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WESTVIEW HOUSE L (3).P
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WESTVIEW HOUSE L (3).P
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Last modified
7/6/2022 11:57:00 AM
Creation date
7/6/2022 11:54:11 AM
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Contracts
Company Name
WESTVIEW HOUSE L.P
Contract #
A-2022-085
Agency
Community Development
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provided by law, including, without limitation, the right to seek specific performance and <br />the right to foreclose on any security and exercise any other rights with respect to any <br />security, all in such order and mariner as City elects in its sole and absolute discretion; <br />(d) Suspend or terminate the award of Rental Rehabilitation Program <br />funds if Developer fails to comply with any term of that award; and, <br />(e) Right to Cure at Developer's Expense, The City shall have the right <br />to cure any monetary Event of Default by Developer under a loan other than the City/Rental <br />Rehabilitation Program Loan. The Developer agrees to reimburse the City for any funds <br />advanced by the City to cure a monetary default by Developer upon demand therefore, <br />together with interest thereon at the rate of twelve percent (12%) per annum (which rate <br />shall in no event exceed the maximum rate permitted by law and if it does, said rate shall <br />be reduced to the maximum rate then permitted by law), from the date of expenditure until <br />the date of reimbursement. <br />20.3. Cumulative Remedies: No Waiver. City's rights and remedies under the <br />Loan Documents are cumulative and in addition to all rights and remedies provided by law. <br />The exercise by City of any right or remedy shall not constitute a cure or waiver of any <br />default, nor invalidate any notice of default or any act done pursuant to any such notice, <br />nor prejudice the City in the exercise of any other right or remedy. No waiver of any default <br />shall be implied from any omission by City to take action on account of such default if <br />such default persists or is repeated. No waiver of any default shall affect any default other <br />than the default expressly waived, and any such waiver shall be operative only for the time <br />and to the extent stated. No waiver of any provision of any Loan Document shall be <br />construed as a waiver of any subsequent breach of the same provision. City's consent to or <br />approval of any act by Developer requiring further consent or approval shall not be deemed <br />to waive or render unnecessary City's consent to or approval of any subsequent act. The <br />City's acceptance of the late performance of any obligation shall not constitute a waiver by <br />City of the right to require prompt perfonnance of all fiuther obligations; City's acceptance <br />of any performance following the sending or filing of any notice of default shall not <br />constitute a waiver of either party's right to proceed with the exercise of its remedies for <br />any unfulfilled obligations; and City's acceptance of any partial performance shall not <br />constitute a waiver by City of any rights. <br />20.4. Nonrecourse Liability. Neither Developer, nor any other party, including <br />any partner of Developer, shall have any personal liability under this Agreement, or the <br />attached City/Rental Rehabilitation Prograin Loan Note and City/Rental Rehabilitation <br />Program Loan Deed of Trust, and any j udginent, decree or order for the payment of money <br />obtained in any action to enforce the obligation of Developer to repay the City/Rental <br />Rehabilitation Program Loan or any other amount evidenced or secured by such documents <br />shall be enforceable against Developer only to the extent of Developer's interest in the <br />Property. <br />20.5. Limited Partner Cure. The City shall provide the Developer's Limited <br />Partner with an opportunity to cure any default. Any cure made or tendered by Limited <br />Partner shall be accepted as if made by Developer. <br />47 <br />Westview House <br />City Rental Rehabilitation Program Loan Agreement <br />
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