any of the Loan Documents, shall he 15 cansrrued sa as to deem the relationship between Barrower and Lender ta be othex than that of borro�er and lender, and Borrower shall at all times represen� that the relationship between Borrower and I.ender is solely that of borrower and lender. Borrower hereby indemnifies and agrees to hoid i.ender harmless from as�d against any liability, loss, cost oz expense incurretI or suffered by Lender as a result of ar�y assertion or claim of any liability or respansibility of Lender for tl�e payme�i� or performance of a�zy indebtedness or obligation af Borrower� 4. i S Nn Condit.inna.l Sa.Ie Cr�n.t.ra.cts, Etc. No materials, equipm�nt ar fixtures shall b� supplied, purchased or installed for rhe construction or o�era�ion of the Unpxovements pursuant to security agreements, conditional sale contracts, lease agxeements or ather amangernents ar understandings wh�reby a secuz-ity znterest or ti�le is retained by any party or the righi is r�serveti ar accz-ue� to any party to remove or repossess any materials, equipm�nt or fi�tures intencied to be utilized in the constniction �r operation of the Tmprovements. 4.19 DGfc�ri.se v�'Actinnl. L.ender may (but sha�l na� be obligated to} commence, appear in or defend ar�y action or proceeding purporting to affect the Laan, the Property or ihe respective r�ights and abligations of Le��der or Barrower pursuant to this Agreei�ent. Lender may (but shall not be obligaFed ia) pay alI necessary expenses, inciuding reasonable attorneys fees and expenses incurzed in cannection with any sucli proceedings or actions, which Borrawer agrees to repay ta Lender upan dei�land. 4.2Q A.s.ri�ln��c��t «f Ca��strc�ctic�r�. Cnntr��ts. As addi�ionaI secur�ty for t��e payment of tk�e L�a��, Borzower hereby tr�sfers �,nd assigns to Lender all of Bonower's rights and interest, but not its obli�ations, in, under and to each Constz�uction Contract upon t�e following terms and conditions: (a) I3orrower repz-esents a��d warrants that th� copy of each Construction Con�ract it will furnisl� to Lender is a true and complete capy thereof, including all amendments thereta, if a�3y, and that Barrower's interest therein is nat subj�ct to any elaim, setoff or encumbrance. (b) Neitlier this a.ssignment nor any actaon by Lender shall cons�itute an assuinption by I��ider of a��y o�lzgations under any Constructian Contract, and Borrower shall cantinue to be liable for al] abligatiaR�s of Barrawer thereunder, Borrower hereby agreeing to perform all of its oblig�tions under eacli Canstruction Contract. Borrower agre.es to indemnify and ]�old L�nder ]larn�less against a��d fro�l� an}� loss, cost, liability or expense (including but not 1��iCed to, reasoi�al�le attorneys' �P.�S� i�SLlItlIlb from any failur� of Borrowez to so perform. {c) Lender sl�all have the right at a��y time (but shall have no obligation) to take in its name or ii� the name of Borrower such ac�on as Lender rnay at ar�y time determine to be necess�uy� Qr advisable to cure any defauit under ariy Construction Contract or to pratect the rights of Bcarrow�r or Lender thereunder. Lender shall ineur no liability if any action so talcen by it or in its bellalf shall prave to be inadeqUate or invalid, and Borrower agrees �o indemilxfy and 1}old Lender harmJess against and froin ar►y lass, cost, l�iability or �xp��ise {includii�� but not limited to reasona�le attomeys' fees} incurreccj in c�nneciion with any such action. 16 (d) Bozrower hereby irrevocably canstitutes and appoin�s I.ender as Borrower's aitorney-in-faci, in Borrower's or Lender's name, to enforce all rights of Barrawer u�ader each Constructian Contract. �e) Prior to tile occurrence of a Default, Borrower shall have the right to ex�rcise its rigl�ts as owner under each Constructian Contract, pravided that Bor�rower shall not cancel ax amend any Construc�.on Cantract or da or suffer to be done any act wluch would impair the security cnnstituted by this assignmerlt withaut the prior written consent af Lender. (� This assignment shall inure to the benefit of Lendex and its SUCC�5SOI5 and assigns, any purchaser upon for�closure of the Deed of Trust, any receiver in possession of the Property and any corparation formed by or on behalf of Lender which assumes Lender's rights and obligations under this Agreement. 4.2Z Assic�n��ent nf Plar�s. As additiona� securiiy for the Loan, Borrower.hereby transfers and assigns ta I.ender all of Bonower's right, kitle and interest in arid to the Plans and hereby represents and wanran�ts ta and agrees with I.ender as follaws: (a) Each schedule af the Plans delivered or ta be delivereti to Lender is and shall be a camplete and accurate description of the Plans. _ (b) Tl�e Pla�ls are and shall be complete and adequate for the construction of the Improvements a��d there hav� been no modifications thereof except as describe,ci iri such schedule. Tl�e Pla�is shall nat be modified without the prior written consent of Lender. (e) Lender may use the PIans for any purpose relating to the Irnprov�ments, including but not limited ta inspections of construc�ion and the completi�n of the Improvements. {d) I.ender's acceptance af this assignm�nt shall not cons�itute approval of th� Plans by Lender. Lender has no liability or � obligation in connection with the Plans and no responsibility for the adec�uacy thereaf or far the construction of the Impravemt;nts conte�nplated by the Plans. Lender has no duty t� inspect the Tmprovemenfi�, and if Lender should insp�ct the Improvements, Lender shall have no liability or �bligation to Barrowex or a��y otlier �arty arising out of sucl� inspection. No such inspection nor any failure by I.ender to maice abject�ons after any such inspeckion shall constitute a representat�on by Lender that t!-�e Im�rovements are in accordanee witl� the Plar�s ar any other requirement or constitute a waiver of Lender's right thereafter ta insist �.hat th� Impravements be constructe,ci in accorda�lce witl� tl�e Plans ar any other requirement. � (e) This assignment shall inure to the benefit af Ler�der and its successors and assigns, any p�irchaser upon foreclosure of the Deed of Trust, any reeeiver irf possessian of tl�e Property and viy corpara�ion formed by or on behaif of Lender which assumes Lender's ri�hts arid abliga�ions wlder this Agre.�ment. 17 4.22 Proh.ihit.r'an on. Assignrrrent. Borxawer sha1l not assign or encumber any interest of Borrower hereunder witI�ouk the prior wriiten consen� of Lender. 4.23 Pcr.vment ot` Cla.inas. Bonrower shall promptly pay or cause to be paid when due a�l `C05t5 and expenses incurred in connection with the Pra}�erty and the COf15trUCt10II of the Improvements, and Barrower shall keep the Property free and clear of any liens, ci�arges ar claims other tllan t��e lien of the Deed of TrusC and oth�r liens, if any, appraved in writing by Lender. 4.24 RPstrict.inns and An.nexa�nn. Borrower shall not impose any restric�ive covenants nr encwl�brances upon the Property, execute or �le any subdivision plat affecting the Pro�aerty or consent to th� ar�nexatian af th� Property to any city withoUt the prior wri�t�n consent of Lender. 4.25 Aclvc�jrisi�7.�� hti� Lender. Borrower agrees that during the tezm of the Loan Lender may erect a��d �naintain on the Land one ar more advertising signs indicating that the constructian fina�icing for the Praperty has be.en provideci by Lender. 4.26 Irule,nrzifica.r.ion. nf Lender. Borrower hereby expzessly acknawleciges and recognizes Bnrrower's respo��sibility far and agrees to indemni�y and hold Lender and Lender's suceessors and assigns absolutely harmless from and against all costs, � expenses, liabilities, Ioss, damage or obligations incurred by or imposed upon or alleged to be due of Lender or Lender`s s�ec�ssors and assigns in connection uvztl� the assertio� of (a) any claim for brokerage, agency or �'inder's fees or commissians in connection wit� the Loan, ar the Property; or (b) any claim for attarneys', appraisal, title insurance, inspection or other fees, casts and expenses incurreci in connect�on with tile negotiation, closing, administration, collection or refinancing of the I.oan which arise by, through or on behalf of Borrawer Qr any agent or representative of any of them; or (c} any claim arising out of or occurring because of or related �o any Default hereunder. Without limiting the reil�edies available ta Le��der witll respect to the enforcement af its indemnification rights as stated herein or as statet] in any of ihe Loan Documents, in the event any claim ar demand �s made or any other fact comes to the attention of Lender in � connection with, relati�zag ar pertaining to, or arising out of the transactians coiitemplated by this Agreement which Lender reasonably believes might invaive or lead ta so�ne liability of Lender, Bozxower shall, immed'zately up4n receipt ot written notz�catian of any s�icll claim or demand, assume i� fisll the personal respansibility far and, to the extent requested by Lender, the defense af any such claim or demand and pay in canne�Cion therewith any loss, damage, deficiency�, liability oz obligation, includzng withaut limitation, attorney�' fees a�ld court costs incurred in connection therewith. in the ev�nt of court actian in cannection wit�� any such claim or d�mand, Borrower shall assume, �o the extent requested hy Lender, �11e responsibility for the d�fense of any such action and shall immediately satisfy and discharge any iinal decree or judgment rendereci therein. Lender may, in its sole and uncontrvlleci discretian, make any payments sustainerl or incurred by reason of any af the faregoing, and Borrower s9�al! immediateiy repay to Lender in cash the amount af such payment, with znterest thereon at the rate specified in the Nate ta b� applicable to past-due principal. Lender s�all have t11e right to join Borrawer as a party defendant in any Iegal action braught against Lender, and Borrower hereby consents to the entry of an order making Bozrawer a party defendant ta any such aCf1011. � i, 4.27 Tcrz Receint.s. Borrower shall furnish to Lender receipts or tax statements marked "paid" to evidence the payr�ent Qf ali taxes Ievied on the Pz'aperty on or before thirty (30) days prior to the date an which such taxes became delinquent. 