75C - 2001 W. MACARTHUR BLVD - Laserfiche WebLink

Home Browse Search

d. An express written repudiation, refusal, or renunciation of this Agreement, signed by the Owner, shall be sufficient to terminate this Agreement without a hearing. e. Except as expressly provided within this Agreement, adoption of a law or other governmental activity making performance by Owner less profitable or more difficult does not excuse Owner's performance of its obligations under this Agreement. 7.4. Procedure Upon City Default. Upon a City Default, Owner shall have all remedies at law or in equity which are not inconsistent with this Agreement. 7.5. Limitation on Remedies. In no event shall either of the Parties be liable for monetary damages or any costs or attorney's fees resulting from any dispute, controversy, action or inaction, or any legal proceeding arising out of this Agreement. 7.6. Institution of Legal Action. In addition to any other rights or remedies, either Party may institute legal action to cure, correct, or remedy any default or breach, to specifically enforce any covenants or agreements set forth in the Agreement, or to enjoin any threatened or attempted violation of the Agreement; or to obtain any remedies consistent with the purpose of the Agreement. Legal actions shall be instituted in the Superior Court of the County of Orange, State of California, or in the Federal District Court in the Central District of California, Southern Division. 8. ENCUMBRANCES AND RELEASES ON PROPERTY. 8.1. Discretion to Encumber. Owner shall have the complete and sole discretion to encumber all or any portion of the Property or any improvement on the Property by any mortgage, deed of trust, or other security device securing financing with respect to the Property or its improvement. 8.2. Entitlement to Written Notice of Default. The mortgagee of a mortgage or beneficiary of a deed of trust encumbering the all or any part of the Property, as well as their successors and assigns (collectively, "Mortgagees"), shall, upon written request to City, be entitled to receive from City written notification of any Owner Default at the same time at which Owner receives such notice. Additionally, Mortgagees requesting notification shall be given notice of any failure to cure an Owner Default and any action by the City to terminate this Agreement for any reason. Mortgagees shall have the right to cure any Owner Default prior to the actual termination of this Agreement by City. 8.3. Mortgagee Protection. This Agreement shall neither limit nor interfere with the liens of Mortgagees who have acted in good faith and for value. 8.4. Releases. Upon written request of Owner at any time or times, City shall execute and deliver to Owner appropriate release(s) of further obligations 70020313.6 6!l4/04 11 75C-21