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VISTA DEL RIO PARTNERS, L.P.
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VISTA DEL RIO PARTNERS, L.P.
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Last modified
1/29/2015 11:14:02 AM
Creation date
1/28/2015 5:32:39 PM
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Contracts
Company Name
VISTA DEL RIO PARTNERS, L.P.
Contract #
A-2009-214
Agency
Community Development
Council Approval Date
7/20/2009
Destruction Year
0
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become materially jeopardized by any failure to cure a default or the default is not cured within one <br />hundred eighty (180) days after the first notice of default is given. <br />Notwithstanding anything to the contrary contained in this Note, the Successor Agency <br />hereby agrees that any cure of any default made or tendered by the Limited Partner shall be deemed <br />to be a cure by Borrower and shall be accepted or rejected on the same basis as if made or tendered <br />by Borrower. Copies of all notices which are sent to Borrower under the terms of this Note shall also <br />be sent to the Limited Partner at an address to be provided in writing to the Successor Agency by the <br />Limited Partner. <br />24. Insurance and Condemnation. <br />In the event of any fire or other casualty to the Project or eminent domain proceedings <br />resulting in condemnation of the Project or any part thereof, Borrower shall have the right to rebuild <br />the Project, and to use all available insurance or condemnation proceeds therefor, provided that (a) <br />such proceeds are sufficient to keep the Agency Loan in balance and rebuild the Project in a manner <br />that provides adequate security to Successor Agency for repayment of the Agency Loan or if such <br />proceeds are insufficient then Borrower shall have funded any deficiency, (b) Successor Agency <br />shall 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 construction <br />escrow or similar arrangement, and (c) no material default then exists under this Note or the Deed of <br />Trust. If the casualty or condemnation affects only part of the Project and total rebuilding is <br />infeasible, then proceeds may be used for partial rebuilding and partial repayment of the Agency <br />Loan in a manner that provides adequate security for repayment of the remaining balance of the <br />Agency Loan. <br />25. Force Maieure. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not be deemed <br />to be in default where delays or defaults are due to: war; insurrection; strikes; lock -outs; riots; floods; <br />earthquakes; fires; casualties; acts of God or other deities; acts of the public enemy; epidemics; <br />quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or <br />priority; litigation; unusually severe weather; inability to secure necessary labor, materials or tools; <br />delays of any contractor or supplier; acts of the other party; acts or failure to act of the Successor <br />Agency or any other public or governmental Successor Agency or entity (except that any act or <br />failure to act of Successor Agency shall not excuse performance by Successor Agency); or any other <br />causes beyond the reasonable control or without the fault of the party claiming an extension of time <br />to perform. An extension of time for any such cause shall be for the period of the enforced delay and <br />shall commence to run from the time the party claiming such extension gives notice to the other <br />party, provided notice by the party claiming such extension is given within thirty (30) days after the <br />commencement of the cause. Times of performance under this Note may also be extended in writing <br />by the Successor Agency and the Borrower. <br />F -10 <br />DOCSOC /1475221 v 10/200272 -0004 <br />
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