4.2$ Incarr��bcr�acv. Baxz'ower shall from time to time, at the rec�uest af Lender, certify to L.ender the names, signatures and positions of all persons authorizeci to execute a.nd deliver any vf the Loan Documents. 4.29 Dehtnr Rel.r.'ef Procec�din,�s. Borrower sY�all notify Lender immediately of the filing of any petition, case, groceeciing or other actian agaznst Barrower or any of the Praperty under any Debtor Relief Law. Borrowez agrees that any transfer, encumbrance or ather use of any security {or any proceeds of such security) for the Loan after the filing of any such petition or other action and witE�out specific writte�l consent of Lender shall constitute a canuersion of Lender's right, title and interest in said sectirity or the proceeds t�ereof, as tlle case may be. Ai-tiele V Def�ti� It 5.01 D� crult.. Tl�e term "Default," as used herein, shall include the occurrence of any one or �l�are of the following events: (a) The failur� of Borrower ta pay any sum of inoney in accardane� with the Obiigation, ar a��y part thereof, on the date on which the payment is due, and such failure contint�es far �a period of te�1 {10) days after the date �lie payrnent is due. (b) Tlle failure of Borrowver punctually and properly to perfarm, observe or comply with any cov�na�it, agreemei�t, undertaking or condition cantaineci in any of the I.aan Do�t�mei�ts (otller tk�a�� coveila�lts to pay any sum of money ir� accordance with the OUligation), which failure is not otherwise specifically addressed in this Sec�ion, and such failure conkinues tor a period of tllirty (30) days after the date Lend�r sends notice to Borrower af sucl� faalure; provided, ��owever, in the event the Default is nat succeptible of bei�lg ct�red with Sl1CI1 30-day period, Borrower shall not be de�med to be in default if �orrower initiates curative �l�easu�'es within such initial 30-day period and continues to pursue a eure witl� i°easoi�able diligence, it being understoad, however, that the Defauit must be c�jred no later t��an 60 days fallowin� the date of the notice given �y L,ender to Borraw�r. (c) Bonower shall (i) execute an assigr�ment far the benefit of ez'eciitors or take any ac�ion in furtllera��ce thereof; or (ii) admit in wxiting its inability to pay, or fail to pay, its debts gei�exally as tt}ey become dtEe; or (iii} as a debtor, file a petition, case, proceeding or other actioii pursua��t to, ar voluntanly seek the benefit or bene�its oi, any DeUtor Re�ie1F Law or take a��y actio�i in furthera��ce tl�ereof; or (iv) seek, acquiesce in ar s�ffer t�ie appointinent of � receiver, tivstee, custodia�� or liquidator of Borrawer or of the �roperty or any part thereof ar ot� any si�alitic�u�t p�rtion of Borrower's other property; and (v) voluntarily become i9 a party to any praceeding seeldng to efFect a suspensian or having the effect of suspending any of the Rights af Lender granterl or re�ezxed to in the Loan Documents or of the Trustea under the Deed of Trust or take any action in furtherance thereof. (d) The �'iling of a petition, case, proeeeciing ar other actian against Borrawer as a debtor under any Debtor Relie� Law or seekirig appointm�nt �f a recei�er, trustee, custodian or liquidator of Barrower or af the Property or any part thereaf ar af any s�gnificani p�rtion of Borrower's other property or seeking to effect a suspension or ha�ing the effect of suspending any of the Rights of Lender granted or referred to in the Loan Documents or of the Trustee under the Deed of Trust and (i) Borrower admits, acquiesces in or fail,s to contest diligently the materi�l allegatians thereof; Or �ll� �7� jJetl$Dri, cas�, proceeciing or other action rasults in entry af an order for relieF or order granting #he relief sought against Borrower; ar (iii} the petition, case, praceeding or other action is not permanently ciismissec� or diseharged an or before the earlier of trial ther�on ar thirty (30) days next follavwing the date a� its filing. {e) A default, ar the accurrence of an event wluch with the lapse of time ar the giving of notice, or both, could become a default, under, or the accelera�ion of any indebtedness secureci by, any otl�er mortgage, security interesi or assig�ment which covers or affects any part of tl�e• Property (but this provision does not grant or imply consent to any such mortgabe, security interest or assignment). (� The levy against the Properiy or any part thezeof, or against any significant portion of Borrower's other property, of any execution, garnishment, attachment, sequestration or other writ or siinilar proceec�ing which is not permanently dismissed or disc3iarged within thirty (30) days after the levy. (g) The discovery by Lencier that any representation or warranty made by Bozr�wer in any of the Loan Documenis or in any other document ever deli�ered by Borrower to Lender in connection with the Obligation is faise, misleading, erroneous or breached in any material respeci. (h) Abancion�ne��t af any portion of the Land or Tmpro�ements or of any signif�cant portion o� any of the other property. (i} T�le failure of Borraw�r to pay immediately any final money judgm�nt against Borrower. (j) The dissalution, Iiquidatzo��, terrimiiz3a�ion or forfeitur� of iight to do business af Borrower, ar if Borrawer is an inciividual, the death of Boz�rower. (k) The failure to caii�mence canstn�ction of the 7mprovements on or before s'vtty (60} days fra�n the date oF this Laan Agreement ar, after cammencement of construction af the �mprovements, the cessatian of the construction of the Improve�ents �or mor�: than ten {10) days witllout thc written canserat of Lender, .�xc�pt cessation for not more than khirty 20 (30) days in tlle aggregate caused Uy acts af God or other causes not within th� cantrol o� Borrower. � (1} A failure af the Gonstruction of any part of the Improvements, or of any of the materials, articles c�r fixtures supplied for incorporation into the construction of the Tmprove�z�ents, to compIy with the Plans, any Governm�ntal Requir�;ment, or the requirements of any ]ease, if applicable. (m) An inabilzCy af Borrawer to satisfy any candition speci�'ied herein as pz'ecedent to the obligatifln of Le��der to make an Advance aft�r an A}�plication for Advance has been submittecl by Borrower to Lender. (n) A determinatian by Lend�r that construction of khe zmprovements will not be com�let�d on or before the Completion Date. (o} Borrower sl�all have (1) concealed, rerr�oved, ar permitted to be cancealed or remaved a�ly part of its praperty with the inte�lt to hinder, delay or defraud any of its creditars; ox (2) inade or st�ffered a transfer of any of its property which may be fraudulent under any ba�ikrup�cy, fraudulent co�iveyanee or sinular law; or (�) suffererI or pErmitted while insolve�lt (ti�lder a�1y applicable definition of the term) any creditor to obtain a lien upon any of its progerty dlrough l�gal proceedings or distraint whieh lien is not perrna,nenkly vacated within thirty (30} days fran the date there,��'. {p) The occurrence af ��y event or condition which results in, oz' with natice oz' lapse of time or both could result in, a default ii� the payment of any indebtedness nr performance of a�ly obligation of Borrower to any person or entiry other than Lender, excluding any indebtedness oe obligation nat exceedii�g, individually or in the aggregate, $10,000.D0 which is bein� ca��Eested in gooc� faitE� in proceedings sufficient ta prevent fareclosure of any liens or seci�z�ty interests therefor a��d for which adequate reserves have been esta�lished. (c� Tl�e occurrence o� a Material Adverse Char�ge with respe.ct to Borrower. (r) Tlle accurr�nce of vly default under any lease covering any portion • of the Property or the re�udiatior�, ternlination or atte�npteri repudiation or tenninatian of any such leas�. 