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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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Note, and to Borrower, written declaration of default and demand for sale, and written notice of <br />default and of election to cause the Property to be sold, which notice Trustee shall cause to be duly <br />filed for record and City may foreclose on the Deed of Trust. City shall also deposit with Trustee <br />the Deed of Trust, this Note and all documents evidencing expenditures secured thereby and <br />evidenced hereby. Upon the occurrence of an Event of Default (and so long as such Event of <br />Default shall continue), the entire balance of principal shall bear interest at the rate of the Note <br />plus four percent (4%). No delay or omission on the part of the City in exercising any right under <br />this Note or under any of the other Loan Documents shall operate as a waiver of such right. <br />16. Attorney Fees. <br />If this Inclusionary Promissory Note is not paid when due or if any Event of Default occurs, <br />Borrower promises to pay all costs of enforcement and collection, including, but not limited to, <br />reasonable attorneys' fees, whether or not any action or proceeding is brought to enforce the <br />provisions hereof. <br />17. Severability. <br />Every provision of this Note is intended to be severable. In the event any term or provision <br />hereof is declared by a court of competent jurisdiction, to be illegal or invalid for any reason <br />whatsoever, such illegality or invalidity shall not affect the balance of the terms and provisions <br />hereof, which terms and provisions shall remain binding and enforceable. <br />18. Number and Gender. <br />In this Note the singular shall include the plural and the masculine shall include the <br />feminine and neuter gender, and vice versa, if the context so requires. <br />19. Non -recourse. <br />The Inclusionary Loan is a nonrecourse obligation of the Borrower. Neither Borrower, nor <br />its partners, nor any other person or entity shall have any personal liability for repayment of the <br />Inclusionary Loan or for any other amounts under any of the documentation evidencing, securing <br />or describing the Inclusionary Loan. The sole recourse of City under this Note and the Deed of <br />Trust for repayment of the Inclusionary Loan and for such other amounts arising therefrom shall <br />be the exercise of its rights against the Property and related security thereunder. <br />20. Subordination. <br />It is hereby expressly agreed and acknowledged by Borrower and City that the Deed of <br />Trust is a subordinate deed of trust, and that this Note is subject and subordinate to any Senior <br />Deed of Trust. <br />21. Notice of Default. <br />10 <br />55A-102 <br />
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