FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

Home Browse Search

EXHIBIT 3 (h) Developer fails to perform any other obligation for the payment ol'inoney under any Loan Document, and such failure is not cured within fifteen (15) Business Days alto- Developer's receipt of wtiucn notice that such obligation was not performed when due; (c) Developer fails to perform any obligation (other than I.he obligations described in subparagraphs (a) and (b) above under any Loan DOCntnenl, and such failure is not cured within thirty (30) days after Developer's receipt of written notice that such obligation was not performed; provided that, if cure cannot reasonably be effected within such thirty (30)-day period, such failure shall not be an Event of Default so long as Developer (in any event, within ten (10) days after receipt of such notice) commence, to cure, and thereafter diligently (in any event within ninety (90) days after receipt of such notice) prosecutes such cure to completion; (d) Any representalion orwarranly in any boar Dotumenlproves to have been incorrect in any material respect when made; (c) Reserved: (f) Work on the construction ceases for ninety (90) consecutive days for any reason (other than governmental orders, decrees or reDllatior)s, acts of Gud ur any utltcr deity, su ikcs ur utltcr causes bcyund Dcvcluper's reasonable control), provided that the same (lo not, in the aggregate and in the City',., reasonable judgmenl, threaten to delay the completion ol'the construction beyond the required completion date set forth in this Agrccmcnt; (g) Developer is enjoined or otherwise prohibited by any ( iovernmental Authority from constructing and/or occupying the improvements and such inil.010011 to prohibiliorr l V1n 11LICS unSLayed for ninety (90) days Ornn(u-e for any reason, (h) Dcvelirper is dissolved, liquidated or terminated, or all ur substantial ly al I of the assets of Developer are sold or othawisc transferred without the Faeculive Director's prior wrilien consent; or (1) Developer is the, subject of in order fi i relief by a bankruptcy court, or is unable or admits its inability to pay its debts as they mature, or makes an assignment for the henefit of creditors; or Developer applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of Developer and the appointment continues undischarged or unstayed for ninety (90) days; or Developer inslitules or consents to any bankruptcy, insolvency, reorganization, arrangement, readjustment ofdebt, dissolution, custodianship, conscrvaturslrip, liquidation, rehabilitation or similar proceeding relating to it or anv part of its property; or any similar proceeding is instituted without the consent of Developer and continues undismissed or unstayed for ninety (90) days; or any judgment, writ. warrant of attachment or execution_ or similar nrocess is issued or levied against anv City Council 42 21 — 46 4/20/2021