5.02 Cu��c�.sr n� Cicrraiit Cl.a.l�a�.c. Notwithstanding any other provisions of th� Loan Dac��rne��ts, �3arrower shall nat be in Default for failure to pay ar discharge a��y tax, assessment or mecha��ic's or materialman'�s lien asserted agairrst the Property if and so long as (a) Barrower shall dili�ently �jd �iii goocE faitll coi�test tf3e sa�l�e by a}�prapriate legal proceedings whicli si1a11 operate to prevent the enfazce��ent or collection of th� same and the sale of the Property, oz- aaly part illereof, to satisfy the sai��e; (b} Bozrower shall tiave f�arnished to Lender an indemnity bond satisfactory to Lend�r, s�cured by a casl� deposit oz' . atl�er security satisfactory ta L.ender, or with a surety satisfactory ta i.ender, i�l the an�oui�t of the tax, assessment or mechanic's ar materialman's �ien claim plus a reason�ble addit�onal s��i ta pay all eosts, interest and penalties Ghat may be imposed 21 or incurreti in cannectian thexewith, to assure payment ot the matters under con�:st arld to prevent any sale or forfeiture of the Praperty ar any part thereof, (c) Borrower shall promptty ugon final deteril�ination thereof pay the amount of any sucti tax, assessment or clairn so determineci, �ogether with al.l costs, inkerest and penalties wtiich may be payable in cannection theret�+ith; (d) the tax, assessment or mechanic's or materialman's lien daes not constit�te a defauli under any ather mortgage or security interEst covering or affecting any part of the Property; and (e) notwithstanding the faregoing, Barrawer shall immediately upon request of L�nder pay (and if Borrower shall fail to do so, Lender may, but shall not be requiared to, pay) any such ta�c, assessment or claim notwit��standing such contest if in the reasonable opinion of Lender the Property or Lender's rights with respect thereto shall he in jeopardy or in danger of being forfeited or forecloseci. Artiele VI Certain Ri�hts and REniedies af Lender 6.01 CL't7C71T1. RP.1??C'C�IG'S. Should a Default occur ?lYl� L7� GDI]ilillllIlg, or if Lender has acce�erated ar demanded payinent of the Laan pursuant to any of the Loan Documen�s, Lender may, at its election, do any one or more of the f�llowing: (a) DecIare the O�ligation, or any part thereof, immediately due and payable, whereupan it shall be due and payable withaut no�ice o£ any kind, including but not limited to notace o� intentian to accelerate, all af which are waived by Borrower. {b) Terminate its commitment to lend and any obligation ta disburse any Borrower's Deposit hereUnder, (c} Reduce any claim to jud�ir�ent. (d) Exercise a�iy and all Rights afforded by any af th� Loan Documents, or by law or ec��ity or ot��erwise, as Lender si�all deem apprapriate. 6.02 Perfnnaaa.race f�v Lc��ader. Should any covenant, duty, or agr�ment of Borrower fail to be performed in accordance with the terms of the Loan Do�uments, Lender may, at its aption, perform, or atte�l�pt to pez'%z'm, such covenant, duty or agreement on be�alf of Borrower. Ir� such event, Borrawer shail pay to L�ilder on demand any amount expended by Lender in such perfor�r�ance ar attempted performar►ce, together with interest kherc,an at ihe zate pro�ided in the Nate for past-dUe principal fram the date of such expenditure �y Lender unkil paid. Notwithstanding the foregoi�lg, it is expressly un�ers�oad that Lender does not assume azi� shall never have a�7y tia�ility or responsibility for the performance af any duties of Borirower hereunder. Wid�out limiti�lg the generality of the foregoing, ugon tYie occurrence of a Default, I.ender shall have the rigllt, in addition to any other Right of Lender, but not the obligation, in its own nam� or in the name of Barrower, to enter into possession of the Property; to perform alI work necessary to catnplete the constructio�i ot the Improvements substantially in accordance with the Plarts, Govemmental ReqtEiren�ents, a��d the requirements of any lease, if applica�le; and to emplay 22 watck��l�en and other safeguards to protect tfle Property. $a�rzawer. herehy appoints Lender as the attorney-in-fact of Borrower wit�i full power of substitution, arrd in the name of Bflz�rower if Lender elects to do so, vpan the occurrence of a De�ault, to (a} use such sums as are necessary, includi.ng any proceeds of the L,oan and Borrower's Deposit, make suck� changes or corrections in the Plans, and emplay such architects, ei�gineers and contractors as may be requixecl for the puzpose of cornpleting tlie construct�or� of the Zmpravements substantially in accardance with the Plans, Govern�l�e�ltal Requirements, and the requiremerats of any l�ase, if applieable; (b) execute all applications and certi.ficates in the nama af Bonrower which may be xequired for the completion of the coilstnictio�i o� the Improvements; (c) endorse the na�ne of Borrower on any checks or drafts represe�lting proceecis of the insuz'ance policies reciuired hereunder, or othez' checks or instruments payable to Borrower with respect to tlze Praperty; (d) do every act wrth respect to the constructian of the Tmpzovem�nts which Borrawer may da; and (e) pz'osecute o� defend any action or procee�ding iricident �o the Property. Th� pawer-of-attomey granted hereby is a power coupled with an interest, is irrevocable and shall nat terminate upon disability of the pzincipal. I,ender shall �ave no abjigatioi} ta undertake a�y of the foregoin� actions, and if Lender should do so, it shall have no liability to Borrower for tlie s►�ffici�.ncy or adec�uacy of a�7y such actions taken by Lender. 6.03 Le��cicj• 1Vcu ira Contrnl.. Nane of tlie covena��ts or other provisions contained in this Agreeme�}t shall, or sl�all be deemed to, giv� Lender th� �ight or power to exercise contral over the affairs a��d/or »��ge�lient of Borrower, the power of Lender being limited to the rights to exercise the re«�edies referred ta in the other S�Ct30115 of this Article; provided tllat if Lender beca�lies tl�e ow�ier ot �Zy stack of any entity, whether ihrough foreclosure or otherwise, L�nder sh�l be e��titleci to exercise sucli legal rights as it may. have by being a sha.reholcier of such entity. 6.04 Wa.iver;r. Tlle acceptance by L.ender at any time and from time to time of part payment an t��e Obligation sha�l raot be deemecl to be a waivez' o� ai�y� Default then existing. No waiver by Lender of a�-�y DefauIt sh�ll fae deemed to be a wai�er of any oiher th�n existing or subsequent Defatilt. No waiver by Lender of a��y of its Rights hereunder, in tlie other Lo�z Documents or otherwise shall be considered a waiver of any ather or subsequent Right of Lender. No delay or oniission by Le�lder i�l exercisi�lg a�iy Right under the I.�an Dacuments ar otherwise shall impai.r sucl� Right or be constru�d as a waiver thereaf or a�3y aequiescence therein, nor shall any si�lgle or partial exercise of �uly such Right e�haust t�le sa�ne or preelude ather ar further exercise thereof or the exercise of any other Right under the Loan Dacuments or otl-ierwise. b.05 Car�a7irlrrt.t'ifc� R1 �rllr.c. All Rights availa�le to Lender under tY�e I.oan Documents shall be ciia��u]ative ot a��d in adtlition to all okt�er Rights of Lender at Iaw, in equity or otherwise whether or not tf�e O�ligation is dl�e a�}d payable a.nd whetlier or not L,ender shall have inskituted any suit far collection, foreclos�ire or otlier action i�l connection witl� the Laan Doeuments. 6.06 Fcr�ul.s {�f Lc�«cic�r. Any funds of L.ender used for any purpose referred to in this Article shall canstitE��e Advances sec�ired �y the Loan Documents and shall bear interest at the raie speci�ied in tlle Note for past-due principal. 6.07 A.S',1'1L'J1111NJ1f. L�Ildei may assign its rigl�ts or U�3Xlgat10115 hereunder or grant particip�[ions in th� Lo�u� from ti��e to time in whole or in part. 23 6.48 O set. Intentionally Deleted. Article VII General Terms and Conditian� 7.01 IVotices. All notices, demands, requests and ather communications required oz permiited hereunder, or under any ather Loa�n Document except as otl�erwise pro�ided therein, shall be in writing and shali be deemed to be given and deli�ered when received, or if earlier and regardiess af whether or not actually received {except where actual re�eipt is specified �erein or in any other Loan Do�ument), upon deposit in a regularly maintained receptacle for the Uniteci Stat�s mail, registered or certified, pastag� fully prepaid, return receipt requested, addressed to Borrower oz Lender, as the case may be, at its address specified on the first page of thi.s Agz'eement ar at svch other address as such party may have specified theretofore by na�ice delivexed in accardance with this Section and actually received hy the other party. Ta the extent aetual receipt is required, rejcction or other refusal to accept or the inability to delir►er because of changed address af which no notice was receiveci shall be deemed to be receipt of the natice, demand, request or other com�nunication. 7.D2 Cnj�tin.arcr�zn��. a.rrcl Su.�tii�cr.l. All co�enan�s, agreements, representations and warranties made in or purs�arlt to tnis Agreeinent s�iall be deemed cantinuing and made at and as af the date of this Agreeil�e�it and at and as of all times thc:reaftex. All stakements contai.ned in any certificaie, �inancial statemei�t, legal opinion or other instrument deli�ered by or an behalf of Boirrower or Guarantor pursuant ta or in connection with any af the Lnan Dacuments sha�l cor�stitute additional re�resentatians a��d watxatYti�s made under this Agre�ment. All covena�nts, agreerrients, representations arrd warran�ies made in oz pursuant ta this Agreement shall surv�ve until payment in full of all stims owing au�d perforinance of all other ahligations hereunder by Borrower to i.ender and shall �lot be waived l�y khe execution and deli�ery of this Agreement, any Ad�vance hereunder, complekion of consfruction of the ImpravemEnts, any investigation by Lender or any other event except a specific written wai.v�r by Lender. 