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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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12/10/2020 5:00:39 PM
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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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a. Subject to the applicable cure periods set forth in section 14, and subject to the further <br />provisions of this section 21, failure or delay by the Borrower to perform any term or provision of <br />this Note constitutes a default under this Note. The Borrower must commence to cure, correct, or <br />remedy such failure or delay and shall complete such cure, correction or remedy with reasonable <br />diligence. <br />b. The City shall give written notice of default to the Borrower and the Investor Limited <br />Partner (as defined in the Agreement) specifying the default complained of by the City. Delay in <br />giving such notice shall not constitute a waiver of any default nor shall it change the time of default. <br />c. Except in the case of a monetary event of default, the Borrower shall not be in default <br />so long as it endeavors to complete such cure, correction or remedy with reasonable diligence, <br />provided such cure, correction or remedy is completed within the applicable time period set forth <br />herein after receipt of written notice (or such additional time as may be deemed by the City to be <br />reasonably necessary to correct the default). <br />d. Any failures or delays by the City in asserting any of its rights and remedies as to any <br />default shall not operate as a waiver of any default or of any such rights or remedies. Delays by <br />the City in asserting any of its rights and remedies shall not deprive the City of its right to institute <br />and maintain any actions or proceedings that it may deem necessary to protect, assert, or enforce <br />any such rights or remedies. <br />e. If a monetary event of default occurs under the terms of this Note or the Deed of Trust, <br />prior to exercising any remedies thereunder, City shall give Borrower written notice of such <br />default. Borrower shall have a period of ten (10) Business Days after such notice is received within <br />which to cure the default prior to exercise of remedies by City under this Note and the Deed of <br />Trust. <br />f If a non -monetary event of default occurs under the terms of this Note or the Deed of <br />Trust, prior to exercising any remedies thereunder, City shall give Borrower notice of such default. <br />If the default is reasonably capable of being cured within thirty (30) days, Borrower shall have <br />such period to effect a cure prior to exercise of remedies by the City under this Note and the Deed <br />of Trust. If the default is such that it is not reasonably capable of being cured within thirty (30) <br />days, and Borrower: (i) initiates corrective action within said period; and, (ii) diligently, <br />continually, and in good faith works to effect a cure as soon as possible, then borrower shall have <br />such additional time as is reasonably necessary to cure the default prior to exercise of any remedies <br />by City. In no event shall City be precluded from exercising remedies if its security becomes or is <br />about to become materially jeopardized by any failure to cure a default or the default is not cured <br />within one hundred and eighty (180) days after the first notice of default is given. <br />22. Insurance and Condemnation <br />In the event of any fire or other casualty to the Property or eminent domain proceedings <br />resulting in condemnation of the Property, or any part thereof, Borrower shall have the right to <br />rebuild the Property, and to use all available insurance or condemnation proceeds therefor, <br />11 <br />55A-103 <br />
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