FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 20. Number and Gender. hi this Note the singular shall include the plural and the masculine shall include the feminine and neuter gender, and vice versa, if the context so requires. 21. Non -recourse. The City Loan is a nonrecourse obligation of the Borrower. Neither Borrower nor any other party, including Borrower's partners, shrill have any personal liability for repayment of the City Loan or for any other amounts under any of the documentation evidencing, securing or describing the City Loan. The sole recourse of City under this Note and the Deed of Trust for repayment of the City Loan and for such other amounts arming theretioni shall be the exercise of its rights against the Property and related security thereunder. 22. Subordination. It is hereby expressly agreed and acknowledged by Borrower and City that the City Deed of Trust is a subordinate deed of trust, and that this Note is subject and subordinate to the Senior Loan Deed of Trust held by IPMorgan Chase Rank, N-A_ and the Senior Loan Deed of Trust to be held by the Department ol' Housing and Community Development. 23. Reserved. 24, Reserved. 25. Force Mnjeure. Notwithstanding specific provisions of this Note, performance hereunder shall not be deemed to be in default where delays or default', are due to: war, insunection; stakes; lock -out;; riots, floods: earthiluakes; fires: casualties; acts of God or other deities; acts of the public enemy: epidemics; pandemics; quarantine resnictions; tieight embargoes; lack Ot transportation; governmental restrictions or priority; litigation; unusually severe weather; inability to secure necessary labor, materials or tools; delays ol'any contractor or supplier; acts of the other party; acts nr failure to act of the City o- any other public or governmental City or entity (except that any aet or failure to act of City shall not excuse pertorntancc by City); or any other causes beyond the reasonable control or without the fault of the party claiming an extension of time to perform. An extension of time for any such cause shall be for the period of the enforced delay and shall cannnhence to rim from the time the patty claiming such extension gives notice to the other party, provided notice by the party claiming such extension is given within thirty (30) days after the eommenecunc it of the cause. Time of pertbtmanec under this Note may also be extended in writing by the City and the Borrower. 26. Assignments. 10 City Council 21 — 81 4/20/2021