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03 - JOINT PH - AGMT Downtown Inc and Loan Agmt
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Successor Agency (Formerly the Community Redevelopment Agency) (1974-Present)
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05/18/2009
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03 - JOINT PH - AGMT Downtown Inc and Loan Agmt
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1/3/2012 3:33:32 PM
Creation date
6/27/2011 3:42:01 PM
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City Clerk
Doc Type
Agenda Packet
Item #
03
Date
5/18/2009
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SID ~ net ~~enewed i~ any ea~~, tlxe loans shall immediately heeorrxe due and <br />ayal~le at the point ~n eptehet• I ~f that yea~~. <br />~. lon~e~, ~`ail~.~e t~ ee~~eise any right any pa~~y hereto nay have o~~ ~~ <br />entitled t~, in the event ~f a default h~~~un~~~+, shall nit ~ontit~~t~ a a~r~v~~~ ~f <br />such ~~i~ht ~~ of ~~. ather right ire e event ~f ~. subsequent default. <br />l~ef~ults. ~ailu~~e ~r delay by l~ewnt~wn, inc. to ~erf~rr~ any tei or p~~e~ision <br />~f this g~•een~ent which is not cured within thi~~ty ~~ ~~~~ aver receipt ~f notice <br />fr~n~ e pity and Agency constitutes a default under this .~en~ent~ provided, <br />howe~era if ~~~ default is of a natu~~e ~~equiri~g rr~or~ than 3 ~ days to ~~.~~~ the <br />defaulting iO~ shall avoid. default ~ con~n~encing t~ eut~e wttl~tn such thirty ~~ ~} <br />day ~e~~.od and thet~eaer diligently ~~arsuing such cure to oo.~letiun, <br />~, o~ernin Law, ~~ls .~e~~~nt ~h~ll ~e g~~~rned b the laws ~fth state of <br />alif~rnia. Any legal action b~;ought unde~~ this Agi~een~ent rnust he instituted in <br />the upex~o~~ oti~~~t of the bounty of ~~*ar~e, state of ~iif~~~nia. <br />~, rnenchnen# of,~~eernent. o ~nodi"~cation, resctsi~n, wai~er~ release or <br />an~endn~ent of any proviians of this Agreement shall he made except ~ written <br />agreement executed ~y the ~ar~es heron, <br />ss~gntnent h~ ~ownton, Zne, ~~*el~ihited, ~n ~~ event sha~il l~onton, ~~e, <br />assign ~r trarisf e~+ an arti~n of this A ~een~ent without the ~~ar ex ~~ess w~.~itten <br />~~ ~ ~ <br />consent of pity's and Agency's pity anger and Executive I~ireetor} <br />respectiel, which consent may be given ~r withheld ire xt's and Agency's sole <br />and absolute discretion. o assurn~tion o~'the pity's and .geney ~hliations <br />shall he pe~~rnitted at any tine. This section shall not ~robihit it's anal Agency's <br />right to assign all or any ~o~~ion of its rights to the proceeds ofthe Fetes <br />hereunde~~. <br />~ ~. entire ~ eetnent. This ~~een~ent constitutes the enti~~e understanding and <br />ag~•een~ent of the ~artics. This Ag~~eeent integ~~ates all of the te~~~.s and <br />conditions mentioned herein. oi~ incidental thereto and supersedes all priar <br />negotiations, discussions and previous ag~~en~ents between eoncer~in a.Il oi• any <br />part of the subj eet natter of this Agx~cen~ent. <br />jSignatures provided on next page <br />Pale ~ <br />
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