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(h) Developer is dissolved, liquidated or terminated, or all or substantially <br />all of the assets of Developer are sold or otherwise transferred without the City Project <br />Manager's prior written consent; <br />(i) Developer is the subject of an order for relief by a bankruptcy court, or <br />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 appointment of any receiver, <br />trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its <br />property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar <br />officer is appointed without the application or consent of Developer and the appointment <br />continues undischarged or unstayed for ninety (90) days; or Developer institutes or consents to <br />any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, <br />custodianship, conservatorship, liquidation, construction or similar proceeding relating to it or <br />any part of its property; or any similar proceeding is instituted without the consent of Developer <br />and continues undismissed or unstayed for ninety (90) days; or any judgment, writ, warrant of <br />attachment or execution, or similar process is issued or levied against any property of Developer <br />and is not released, vacated or fully bonded within ninety (90) days after its issue or levy; or <br />(j) (i) any of the Senior Loan documents is revoked or terminated, in whole or <br />in part and for any reason (except due to repayment of such loans), without the City Project <br />Manager's prior written consent, or (ii) Developer defaults or otherwise fails to perform any of <br />its duties or obligations under or in connection with any of the Senior Loan documents, subject <br />to all applicable notice and cure periods, or (iii) any of the Senior Loan documents is amended, <br />supplemented or otherwise modified without City's prior written consent, which consent shall not <br />be unreasonably withheld. Notwithstanding anything to the contrary contained herein, City <br />hereby agrees that any cure of any default made or tendered by Developer's Limited Partner <br />shall be deemed to be a cure by Developer and shall be accepted or rejected on the same basis as <br />if made or tendered by Developer. <br />20.2 Remedies Upon Default. Upon the occurrence of any Event of Default, City may, at its <br />option and in its absolute discretion, do any or all of the following: <br />(a) By written notice to Developer, declare the principal of all amounts owing <br />under the Loan Documents, together with all accrued interest and other amounts owing in <br />connection therewith, to be immediately due and payable, regardless of any other specified due <br />date; provided that any Event of Default described in Section 20.1 (e) shall automatically, <br />without notice or other action on City's part, cause all such amounts to be immediately due and <br />payable; <br />(b) In its own right or by acourt-appointed receiver, take possession of the <br />Property, enter into contracts for and otherwise proceed with the completion of the construction <br />by expenditure of its own funds; <br />(c) Exercise any of its rights under the Loan Documents and any rights <br />1076\01\1333668.1 <br />37 <br /> <br /> <br />