FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 property of Developer and is not released, vacated or fully bonded within ninety (90) days afierit, issue or levy. 0) Any of Senior Loan documents is attended, -Supplemented or otherwise modified without City's prior written consent, which consent shall not be unreasonably withheld, to the extent the City's consent is required pursuant to any subordination agrccrnarl bclwccn the City and a Senior Lcndcr- 20.2 Remedies Unon Default. Upon the occurrence and during the continuance of any Event of Default, City may, at its option and in its ahsolute discretion, do any or all of the following: (a) By written notice to Developer, declare the principal of all amounts owing under the Loan Documents, together with al I accrued intcrest and other amounts owing in connection iherewilh, to be immedialely due and payable, regardless of any other specified due date; provided that any Event of Default described in Section 20.1 ;hall automatically, without notice or other action on Cat}%s part, cause all such antoums to be immediately duc and payable; (h) Tn its own right or by a court -appointed receiver, take possession ol'the Property, enter into corm -acts I'orand otherwise proceed with the cortrpletion of the consts action by expenditure of its own funds; (o) Exercise any of ils rights under the I-oan Documents and any rights provided by law, including, without limitation, the right to seek specific perfirrmance and the right to forCCIOSC on any security and exercise any othn- rights with respect to any security, all in such order and manner as City elects in its sole and absolute discretion; and, (d) Suspend or lenninate the award of CDBG funds if Developer fails to comply with any term of that award. 20.3 Cumulative Remedies: No Waiver. City's rights and remedies under the Than Documents are cumulative and in addilion to all rights and remedies provided by law. The exercise by City of any right or remedy shall not constitute a etu-c or waives- of any dctattlt, nor invalidate any notice. of default or any aet done pursuant to any such notice, nor prejudice the City in the exercise of any other right or remedy. No waiver of any default shall he implied front any omission by City to take action nn account of such default if such default persists or is repeated. No waiver of any default shall affect any default other than the default expressly waived, and any such waiver shall be operative only for the time anti to the extent stated. No waiver of any provision of any Loan Document shall be construed as a waiver of any subsequent breach of the same provision. City's Consent to or approval ofany act by Developer requiring lur(her consent (it - approval shall not be deemed to waive or render unnecessary City's consent to or approval of any subsegttent act. The City's acceptance of the late performance of any obligation shall not constilutc a waiver by City of the right to require prompt perlormanec of all further obligations; City's acceptance of any performance following the sending or filinw of anv notice of default shall not constitute a waiver of either nartv's right to City Council 43 21 — 47 4/20/2021