7.03 Motl.ificat.inns. No provision of this Agreemer�t or the a�her Loan Documents may be modif ed, waived or tenninated except by instrument in writing {referring spe�cifically to th�e � particular instn�ment) executed by the party against wham the modification, waiver or termination is saugllt to be enforced. 7.04 I��,vG�l.irl P1�r�visior�s. If a,iy one or mare of the provisians of this Agreement, or the applicability oi� any sucli provisioE� to a specific situatian, s�ali be heid invalid or unen.foz'ceable, such provision shall be madifie,r] to the minimum e�ctent neeessary to mak� it or its application valid and enforceable, and the vali�ity and enforceability of all other provisians af this Agreement and all otller applicatio��s af any such pravision shall nat be affected thereby. 24 7.05 Elc�cr.in��. of Rc�17zc�rlies. Lender shall have all of the Rights granted in the Laan Documents ar atherwise and all of those available at law or ir� equity, and thes� same R'tghts shall b� cumulative and may be pursued separately, successively or concurren�y against Borrower, Guarantor or any property covered und�r the Loan Documents at kh� sole discretion o� Lender. The exercise or failure to exercise ariy of the same shall not consti�ute a waiver ar release thereof or of any other Right, and the same shall be nonexclusive. 7.d6 L�cr.rr. Dactrrr�en�s. All documents, certificates, insuranee policies and ather items r�qtiirerl under this Agreeir��nt to be executed or delivered to Lender must be .in form, scope and substance satisfaetory ta Lender. All doeuments evidencing, guaranteeing, securing or pertaining to the Loan shall be prepared by couns�l select�d by LE:nd�r. 7.07 C()iTl.l"OI.III?..� A.L�I'GC179L'1T.T. The parties hereto intend to confonn strictly ta the applicable usury laws. In no e�ent, whether by reason of demand for paym�nt ar acceleration af ti�e rnaturity of tf�e Obligatian or otherwise, shall the interest contracted for, charged or recei�eci by Lender hereunder or oklierwise exceeci . the maximuin amount permissible under applicable law. �f, fram a��y circu��lstaE�ce wI�atsoever, interest would otherwise be payable to Lender in exce�s of the maximum lawful amount, t11e interest payable to Lender shall be recluceci auiomatically tn the maxii»u�� amounE permitt�d under applica�le law. If I.ender shall e�er receivE anyt�ung of value deemed i�lterest �u�der applicable law which would apart from this pravisian be in excess of t.he maximum lawful amount, an amount equa� to any amoUnt which would have been �xcessive interest s�lall be applied to the r�uction of the principal an�ount owing an the Obligation in th� inverse order of its maturity and not to the payment of interest, or if such amount vvhich would have Ueen excessive interest exceeds the unpaid principal balance of the Obiigation, sueh excess shall l�e refi�nded to Barrower. All interest paid or a�reed to be paid to Lender shall, to the extent per�l7itted by applicable law, be amortized, prorate�cl, allocated and spread throughout the full stated term (includ'u�g a�1y re�lewal or extensio�l) of suc13 indebtedness so that the amount of interest an account af such indebtedness does not exceed the m�imum permitted by applicable law. The provisio��s af this Section shall co�ltrol all existing ar�d future agreements betweeE� Borrawer and I.e�7der. 7.08 Nr� Tl�irrl Prutv Bc�rlet�cruj-�. This Agreement is for the sole b�nefit of L�nder and Borrower a��d is not for t11e bei�etit at any third party. 7,09 Lc>»cler•'.s Cnnse��t nr Annr•nvrrl. Exeept where otherwise expressly provided in the Loan Doc�Ements, in any instance wllere tY�e approval, consent or til� exercise of judgment of Lender is reqtiired, the granting or denial oi such appz'oval ar consent and the exercise of suc� judgment shall be (a) witl�in the snle discretion of Lender; ar�d (b} de.�rried to have be�n given only by a speciiic writing i�itended for the purpose and ex�cuted by Lender. Each provision far consent, a�proval, iiis�aectian, review, or veritication by L.ender is for I,ender's own purposes and b�nefit OIl�y . 7,10 �lnnlicrrhle Ga.�v. This r�greement and t��e ather L.aan Documents have been executed and clelivered ii� the S��te ot` Texas, are pe�ormable in Tarrant County, Texas, and shall be gov�i�»d i�y aE�d construed in accord��ce with th� laws of the State of Texas and the laws of the 25 Uniteci States applicable to transactions within the State of Texas. In no event shall Chapter 3A�6 of th� Texas Finance Code (which regulates certain r�;volving loan accounts and revalving tri- party accounts) apply to tY�e Loan, any Advance or any Loan Document. To the extent fhat Chapter 303 of the Texas Finance Code is applica�le to the Loan, any Advance or any Laan Document, t1�e "w��xLx cEu.uv�" specified in such articl�; is the applicable ceiling; pxovided that, if any applicable law permits gxeater interest, the Iaw permitting the greatest interest shail apply. 7.11 Counterna.rt F�ecutian. This Agre.�m�nt may be executed in several counterparts, each of which shall be fully effect�ve as an original and all of which togefher sha11 constitute one and the saine instrument. 7.12 Lna.n. A.�>> cer�lc�rat Gnverns. In the e�ent of any conflict between the tezms of tl�is Agreement ��d any terms of any aCher Loan Document, the terms af this Agreement shall gavern. AII of the Lo�t1 Documents are by this reference incorporated into this Agreement. 7.13. Ti�a�c of E.�sc�rr,ce. Time shall be of the essence in 4h.is Agreement. EXECUTED AND DELIVERED on the date first xecited hezein. LENDER: THE FORTH WORTH ECONONIIC DE�ELOPMENT C�RFit]RA'T�4N, a Texas non- profit carporation $j+� _ � M'c��' � Name: �_ �. � n'g, ,,�/�-r T- Tlile: f-� . y:� �. , �%_�. .%�— l%, i-c._ {�/Lr.E�'..��' :f.. � . FORT WORTH MERCADO I, L.P., fl Texas limited partnership By: Fort Worth Mercado, Inc., a Texas corporation Its �General Partner By:�l`� �.� �.,��,A�� . Name: ��.�f//� �/�.��r��•�. Tit�e: r.�.�,i:l�i�� Z6 EX�Ill3�T A TO CONSTRUCTION LOAN AGREEMENT Land [To be completed] 27 LXriAxil'1' B TO CONSTRUCT'ION LOAN AGREEMINT Condi�ions af Fu�st Adv�tnce Fully executed Lease (with exhibits} Financial Sfa.tements. A Cominitment Fee in the amount of $50,9$4.OQ, which shall b� funded as part of the First Advance. An appraisal af the Property approved by L.ender. Affidavit af Non-Commencement. Constritctian Loan Agree�alent Tl�e Note, dateci the Ciosing Date. The Deed of Trust, dated the Closing Date. The Assignment oi Leases and Rents, dated the Clasing Date. Financing Statements (Form UCC-1 or as required by Lender) with respect to the security 'rr�tarests granted in th� L.oan Docume��ts, together with evidence of �he priority of the respective security interests perFected tl�ereby. If Barrower is a general p�rtnership or a joint venture, a true and camplete copy of an execute�ci copy of Borrower's part�lership agreement or joint venture agreement and all amendments thereto accampanie,ti by: {a} a certificate dated tl�� Closing date, executed by such of the p�rtners or ventur�rs as I.�nder may require, that {i) such c�py is correct and complete; (ii) the partnerstup agreement or jaint venture agreement is in fiall force and e�fect and constitutes the compiete agreement an�o�g the partners or venturers with respe�t tv tt�e par�triership or joint ventuXe; {iii) the partnership or jo'vlt venture has not been dissol�ed or terminated and no proceeciing for dissolution or terinination is cantemplateci; (iv) no default ar e�ent v�+hich with the iapse of time or the givi��g of not�ce or both cauld become a default has occurred under the part�iersllip �greenlent or jair�t venture agreement; and (v) the consent refenred to in Par�gra�h (b) below I��s not been arnended or revoked u� any respect and remains in full force �ld e�fect as of tlZe Closing Date. : r4 {b) The joirit written consent af all partners or �enturers, beaang a Current Daie and inrevocable except upon actual receipt by Lender of written no�ice of revoca�ion signed by all 5L1C�7 partners or venturers, approving the Loan Documents, authorizing the ixansactions cantemplated by tl�is Agreement and, if the Loan Documents are to �e executed an behalf of ihe partnership or joint venture by less than all af its partners ar venturers, specifying by name each partner or venturer authorized to so execute such Lc�an Docum�nts and whether a��d to what extent execution by more than one is required. �� Bpi!'