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Item 68 - Crossroads at Washington Affordable Housing Project at 1126, 1136, & 1146 East Washigton Ave.
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Item 68 - Crossroads at Washington Affordable Housing Project at 1126, 1136, & 1146 East Washigton Ave.
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City Clerk
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Agenda Packet
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Clerk of the Council
Item #
68
Date
6/21/2022
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<br />10 <br />The Crossroads at Washington <br />City HOME Loan Note <br />Borrower pursuant to the right of first refusal or to the general partners of Borrower <br />pursuant to the purchase option, as provided for in the Partnership Agreement; (iii) any <br />transfer of the Limited Partner’s interest in accordance with the Partnership Agreement; <br />and (iv) any sale, transfer or other disposition of an interest in a limited partner of the <br />Borrower. <br />16. EVENT OF DEFAULT. <br /> <br />Subject to the provisions hereof, the occurrence of any of the following shall be <br />deemed to be an event of default ("Event of Default'') hereunder: (a) failure by Borrower <br />to make any payments provided for herein, and if such default is not made good within the <br />earlier of fifteen (15) days of written notice to Borrower of such default or thirty (30) days <br />after such payment was due; or (b) failure by Borrower to perform any covenant or <br />agreement in the City Deed of Trust, the Loan Agreement, or the Affordability Restrictions <br />on Transfer of Property within thirty (30) days after written demand therefor by City (or, <br />in the event that more than thirty (30) days is reasonably required to cure such default, <br />should Borrower fail to promptly commence such cure, and diligently and continuously <br />prosecute same to completion). <br /> <br />17. CURE BY LIMITED PARTNER. <br /> <br />The City acknowledges that the Limited Partner of Borrower shall have the right, but not <br />the obligation to cure any default hereunder. Any cure made or tendered by such Limited <br />Partner shall be accepted as if made by Borrower. <br /> <br />18. REMEDIES. <br /> <br />Upon the occurrence and during the continuance of an Event of Default, after any <br />applicable notice has been provided and the expiration of any applicable cure period <br />therefore, City may declare all sums evidenced hereby immediately due and payable by <br />delivery to the Trustee named in the City Deed of Trust securing this Note, and to <br />Borrower, written declaration of default and demand for sale, and written notice of default <br />and of election to cause the Property to be sold, which notice Trustee shall cause to be duly <br />filed for record and City may foreclose on the City Deed of Trust. City shall also deposit <br />with Trustee the City Deed of Trust, this Note and all documents evidencing expenditures <br />secured thereby and evidenced hereby. No delay or omission on the part of the City in <br />exercising any right under this Note or under any of the other Loan Documents shall <br />operate as a waiver of such right. <br /> <br />19. ATTORNEYS' FEES. <br /> <br />If this City Loan Note is not paid when due or if any Event of Default occurs, <br />Borrower promises to pay all costs of enforcement and collection, including but not limited <br />to, reasonable attorneys' fees, whether or not any action or proceeding is brought to enforce <br />the provisions hereof. <br />EXHIBIT 5
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