Common use of Obligations of Borrower Unconditional Clause in Contracts

Obligations of Borrower Unconditional. The obligations of the Borrower to make the payments required by Sections 4.1 and 4.3 and to perform its other agreements contained in this Agreement shall be absolute and unconditional limited by the amount of SSA Taxes. Until the principal of and interest on the Bonds shall have been fully paid or provision for the payment of the Bonds made in accordance with the Indenture, the Borrower (a) will not suspend or discontinue any payments provided for in Section 4.1 hereof, (b) will perform all their other agreements in this Agreement, and (c) will not terminate this Agreement or suspend or delay their performance under this Agreement for any cause including any acts or circumstances that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the laws of the United States or of the State or any political subdivision of either, or any default or failure of the Issuer to perform any of its agreements, whether express or implied, or any duty, liability or obligation arising from or connected with this Agreement.

Appears in 1 contract

Sources: Loan Agreement

Obligations of Borrower Unconditional. The obligations of the Borrower to make the payments required by Sections 4.1 5.1 and 4.3 5.3 and to perform its other agreements contained in this Agreement and the Notes shall be absolute and unconditional limited by the amount of SSA Taxesunconditional. Until the principal of and interest on the Bonds shall have been fully paid or provision for the payment of the Bonds made in accordance with the Indenture, the Borrower (a) will not suspend or discontinue any payments provided for in Section 4.1 5.1 hereof, (b) will perform all their its other agreements in this Agreement, Agreement and the Notes and (c) will not terminate this Agreement or suspend or delay their performance under this Agreement for any cause including any acts or circumstances that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the laws of the United States or of the State or any political subdivision of either, either or any default or failure of the Issuer to perform any of its agreements, whether express or implied, or any duty, liability or obligation arising from or connected with this AgreementAgreement or the Notes.

Appears in 1 contract

Sources: Loan Agreement (Steadfast Income REIT, Inc.)