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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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Exhibit F <br />Borrower to make any payments provided for herein, and if such default is not made good within <br />five (5) days of the due date; (b) failure by Borrower to perform any covenant or agreement in <br />the Deed of Trust, the Loan Agreement, or the Affordability Restrictions on Transfer of Property <br />within thirty (30) days after written demand therefor by City (or, in the event that more than <br />thirty (30) days is reasonably required to cure such default, should Borrower fail to promptly <br />commence such cure, and diligently and continuously prosecute same to completion); or (c) a <br />default under the Senior Loan Deed of Trust that remains uncured after the cure period, if any, <br />provided therein. <br />17. Remedies. <br />Upon the occurrence of an Event of Default, after any applicable notice has been <br />provided and the expiration of any applicable cure period therefore, City may declare all sums <br />evidenced hereby immediately due and payable by delivery to the Trustee named in the City <br />Deed of Trust securing this Note, and to Borrower, written declaration of default and demand for <br />sale, and written notice of default and of election to cause the Property to be sold, which notice <br />Trustee shall cause to be duly filed for record and City may foreclose on the City Deed of Trust. <br />City shall also deposit with Trustee the Deed of Trust, this Note and all documents evidencing <br />expenditures secured thereby and evidenced hereby. Upon the occurrence of an Event of Default <br />(and so long as such Event of Default shall continue), the entire balance of principal together <br />with all accrued interest shall bear interest at the Bank of America reference rate on the due date <br />of the delinquent payment plus four percent (4 %). No delay or omission on the part of the City in <br />exercising any right under this Note or under any of the other Loan Documents shall operate as a <br />waiver of such right. <br />18. Attorneys' Fees. <br />If this City Loan Note is not paid when due or if any Event of Default occurs, Borrower <br />promises to pay all costs of enforcement and collection, including but not limited to, reasonable <br />attorneys' fees, whether or not any action or proceeding is brought to enforce the provisions <br />hereof. <br />19. Severabilitv. <br />Every provision of this Note is intended to be severable. In the event any tern or <br />provision hereof is declared by a court of competent jurisdiction, to be illegal or invalid for any <br />reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and <br />provisions hereof, which terms and provisions shall remain binding and enforceable. <br />20. Number and Gender. <br />In this Note the singular shall include the plural and the masculine shall include the <br />feminine and neuter gender, and vice versa, if the context so requires. <br />9 <br />
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