�WeT iS a cptporatlan: (a) A copy o� khe articles of incorporat�on, and all amendments th�reto, af Barrow�r, accai�panieci by certificates that such copy is correct and compl�te which ha�ve b�en issued by (i} the appropriate governmental official of the jurisdiction of incorporation thereof bearing a Cu�rrent Daie and (ii) the secretary and the President of such carporation as of tl�e Closing Date. (b} A copy of the bylaws, a��d all amend��ents thereto, of Borrower, accompanicd by a�ertiticate ttzat such copy is correct and complete, �ated the Closing Date, executed by tl�e secretuy aa�d tl�e President of such eorporatian. (c} A certificate ot izic�mbency of all afficers of Borrower wIio wili b� au�llorized ta execute or attest any af the Loan Documents on behalf of Borrower, dated the Closing Date, executed �y tf�e secretary and the president of such corporatiort. (d) A copy of resolutions approving t��e Loan Documents and autharizing the transactions conteinplated in this Agreement, duly adopted by the board of directars af �anower, accompa�iied by a certificate of the secreta.ry and the President o� such corp�ration, dated tlse Closing Date, that such copy is a true and correct copy of resolutions dt�ly ado�ted at a meeting of �r by the unanimous written eonsent of the boaz-d of directors of suci� corporation vld that such resalutions have not been amended or rEvoked in any respect ��d are in full force a�lc� effect as of tFae Clasing Date. If Borrower is a limited partnership: {a) A tr��e a�ld complete copy of an�xecutecf capy of Borrower's limited partnership agreemeilt, and all �mend»ents thereto, accompa�ied by: { 1 j a certificate dated the Closing Date, executeti by each general partner of Borrawer, dlat �i) such copy is correct and complete; (ii} the limited part��ership agree��}ent is in fuli fnrce and effect; (ui) the limited partnershzp has not bcen �issolved or tern�inated and no proceetiing for dissalution or terFninatinil is con�emp]ated; (iv) no def`ault or event which with the lapse af time or the gz�ing of ilotice or both could become a default has occurred under the limited partnership agre�nle�lt; and (v) the consent referred �o in paragraph (2) below has not been ame�lded or revakeci a��d remains in full farce and effec� as of the Closing Date. 29 (2) The written consent of each general partner, and of each limiieci partner ta the extent required by the limiteci partnership agre��nen�, bearing a Current Date and irre�ocable except upon actual receipt by Lender of written notice of revocatiQn signeci by all such partners, appraving the Loan Dacuments, authorizing the transactians contempiated by this Agreement and, zf, pursuant ta permission therefor in the limited partnership agreernent, tha Loan Dacuments are ta be �xecuted on behalf af the limited partnerslup by less than all af the general partn�rs, specifying by name ea.ch general partner authorized to so execute such Loan Documents arld whether and to wk�at extent execution by mare than one is required. (b} A cogy of Borrower's certificate af limited partnership and all amendments thereto, accompanied by certificates that such copy is correct and camplete which have been issued by (i) the appropriate governmental official of the jurisdickion of formation thereof bearing a Cu�rzent Da[e and (ii) a general partner of Borrawer as of th� Closing Date. Satisiac�ozy evidenc.� of tfle existence, good standing and qualification to do business of Bozxower. For e�ch general partner of a liinited partnership �orrower and each Guarantar which is not an individtial, copies of documents, certifcates, evidence and other items as provided above with respect to a barrower of the same type of organizatiQn. Such ather satisfactory evidence as Lender shall require that all necessary actian on the part of Borrawer and each Guarantor has been takes� wikh respect �o the executi�n and delivery of this Agreement and tl�e consummation of the transactions contemplateci hereby so that this Agreement and ail other Loan Documents to be executed and deli�ered by or on behalf of Borrower ar any Guarantar will be valid and binding upon Borrower, Guarantor or person executing and delivering s�ch dacurnent, as the case inay be. Conc�itioris of Si�bseauent. Adva�3ces The Title Policy, being accep�able ta Lender. The Construction Contract (nat to be executed until after recordation of the Deed of Trust). The Contractar's Agreement. The Plans. The Architect's Agreeii�ent. The St�rvey, bearing a Curr�nt Date, and being acceptable ta LE:nder. Ij�s��rance Policaes, certifieates and binders required gursuant ta Section 4.01 and Ex�iibit F to this Agre�mei�t. 30 Building pennit and all other permits r�quired by the Gavernmental Requirements with respect to the construction and development of the Praperty. Sa�isfactory evidence af the compliance af the Plasis with The Amc;ricans with Disahilitaes A.ct af 1990, as amendeci, similar state laws, and any regula�ions promulgated pursuant thereto, as aine�lded. Subozdinataon of alllEases and contracts affecting the Property. �atisfactory evidence ai Borrawer's campliance with or satasfaction of all conditions appl�cable to any Ieases affecting d1e Property. � Satisfactory e�idence that all zoning ordinances or restrickive eovenants affecting the Property permit the present and intencied uses af the Praperty and have been and will be complied with. Zoning e�idence sl�all include a letter or certificate from an authorized representative of tYte zoning authority, addresserl to Lender, adequately identifying the Land an ara atta.ched phoiocopy of the applicable zoi�ing n�ap, stating the zoning classification a�plicable to the Land and the uses permiCted by t��at classi�ication, and specifying all appiicabie height restric�.orts, off street parking rec��tirements a��d b�iilding setback requirements, If required by Lender, certifed copies of the applicable portions of tl�e zo�ling ordinance shall be provided. Satisfactory evidence of dle Prnperty's complianc� with the requirements of all applicable environmental protectio�Y laws, r�les and regulations, wf�et��er fetlez'al, stat� or m�nicipal. Satisfactory evidence tliat alrt- of the streets pravi�ing access ta th� Property have been either deciicated to pu�lic �ise or est�lblis�ed by private ease�nent, duly recorded in the records of the cot�nty i�t wllicla the Property is locat�d, and have been fully installecf and acceptetl by Govemmental Authority, that all costs and expenses of the installatian and acceptai�ce thereof have been p�d ii� full aa�d ihat there are no restrictions on the use and enjoyment of such stzeets that adversely affect, limit ar i��lpair Borrower's ability ta develop az�d construct the Property or operate khe Pxoperty for the purposes a��d in the mariner represente.d ta Lender. 5atisfactary evide��ce af tiie availabiiity of ail utilities io the Property, inclUding specifically, �ut without Iimitation, ��s, electricity, sewer, water and telephone services. Evidence in �he form of letters from �itility service companies must state (a) if the Property is alxeady co��nected for suc� service, the size or capacity of the service line(s) and the status of the acco�nt; or (b) zf the Praperty is not coni�ected for such service, the location and size ar capacity of the nearest service line with respect to (�nd distance fro�l�.) the Land, the avai�ability of connection thereto ta serve the Property, �Yd tlle approxi��ate cost of extending service to tkae Property in the quantity needed adequately to serve t��e Property witli all I�l�provements completed. A letter from a qu�litied e�i�ineer acceptable to Lender stating that the street access to the Property a��d the utilities �vailable to th� Property are adequate to serve the Property and the intended uses ther�of. 31 Sa�isfac�ory evidence of Borrawer's compliance with or exernpt�on from the requirements of the Interstate Land Saies Full Disclosure Act, 15 U,S.C. � 17di, et.s�. Brealcdawn of all costs and expenses required to complete development and construction of the Property, in detail and in a�nount acceptable ta Lender. Application for Advance. Lisi of true full na�nes and addresses, then a�ailable to Borraw�r, of aIl contractors, subcontractors and materialmen who are to pro�ide labor, materiats or services in the canstructzon af the Tinproveinents. A copy of the form of Iease which Borrowez' intends to utilize in conne�ti.on with the leasing of space in th� �mprovei»ents. K�� EXHIBIZ' C TO CONSTRVCTI�N LOAN AGREEMENT The Archit�et: RPGA Design Graup, Inc.. The Closing Date. The date of this Agreement. The Completion Date: October 2$, 2QQ3. Tf�e Contractor{s) , M u� F-�Cc.crla �—�--r� ct, 5 Co�r s n�.