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ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
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Last modified
6/9/2017 12:18:54 PM
Creation date
11/13/2009 9:35:44 AM
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Contracts
Company Name
ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
Contract #
A-2009-036
Agency
Community Development
Council Approval Date
4/6/2009
Expiration Date
9/20/2064
Insurance Exp Date
2/15/2010
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d. Any failures or delays by the City in asserting any of its rights and remedies as to <br />any default shall not operate as a waiver of any default or of any such rights or remedies. Delays <br />by the City in asserting any of its rights and remedies shall not deprive the City of its right to <br />institute and maintain any actions or proceedings which it may deem necessary to protect, assert, <br />or enforce any such rights or remedies. <br />e. If a monetary event of default occurs under the terms of this Note or the City Deed <br />of Trust, prior to exercising any remedies thereunder City shall give Borrower written notice of <br />such default. Borrower shall have a period of seven (7) days after such notice is received within <br />which to cure the default prior to exercise of remedies by City under this Note and the City Deed <br />of Trust. <br />f. If a non -monetary event of default occurs under the terms of this Note or the City <br />Deed of Trust, prior to exercising any remedies thereunder, City shall give Borrower notice of <br />such default. If the default is reasonably capable of being cured within thirty (30) days, Borrower <br />shall have such period to effect a cure prior to exercise of remedies by the City under this Note <br />and the Deed of Trust. If the default is such that it is not reasonably capable of being cured <br />within thirty (30) days, and Borrower (i) initiates corrective action within said period, and (ii) <br />diligently, continually, and in good faith works to effect a cure as soon as possible, then <br />borrower shall have such additional time as is reasonably necessary to cure the default prior to <br />exercise of any remedies by City. In no event shall City be precluded from exercising remedies if <br />its security becomes or is about to become materially jeopardized by any failure to cure a default <br />or the default is not cured within one hundred eighty (180) days after the first notice of default is <br />given. <br />22. Insurance and Condemnation. <br />In the event of any fire or other casualty to the Property or eminent domain proceedings <br />resulting in condemnation of the Property or any part thereof, Borrower shall have the right to <br />rebuild the Property, and to use all available insurance or condemnation proceeds therefor, <br />provided that (a) such proceeds are sufficient to keep the City Loan in balance and rebuild the <br />Property in a manner that provides adequate security to City for repayment of the City Loan or if <br />such proceeds are insufficient then Borrower shall have funded any deficiency, (b) City shall <br />have the right to approve plans and specifications for any major rebuilding and the right to <br />approve disbursements of insurance or condemnation proceeds for rebuilding under a <br />construction escrow or similar arrangement, and (c) no material default then exists under this <br />Note or the Deed of Trust. If the casualty or condemnation affects only part of the Property and <br />total rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial <br />repayment of the City Loan in a manner that provides adequate security for repayment of the <br />remaining balance of the City Loan. <br />23. Force Maieure. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not be <br />deemed to be in default where delays or defaults are due to: war; insurrection; strikes; lock -outs; <br />11 <br />
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