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04 - Agmt - 605-611 E Washington
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04 - Agmt - 605-611 E Washington
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1/3/2012 3:32:58 PM
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3/10/2011 10:46:47 AM
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City Clerk
Doc Type
Agenda Packet
Item #
04
Date
3/7/2011
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(h) Developer is dissolved, liquidated or terminated, or all or <br />substantially all of the assets of Developer axe sold or otherwise transferred without the Executive <br />Director's prior written consent; <br />(i) Developer is the subject of an order for relief by a bankruptcy court, <br />or is unable or admits its inability to pay its debts as they mature, or makes an assignment for the <br />benefit of creditors; or Developer applies for or consents to the appoinhneut of any receiver, trustee, <br />custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its property; or <br />any receiver, trustee, custodian, conservator, liquidator, rehabililaTor or similar officer is appointed <br />without the application or consent of Developer and the appointment continues undischarged or <br />rmstayed for ninety (90) days; or Developer institutes or;egnsents to any bankruptcy, insolvency, <br />reorganization, arrangement, readjustment of debt, di~solutiont" custodianship, conservatorship, <br />liquidation, consttuction or similar proceeding relating to rt br any part of its property; or any similar <br />proceeding is instituted without the consent of Developer and contrni(i;'s;undismissed or unstayed for <br />ninety (90) days; or any judgment, writ, warrant of attachment or execution, or similar process is <br />issued or levied against any property ofDevelopcr and is not released, vacated, or fully bonded within <br />ninety (90) clays after its issue or levy; or <br />(j) (i) any rof the Senior Loan!docu <br />whole or in part and for any reason (e~eepl. flue to repayment~in <br />Executive Director's prior written c,ori'senl'or. (ii)Develope "d <br />any of its duties or obligations tinder or°in connection with ~~ <br />subject to all applicable.,notice and cure :pei'iods,~o5 (iii) any <br />amended, supplemented-; <br />consent shall not be itq, <br />herein, Agency/City he <br />Limited Partner shall be <br />same basis as;if~nade or <br />at its <br />(a) <br />owing under the L'D~n Do <br />connection therewth`;to be <br />the Property, enter into c. <br />by expenditure of its own <br />inents is revokedibi terminated, in <br />full of the Senior Loan), withouC the <br />efaults or otherwise fails to perform <br />an~.~of the Senior Loan documents, <br />of ~g Senior Loan documents is <br />E~~.. <br />/Cit~+'<s~'prior written consent, which <br />___ _ o anything to the contrary contained <br />any cure ;of`any default ~'inade or tendered by Developer's <br />cure by Developer and shall be accepted or rejected on the <br />occurrence of any Event of Default, <br />do any or all of the following: <br />ritteri'-notice to Developer, declare the principal of all amounts <br />together with all accrued interest and other amounts owing in <br />ely due and payable, regardless of any other specified due date; <br />its own right or by acourt-appointed receiver, take possession of <br />for and otherwise proceed with the completion of the construction <br />(c) Exercise any of its rights under the Loan Documents and any rights <br />provided by law, including, without limitation, the right to seek specific perfiormance and the right to <br />foreclose on any security and exercise any other rights with respect to any security, all in such order <br />and manner as City elects in its sole and absolute discretion; <br />(d) Suspend or terminate the award of HOME funds if Developer fails to <br />comply with any term of that award; and <br />57 <br />
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