�� rr o� Co �/ w L � T��e Improvements: Multi-purpose building in the nature of a mar�Cet place Re�ain�ge to be deducteci fram Advance: Ten percent (10%). � �� ; �� .,�. Frec{t�ency of Advances: Mai�tllly. Requests for Advances must be received by the 14�' day of each calendar mo��tll. The Tikle Compa��y: American Title Comgany, 13D9-A W. Abram Street, Arlingtan, Texas 76Q13 Attn: Pat He1ms. , 33 EXIiYBIT D TO CON5TRUCTION LOAN AGREE'MENT Apnraved Bud�et [To b� attached] 3� EXHIBIT E TO CONSTRUCTION LOAN A�REEMENT Tit.le Policv Reauiremenfs Borrower st�all initially deliver to Lender, at Borrower' expens�, far Texas praperty, a Texas mortgagee title policy bindex on interim construction laan, acceptable to Lender and Lendex's counsel, whicll shall {a) shaw Lender as the insured mortga�ee; {b) insure the lien of th� Deed of Trust as a first lien against the Land and Tmprovements in the full amount of the Loan; (c) delete the exception for rttatters which a current survey wauld show, and al� "standard" exce;ptions which can be deleted, ta the fullest extent authorized under applicak�le title insurance rules and Borrower shall satisfy all requirements there�or; (d} contain (i) no exception far standby fees or real estate taxes other than standby fees and real es�ate ta�es far the year in which the Clasing Date occurs to the extent the same are not then due and payable in whicll case the same shall be e�ldorsed "not y�t due and payable" and (ii) na exceptian for subsequent assessments for pziar years; (e) pravide full coverage agai.nst m�chanic's liens to the extent authorized by applicable iitle insurance rules and Borrower shall satzsfy al� requirements tl�erefor, (� contain only such exceptions {regardless of rank or priority) Lender approves, and Borrawer shall cause to be deli�ered to Lender true, com�lete and fully legible copi�s af all recorded instruments shown as exceptions, including fhe subdivision plat {if any) and any restrictive ca�enants; (g) insure tllat r�o restrictive covenants shown in the Title Palicy have been violated, and that no violation af the restrictions will result in a reversion or forfeih►re of title; (h} insure tY�at tlie lands shown in the r�quired Sur�ey are one and the same as the lands encumbered by tlle Deed .of Trust, and that all recarded easements and other exceptions locatable on the groui�d are located as shawn on the Survey; (i) insure thak indefeasible or marketable (as caverage is available) fee simple title to the Land and Imprave�7�en[s is vest�d in Borrower; {j) contain such endarsEments Lender requires and are availab9e �mder applicable title ins�rance rules and Bonower shall satisfy all requirements therefor; (k) insure any easements, leasehold estates or other mattiers appurtenant to or benetiting t�le Lai�d andlor the Improveinents as part af the insured estate and nat show the same as exce�tions; (1) provide the recording informatian %r t�e UCC financing statement (if any) filed in the reaI estate records of khe caunty where the Land is located; (m) insure that the Loan is also secured by a vendor's lien {to be specifica�ly retained in the deed to Borrower) to the extent tlle Loan is a purchase-money loan; (n) insur� the zoning of, and the right of access to, the Land to the exEe��t authorized under applicable titic: insurance rules a�ld Bomrower shall satisfy a3I requiret�le��ts Ck��refor; and (a) contain prowisic�ns acceptable to Lender regarding Adva�lces of Laan funds after the Laan closing (including any Advances for which no title update may be required). Borrower shaIl be soIely responsible for satisfying th� requirements of the Title Company necessary to allaw the Company to issue the Title Policy required by this Agree��ie�lt. The canditions to Lender's abligation to make the Loan will nat be satisfied if tlie 35 Title Policy z'e�uired by this Agreement is not, vr cannat be, issued, whether caused Uy Borxower's failure to satisfy the underwriters rec�uzrements or otherwise. Borrawer shall provide to L�nder the underwritex's standard "closing protection letter" wit�� respect to the Title Compa�y issuing the Title Policy. The Title Company shall execute Lender's written closing instructions {and if required by Lender shall endorse the title. commitment at the closing of the Loan) to insure any "ga�" between the effective date of the title commitment and th�: datc of r�cording the Deed of Trust, and Borrower shall execute any affidavits, personal �r�dertaking� and indemnity agreements required by the underwriter for that purpose. The premiums for the Title Policy are budgeted casts of the Praperty and shall be paid ak the Lpa�1 Cl05ing oX, if Lender sa cansents in its sole d'zscretion, in installmen�s with Advances of the Loar� if and to the extent autharized by. applicable title insurance rules. The Title Company shall record the Deed af Tru,st, and other documents as requested by Lender, and shall be prepared ta accept the first Advance of L.aan proceetis in escrow for further disburseinent to Borrower {or as directed by Borrower} when the Title Company has executed Lender's closing instructians (a�d marked up the title commitment to the satisfaction ai Lender, if required by Lender) and has indicat�d that aIl conditions to the issuance oF the Title Policy have bee�z satisfied. Lender shall have the rig�t to requir� but not the obligation to cansent to an underwriter that nlust abtain co-insUrance and/ar reinsurance, and in that event reference i�erein to the "Title Policy" shall include each title policy issuec� on a co-insuranc� basis and each zeinsurance agreement. Each reinsurance agreement sha11 be a direct accass facultative reinsurance agreement satisfactory ta Lender. The a�i�aunt of risk under the Title Palicy retained by the underwriter (and each coins�rer, if coinsurance is required by Lender} and ceded to each reinsurer shall not exceed twenty-fiv� percEr�t {25%) af its respective "Ad�usted Net Worth," which is defined as its net worth (as reparted in its most recent f naricial statements) pius reserves for losses, minus value of title plants. � EXHIBIT F To C4N5TRUCTION LOAN AGREEMENT Tnsurance Requirements Barrawer shall mai.nt.ain with responsibie insurar�ce companies having at least an A Policyholder's Rating and a Financial Size Rating of XII by Alfred M. Best Company (or another company approv�d by Lender) the foilowing: 1. Hazard Insurance. Insurance with respect to all insurable Praperty against loss ox damage by fire, lightning, wzndstorrn, explosic�n, hail, tornado, calIapse, riot, riot attending a strike, sprinkler leakage, cir�il commotian, damage fro;n aircxaft and vehicles, and smoke damage and loss or datnage froin such hazards as are presently incJ.uded in so called "extended coverage" and agai�ist vandalism and malicious mischief and against such other insurable hazards as xnay be required by Lender far the benefit of Borrower and Lender as named insured andlar lass payees. The amaunt of suc� insuxance shall be the full replacement cost of tlle �uildings, impraveme��ts, furniture, furnishings, fixtures, equipment and atlner items (whetiier personalty or tixtures) included in th� Pr4perky, without deduction for depreciation. Full replace�nent cost, as used lierei��, ineans, with respect to the buildings and improvements, the cast of replaciiig the buildings and iinprovements, exelusive af the cost of excar�atians, foundatians and footings Ueiow the first floor slab grade, but including the cost of debris re�l�oval, and means, with respect to such furniture, furnis�ings, fixtures, equipment and other 1Ce1715y the cost af rep�acing same. Each such policy shall contain a replacement cos� endorsement and such other endorsements as are suffcient to prevent Borrower and Lender fram �ecaming a coinsurer with respect to such buildings and improvements. Such insurance shall be "Al.l-Risk" form. 2. BuiIder's Risk. All-Risk Builder's Risk insurance (which may be provided by the Contractar during the constructian of the Improvements although the responsibility to pxovide such insUrance shall r��nain Borrower's responsibility) in an amount equal to 100% of the replace�nent cost of the Improvemeilts, prov�ding ali-risk coverage on the �mprovements and materials stored oi1 the Praperty and elsewhere, and including collapse, damage r�sultir�g from error in design or faulty workmanship or materials, water damage, and permission to accupy, for the benefit of Borrpwer and Lender as named insured andlor loss payees. . 3 Ftood insurance. If and to the extent any of the Property is located in a flaod hazard area, a federal tlood insurance palicy in an amount equal to ihe lesser of the amount of the Laa�Z nz� tf�e �r�axi�lium ai��ount available. 4. Otller. St�cl1 other insurance on the Property, ar any replacernents or substitutions thereaf, ar additions tlzereCo, a�d in such amaunts as may fram time to time be requi.red by Lender agai�lst other ins��rabie hazards or casualties which at the time are commonly insured 37 against in the case af premises similarly situated, due regard being gi.ven to the height and type of the buildings and improvements, or any replacements or subs�itutions therefor, or additians thereto, and their construction, iocation, use arid occupancy. S. Cflntracts. With respect to any Gontractor performing work in connec�i�n with the improvements such insurance as Bank shall reasonably require. All insurance policies shall be "oecurrence" based palzcies, issued and maintained by Insurers, in amounts, with deductibles, and in form satisfactory to Lender, shall requu'e not Iess than thirty {30} days' pzior vvritten notice to I.