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28 <br /> of the Property, or (b) toward the prepayment of the obligations of <br /> the County hereunder, including, but not limited to, the <br /> Installment Payments . The County shall make claim for, receive <br /> payment of, and execute all documents, checks or drafts received in <br /> payment of loss or damage under any such insurance policy. <br /> 5 . 7 Risk of Loss. The County shall bear all risk of loss to <br /> the Property, and in the event of loss or damage thereto, the <br /> County shall, at its option, either (a) continue to make the <br /> Installment Payments due hereunder and repair or replace the <br /> Property or (b) prepay in full the principal component of the <br /> remaining Installment Payments at a prepayment price equal to one <br /> hundred percent (1000) of the principal component of the remaining <br /> Installment Payments plus accrued interest thereon to the date of <br /> prepayment. <br /> 5 . 8 Performance by the Lender of the County' s <br /> Responsibilities. Any performance required of the County or any <br /> payments required to be made by the County may, if not timely <br /> performed or paid, be performed or paid by the Lender, and, in that <br /> event, the Lender shall be immediately reimbursed by the County for <br /> these payments and for any costs and expenses, legal or otherwise, <br /> associated with the payments or other performance by the Lender, <br /> with interest thereon at a rate equal to eight percent (8°s) per <br /> annum. <br /> 5 .9 Financial Statements. The County agrees that it will <br /> furnish the Lender at such reasonable times as the Lender shall <br /> request current financial statements (including, without <br /> limitation, the County' s annual budget as submitted or approved) , <br /> and permit the Lender or its agents and representatives to inspect <br /> the County's books and records and make extracts therefrom. The <br /> County represents and warrants to the Lender that all financial <br /> statements which have been delivered to the Lender fairly and <br /> accurately reflect the County' s financial condition and there has <br /> been no material adverse change in the County's financial condition <br /> as reflected in the financial statements since the date thereof. <br /> 5. 10 Reports. The County agrees that it will furnish to the <br /> Lender monthly, and at such other times as may be reasonably <br /> requested by Lender, a report from the County's architect with <br /> respect to the status of the construction of the Improvements <br /> (addressing the percentage of completion and compliance with the <br /> Plans and Specifications) , in form and content reasonably <br /> satisfactory to Lender. <br /> SECTION 6. PROPERTY <br /> 6.1 Title. The County has good and valid title to the <br /> Property, free and clear of any liens, claims or security interests <br /> of any party whatsoever. <br /> 7 <br />