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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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provided that: (a) such proceeds are sufficient to keep the Inclusionary Loan in balance and rebuild <br />the Property in a manner that provides adequate security to City for repayment of the Inclusionary <br />Loan, or if such proceeds are insufficient, then Borrower shall have Raided any deficiency; (b) <br />City shall have the right to approve plans and specifications for any major rebuilding, and the right <br />to approve disbursements of insurance or condemnation proceeds for rebuilding under a <br />construction escrow or similar arrangement; and, (c) no material uncured default then exists under <br />this Note or the Deed of Trust. If the casualty or condemnation affects only part of the Property <br />and total rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial <br />repayment of the Inclusionary Loan in a manner that provides adequate security for repayment of <br />the remaining balance of the hnclusionary Loan. <br />23. Force Maieure. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not be <br />deemed to be in default where delays or defaults are due to: war; terrorism; insurrection; strikes; <br />lock -outs; riots; floods; earthquakes; fires; casualties; acts of God or other deities; acts of the public <br />enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; <br />governmental restrictions or priority; litigation; unusually severe weather; inability to secure <br />necessary labor, materials or tools; delays of any contractor or supplier; acts of the other party; <br />acts or failure to act of the City or any other public or governmental Agency or entity (except that <br />any act or failure to act of City shall not excuse performance by City); epidemic or pandemic; or <br />any other causes beyond the reasonable control, or without the fault of the party claiming an <br />extension of time to perform. An extension of time for any such cause shall be for the period of <br />the enforced delay and shall commence to run from the time the party claiming such extension <br />gives notice to the other party, provided notice by the party claiming such extension is given within <br />thirty (30) days after the commencement of the cause. Times of performance under this Note may <br />also be extended in writing by the City and the Borrower. <br />24. Assignments. <br />The City, and the assignee of the City, shall have the right to assign this Note and the Deed <br />of Trust securing this Note, without any further act of Borrower. The assignee shall give notice to <br />Borrower as soon as practicable after such assignment. <br />[Signature Page on Following Page] <br />12 <br />55A-104 <br />
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