�nder of any cancellatian lapse, expiurativn, reciuc�ion or other change of coverage, and shall provide, if possible, for payment of a11 costs and exp�nses incurred by Lender in the evenk o� any eantested c�aim. Without lirniting the discretion of Lender wikl� respect to required endo:rsements to insurance �olicies, all such policies for lass or damage to the Property shall contain a standard mortgagee elause (wi�hout coninbution) naming Lender as martgagee with loss proeeeds payable to Lender. All such policies aiso sha11 provide that the �validity and enforceability af suc� palicies will nat be affected by, and the proceeds of such palicies will be payable to Lender notwiths�anding any (i) act, failure to act, or negligence of the insured, {u) any violation of any warranty, declaration or conditian contained i� any such policy by the insured, (iii) the occupancy or use af the Property for purposes more hazardous than permitted by the t�:rms of the palicy, (iv) the exercise of the pawer of sale or any forecfosure or other action or proceeding taken by Lender pursuant to the Loas� Documents, ar {�) any change in ti�e to or ownership of the Prop�rty. �n the case of policies of "extended caverage° insurance carried 1oy a lessee of the Praperty for the benefit af Barrower, Barrower will �pan request of Lender cause such policies to be endorsed to provide for payment of proceeds to L�nder as its interests may appear. : I.C.W. GROUP �INSURANCE COIV�ANY �F THE WEST []EXPLC3RER Wi SURANCE COMPANY �INDEPENDENCE CASUALTY AND SURETY COMPANY �, � �� {� � 11455 EL CANIIl�TO REAL * SAN DYEGO, CA 92i30-�D45 �,0. BOX 85553, SAN DIEGO, CA 92186-��63 (619) 350-2440 FAX (619) 3�0-ti��'1 KNOW ALL MEN BY T�ESE PRESENTS: PERF�RMANCE BOND � �,�.,'�.,{�_L'��? ��•� � Bon.d Number: 2082853 That HM & MF, Ltd. d/b/a Muckleroy & Fa1ls, a Texas T..imited Partnexshig, as Principal, hereinafter called Contractar, and Insuarance Company of the West, as Surety, hereinafter called Surety, are held aud firmly bound unto Fort Worth Mercado 1, L.F., as �bligee, hereinafter cal�ed Ovimex, in� ths arnount of Three Millicm, Six Huz�.dzed Ninaty-Eight Thousxnd Eight Hundred Thirty-Six and no/100 Dollars ($ 3,698,835.QQ), for the payment whareof Contractor and Surety hind themselves, their hears, executors, admin'rstrators, successors and assigns, joint�y and severally, firmly by these presents. WHEREAS, Contxactor has by wiritten agreement daied September 26, 2�703 entered inta a con�acf vvith Owner �ar �art Worth Mercado in accordance vvith drawimgs and specifications prepared by RPGA Design Graup, i�c. which con#ract is by reference made a part hereo� and is hereinaier refezzed to as the Contxaci. NOW, THERE�ORE, THE CONDITiON OF THIS OBLTGATiON is such that, if Contractor shall pronr�tly and faithfully per�'orm said Contract, then this obligation sha11 be null and void; oiherwise it shall remain in fu1l force and effect. The Surety kze�eby waives notice of any alteration ar extension of tiine �nade by the Owner. Whenevez Contractor s1aaS1 be, and declared by Owner to be in default under the Contract, the Owner having perfornxed Owner's obligations thereundez, the 5urety may pzamptly remedy the default, or shall pramptiy (1) Complete the Contract in accordance with its terms and coz►ditions, or (2) (7�tasn a bid or k�ids far completing tha Contract in accordance wiih its terms and conditions, and upon detenni�ation by Surety o£ the lowest responsible bidder, or, i�'the Owner elects, upon deternunatian by the �wner and Surety jointly of t�e iawest responsible biddex, arrange fnr a contract betvveen such bidder and Owner, and make available as Work progresses (e�en though thexe s�auld be a defaul# ar a succession of defaults under the contract or contrac#s oi completion arranged under tl�is paragraph) sufficient fixnds ta pay the cost af completion ]ess the balanee of the contract price; t�ui not exceeding, including athez costs and damages foz which the Surety m�ay l�e liable I�ezeunder, the amount s�t forFh in the first pazagraph hereaf. The term "balance oi the contract p�rice," as nsed in this paragraph, shall n:zean the total amaunt payable by Owner to Contractar under the Conlxact and any arnendmen.ts thereto, less the amount properly paid by Owner to Contractor. Aany suit undeT this bond must 6e instituted before the expiration of two {2) years from the d$te an which final payment under the Cant�rac4 falls due. No right of action sha�l acerue on th�is bond to or for the use af any person or corporatioz� other than the Owri.er named herein ar the heirs, executors, administrators or successors af Owner. Sign�d and sealed this 29th day of September A.D. 2�03. �� :_ � _ — (wz�ss) f (WITNESS) �3M � M�F' �td. d/b/a �u�ld.erny & Falls, a Texas �rn2te '.artners p ��iL6�[.. �� t�eal) By �J ! V-/'.�. � C°�`�`� �a�. �.e,/�a.�.� '� Co any of the�Ve , t , ' , �� `��` `� By: � Lin a W. Sinku � Attorr�ey-In-Fact f 1 1 I.C.W. GROiJP � INSURANCE COMPANY �F `i'HE WEST ❑ EXPI.ORER TNSURANCE CON�ANY ❑ INDEPEN�ENCE CASUALTY AND SURETY COMPANY 11455 EL CAMINO f€EAL, snrr n��o, CA 42130-2045 Bond Number : 2082553 PA_ SOX 85563, 5AN DIECO, CA 92186-5563 (619} 350-2444 FAX (619) 350-27q7 STATUTORY PAYMENT BOND PURSUANT TO CHAPTER ��53 OF THE TEXAS GOVERNMENT CODE (McGREGOR ACT - PUBLIC WORKSj KNOW ALL MEN BY 'THESE PRESENTS: That, HM & MF, T.td. d/b/a Mucicleroy & Falls, a Tcaxas Liraited Parknership {hereinafter aalled the Principal), as Principal, and �nsurance Company of the West, a corporarion organized and existing under the laws of the State of Caiifornia, with its principal office in the City of San Diego (hereinafter called the Surety), as 5urety, are held and �irmly bound unto Fort Worth Mercado l, L.P. (hereinafter cailed the Obligee) iza the amount of Three Miilion Ssx F�undred Ninety-Eigh# Thau�and Eight Hundred Thirty- 5ix and no/100 Doltars ($3,698,836.OQ), for the payrnent whereof, the said Principal and Surety bind tisemselvas, and thev heirs, administrators, executors, successors and assigns, jaintly and sevcrally, firmly by these presents. WHEREAS, the Principal has entered in.to a certain written contract wi#h the Obligee, dated�he 29th day of September, 2003 to Fort Worth Mercedo which contract is hereby referred to and made a part hereo€ as fully atzd to the sarne extent as if copied at length herein. NQW, 'T'I�ER�FORE, THE CONDIT`IDN OF THIS OBLIGATTON IS SUCH, that if the said Principal shall pay all claimants supplying labar and materiai to him ar a subcon�ackor in the prosecution of the work provided for itz said c�ntracE, then, this obligation shall b� void; otherwise to remain in full force and effect. PRQVIDED, HOWEVER, that this bond is exacuted pursuant #o the provisions of Chapter 2253 of the Texas Gove�'inment Code, and ail liabilifies on this bond to a!3 such alaimants shaIi be detcrmined sn accardance with the provisians of said Chapter to the satne extent as if it were copied at length herein. IN WIT'NESS WHEREOF, the said Principal and Surety have signed and sealed this instrument this z9th clay of September, 2003. Witness: Attest: � i�.� ' �, � (If Individnal or �irm) �� . (If Corparation) HM & MF, Ltd. cUhla Muckleroy & Falls, a Texas I.imited Partnership C��L �- �j-�'.u� . 7r��' ;}¢- Ins ance�mpany�oftl�'e Wesy . �Sy: � Linda W. Sinku Attomey-In-Fact ��'�e ,��- �+^- �ri�c' (Sea�) (Seal) (Seal) f Seal) (Seal) m cr�o�x�x��,� �� To �c atla,�t►�d [a and f� a�t't �' Ba�sd No. 2082853 , c�atcd canc�c�ri ly +�ritl� thc �zecuc�an af t3�ss rider, i;�ual�r �t�c insuranc� CampanV of the West ___ , a� ��, p� ��j�Q� HM & MF, Ltd. dlbla Muckleray & Falls. a 7exas Lirnited Partnershiq asF�inci�af. endir�faworo� Fart Worth Mercado 1, L.P. _ - -. - .— _, ns (�!l�;a. NQW, iNF.R�i�L}7ltE. 1l� r�a�st�tion af th� p�cnti�un [i��cd fht S�r ��ho� �c►nxi �nd othei � arld ��t��1G �dL3L�f9Ad� Ityc�l� O� WLI�L 1S ��10�1c+d�, tlt� �nS� iS 1FL':'C� �tyF�1� 8.i �Utiil11�'.: rh� u�� .-r�r ��c � ra�low�: Gity of Fort Worth, Texas _ _ islsre �► aais�d t�o s�i E�� s�4�tt�iigrs�(si. rj�{r�y 'FF�E� 9�i t70��'�iOR RS v,.°-,..Yi WF= ��tlNt' �S ��11�D.OgE �i1SL'+�Sr li L1'i �� i��t �]+a Pri��] �nd ti�c �rcrr� �h�11 n�e � fi�c W tT�c dEali� or a�+� cS u�x.•m t� �a Di�"4gccs as a� of t�m xhall uaaTme ��,� �.. w. G.. to iLe P�i.nrip�l sts[d1Y i� aoa�7rdai�ce wil� th� tetni"r �f �d t�D�tratt �X te �y�.err�ts and 3teall �.:rfar� �it Lfi.: oihcr �ti�aeiu� �o ��:slosinc� unt�r � oo�tratt at tlu: ttmc nnd �� tl�c rna� t�erei�� ss.�t foseh: ali of xl�e acrs af onc C�s� ��din�, ou tlre ath�r_ �i'Iw atra�l�altd �u�td sls�lf Ir� �ila�ci tu a!I of its tertes, coudttiuu5 a�� lit�ntane��s ckcc� as l�x:xciie ss�aciiCi4ci SiGN�. �EALE!] ANY� DA7"�D rl�is 29th `�; � Septerribar , 192Q03 , Fort Worth Mercado 1, L.P. ��_ � � - � � HM & MF, Ltd. dba Muckiera�r &�affs, a Texas L.imited Partnership � _, ,_, B- �, ��. U � — �- �� " � . ,,�.�.e. a�. In�qce Company of t� INest � �' ' � �1� - �_�" Linda W. Sinku, Attnrney-in-Fact � 8r- � -.. AtlarrhCv-iB-iaci T`ERR4RI�1l�i COVEIiAGE DI�CLO�URk�: The Terronism Risk Insura.zice Act of 2Q02 �the "Ac�") establiskes a pr�gracn undez- urh#ch the Fede�t Gt�vernment wi�l sha.rs ir� the payment af couered losses caused by �ertain acts af iraternational terrorism. We are providir�g you with this nvtice to inform yQu of the key feat�res of the Act, and to !et yau kztaw what effect, if any, the Act wi]1 have on the premiurn. Under tha Act, ansurers are required to provide eoverage �'or certain [�sses caused by int�r�ational acts af t$rr�ri.sm as defined in the Act. The Act further pravid�s tk�at the Federal Governm�nt will pay a s�a�re of suc� losses. Specifically, the Federal Governm�nt will pay 90% of the a�mot�nt t�f cnvered 14sses causea by csrtaxn acts of terrorisrri that is i� excess afthe statt�tority established deductible for that year. The Act also caps the amoun# o£'terrorism-related losses iflr which the �ederal Gcavernment ar an insurer �an be responsiblE at $i00,000,004,pOt1.00, provided that the insurer has met its d�ducti�l�. Please nate that passag� of the Act daes not res�ult in �ny clsarzge i� caverage ur�de� the attached po�cy or bor�d (or the pc�licy or �ond �eisxg quated}. Piease also nate that no separate additianal premium char$e �as �een �ade for the terrosism coverage requir�d by t�e Act, T�e prerni�m char�e t�at is a1lt�cable tc� suct� coverage is inseparabie fram ar�d imhedded in the vveralt prexnium. P.o. goX i 4si �a Austin, Texas 797 1 4-91 04 FAX f�o. (512) 475-1 T71 Pr�:mium or Claim �isputes: Should you have a dispute con�eming yo�r premium or a claim you should contact the Su�ety flrst. If the dispute is not resol�ed, you may contact the Texas nepartment of Insurance. AiiACN '�HIS NOilC� '�@ Y�UR �Ol.lCY: Th9s notice 9s fiar inFormat9on only ar�d does not become a part nr conciition of the attached document, I.C.W. Grou� �19�355 �I Gamino Real �an Biegu, CA 9�13d-204�i P.0. Box $55G3 San Diego, CA 9278fi-5563 1-800-677-11 "11 NO. N ,� � ICW GRDUP Power of Attorney Iqsurance Company of the West The Explorer Insurance Cumpany Independ�nr.e Casi�alty and Surety �ompany KNOW AI.L MEN BY 'I'H�SL P1tESENTS: T1xat ins�uance Campany of the West, a Cor��oration du3y organized und�• the laws oFYhe State of Cafifornia, The �x�lorer ]nsurance Campany, a Gorporatinn duly rn�ganized under tlke laws of the State of Arizona, and Independence Casualty and SureEy Company, a Corparation duly organized under the laws af the 5tate bf T'exas, {callectively refened to as the "Compazries'�, do here6y appoint GARY B. MCELROY, LINDA W, SIN7�U, ROBERT A. RERGC7S01�[ their trEte and lawful Attorney(s)-in-Faat with authoi�ity to date, exem�te, sign, seal, aud deliver on behalf ofthe Coinpanies, fidclity and surety bonds, ti�ndertakings, and other simi�ar eontracts of suretyslvp, and any relatad docnmentF. iN W1TNE55 WHEREOF, the Companies have cansed these prEsents to be exeCltted by its duly authorized pft"icerS this 1Gth da}+ of.Tarniary, 2QU1. ao�►�r�. ►l6au• c ih . �� D@O�,�r..��A� � � � � �WI1�� . � ,� �� Q � � �OR�� Q �r �so�.� �y1 � ` - ' _ �- � �-I Jahn H. Craig, Assistant Seeretary INSIIRAIVCE CUMPANY OF TH� WEST THEEXPLORERiN3IIRAIVC�: COMPAIVY INDEP�ND�NC� CAST�ALTY ANA SURET7t COMPAI�'Y ; `_ _ _ ..t.e..=.e=_ .. r John L. Hannurt�, Executave Vicc Preside�t State of California County of 5an ➢iegn �f �g• Un Janu�ry 16, 24Q 1, 6efore ffie, Norma Po�tez•,1Votary Pnhlia, personally ap��eared 3ohn L, Haunwn xnd .folm H, Craig, persunally known to me to be the persons whnse names aze suhseribed to the within instniment, and acknowledged to tne that they exeouted tlie same in their atethorized capacities, and drat by their signahues on the instrument, the entity upon behalf oFwhich the persons acted, executed tlze instniment. �: - � _ . 1�fORN1A PORTFR u � CGM M. # 1 �57540 n � �^N... N(J7AF�'�l�UBLiG-GALIFOkiVIA Uf � 5AN 171EGa COUNTY i My Commiss{nn �plres �� hhARGFl f �, 2004 � , Witness �ny hand and afficial seal. �• � � �. Norana Port�r, Notary Pu61ic RES OLU'I'IONS '�7ris Power of A#tomey is granted ar�d is sigi�ed, sealed and uotarized with Faesimile sigiatua�es aud seals mj.der anth�•ity ot the following resolutions adopYed by thB respeetive Boards ofbu•eetors of eact� of the Companies: °RESOLVBD; 'That the Presitlent, aii Executive or Senior Vice President pf the Company, together with the Secretary or auy Assistant Se�retary, are here$y authorized to execute Poweis ofAttorney a�pointiug the person(s) uamed as Atcornoy(s)-in Fact to date, exec��te, sigu, seal, and deliver on behalf uftlte Company, fidelity and snrety bonds, tindertakings, and other similar cond-acts uf suretyship, and any relafed dvcaunents. RESDLV�I3 i'l1RTHElt: Thak the signahu�es oFthe afficers making the arn�ointme►3t, and the si�nature of any of&cer certifyuzg the validity and current status oFthe appointment, may be facsimile representatiuns oF thnse sig��atures; and the signature and seal of any notary, and the seal of the Company, may be facsimile �epresentatinns of those signatures �d se�is, and such facsirnile repi�esentations ahall hava the same force and effect as if manually affixed. The facsimile repres�a�cakions rcferred t� hereui ruay b�c aff�xed by stamping; printin�, iyping, or photocopying." CE�RT1FiCATE I, fl�e nndeisigned� A5515�911i SCCYO[71'y 6f I1151]Ca11C0 CO;ll]7ally O{ II1C W05t� The Explorer Insnrance Company, and F�idepeadence Cast�alty and Surety Cd�np.any, do here6y certify that the Foregoing Power of Attosa�ey is in fiill force and effect, aild l�as uot beeal revolced, and that tkre above resohiHpns were dtEly adopted by the respective $Uards ofDirectors o€the Comganies, a�id are now in fi�ll fvrce. IN WTl'NiSS ViIH�+REOF, Ihave set my hand this �9 �� day of SEptem�er , 2003 , 1�.��;;�,� _ - `� �f Tohn H. Craig, Assistant 5ecretaiy To verify the atetlieuEicity of this Power ofAttomey you may call 1-$b�-877-I 111 and ask for th� SnxeCy Uivision. Please refer to the Power of Attorney� Num6er, the above named individttal{s) and details of the b.qnd to which tlie power is att�ched. Eca- iai'ormatioi� 4r iiling clauvs, please coutact Surety Cleims, ICW Grou�, l 1455 EI Camino Real, San Diego, CA 42130-2045 or call (858) 354-240Q. � +� �'ity o, f �'o�t Yi�o�th, T'exas y�� i G��cie ��r��l��fi�� DAT� REFERENC� NIJMB�R l_OG NAME PAGE 90/1102 �*�013�,�7 97LAND I 1 of 2 su�.��cr GROUN� LEASE AND OPTION TO PURCHASE UNIMPROVED LAND AT 15DQ �IORTH MAIN STREET WITH FORT WORTH MERCADO, INC. RECOMMENDATION: It is recommended that the City Council: 1. Authorize the City Manager #o exec�te a graund lease with an option to purchase a portion af unimpro�ed land at 1500 North Main 5treet with Fart Wor�h Mercado, Inc; and 2. Wai�e assaciated development �ees and sewer and water �ees for the construction of a 50,000 square foot mixed-use de�elopment on the unimproved land. DISCUSSION: The Economic and Cammunity �evelopment Department has entered into negotiatians with Fort Warth Mercado, Inc, (Fort Worth Mercada) to leas� and purehase 'f .25 acres of City-owned property located at 150Q Narth Main Street. The praperty is lacated in the No�th Enterprise Zone and is in an Urban Village as designated in the 2002 Camprehensive Plan (M&C G-13704 dated August 20, 2002). Currently, ihe property is being used as the Narth Main Park and Ride. An Economic De�elopment Administration (E�A) grant pro�ided the funds for the acquisition and cost of construction of the par�Cing lat. ln order to en#er into negotiations with Fort Worth Mercado for the lease of t�e property, th� City was required by EDA regulatio�s to reimburse EDA for the fair market �alu� af the property that will be used in the developmenf. The fair market v�aiue of the praperty was determined hy ar� independent appraiser to be $286,00o. On ,luly 9, 2002, the Fort Worth Local Development Corparatian appra�ed a resofution transferring $286,000 to the City af �ort Worth for th� r�payment to EDA (see the attached Resolution}, Fort Worth Mercado proposes ta buifd a 58,40fl square foot mixed-use de�alopm�nt an the property. The de�e�opm��i will create at leas# 64 full time jobs once campleted. The rede�elo�meni project will serve as a key catalyst project in the Urban Village. The proposed lease has a 20-year term. The monthly lease payments ar� $9,887, which is based on the fair mar[cet value plus fi�e percent interest. Th� lease also includes an option to purchase the properky at any time during the lease for the remaining fair market value plus accrued interest. F'or� Wor�h Mercado will construct the improvements on the property according to tt�e project plan, and wifl post payment and performar�ce bonds during construction. The fease also provides that the Ciiy will nnt construcf any improvements, ather than a parking garage, on the rest of the City-owne� pr�perty during the term of �he lease and for ten years af#er For# Worth Mercado purchases the property. Fort Workh Mercado requested t�is pro�isian to ensure #hat their development and the nearby businesses will ha�e sufficient parking. C'ity of �o�t T�oY�h9 Texas il�a��r �� jE �a�r�e�r�i�a�l�� DAT� REFERENCE I�IUMBER LOG NAME PAGE 1011/02 **��07 17LAND 2 of 2 SUBJECT GROUND LEASE AND OPTION TO PURCHASE UNIMPROVED LAND AT 1�00 NORTH MAIN STREET WfTH F�RT WORTH MERCA�O, INC. i The Economic and Cammunity Development Department is requesting t�at the City Council wai�e associa4ed devefopmen� fees and water and sewer fees associated with #he construction of tf�e building. F15CAL INFORMATION/CERTIFICATION: The Fi�ance Director certifies that this action wi[I ha�e no matarial effect on City funds. �:�:�� 5ubmitted far Cify Manager's Oftice by: ��u� � accou�v� � c�rrr�R I {to) AMOi7NT I CITY SECRETARX Reid Rector Originating Department Head: Tam i3iggins Add'rtional Information Contact: Robert Sturns 6340 6192 (from} 863�F I APPROVED AS AM�NbED �