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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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(a) By written notice to Vista Del Rio, declare the principal of all amounts owing <br />under the Loan Documents, together with all accrued interest and other amounts owing in connection <br />therewith, to be immediately due and payable, regardless of any other specified due date; provided <br />that any Event of Default described in Section 20.1 (e) shall automatically, without notice or other <br />action on the part of City or Successor Agency, cause all such amounts to be immediately due and <br />payable; <br />(b) In its own right or by a court- appointed receiver, take possession of the <br />Property /Project, enter into contracts for and otherwise proceed with the completion of the <br />construction by expenditure of its own funds; <br />(c) Exercise any of its rights under the Loan Documents and any rights provided <br />by law, including, without limitation, the right to seek specific performance and the right to foreclose <br />on any security and exercise any other rights with respect to any security, all in such order and <br />manner as City or Successor Agency elects in their sole and absolute discretion; and, <br />(d) Suspend or terminate the award of HOME Program funds, if Vista Del Rio <br />fails to comply with any term or condition of such award. <br />(e) Suspend or terminate the award of the tax increment funds or Agency Loan <br />proceeds if Vista Del Rio fails to comply with any term of that award. <br />(f) Authority may suspend or terminate the award of any Project Based Section 8 <br />assistance if Vista Del Rio fails to comply with any term or condition of that award. <br />20.3 Cumulative Remedies: No Waiver. City's and Successor Agency's rights and <br />remedies under the Loan Documents are cumulative and in addition to all rights and remedies <br />provided by law. The exercise by City or Successor Agency of any right or remedy shall not <br />constitute a cure or waiver of any default, nor invalidate any notice of default or any act done <br />pursuant to any such notice, nor prejudice the Successor Agency or City in the exercise of any other <br />right or remedy. No waiver of any default shall be implied from any omission by City or Successor <br />Agency to take action on account of such default if such default persists or is repeated. No waiver of <br />any default shall affect any default other than the default expressly waived, and any such waiver shall <br />be operative only for the time and to the extent stated. No waiver of any provision of any Loan <br />Document shall be construed as a waiver of any subsequent breach of the same provision. City's or <br />Successor Agency's consent to or approval of any act by Vista Del Rio requiring further consent or <br />approval shall not be deemed to waive or render unnecessary City's or Successor Agency's consent <br />to or approval of any subsequent act. The Successor Agency or the City's acceptance of the late <br />performance of any obligation shall not constitute a waiver by City or Successor Agency of the right <br />to require prompt performance of all further obligations; City's or Successor Agency's acceptance of <br />any performance following the sending or filing of any notice of default shall not constitute a waiver <br />of either party's right to proceed with the exercise of its remedies for any unfulfilled obligations; and <br />City's or Successor Agency's acceptance of any partial performance shall not constitute a waiver by <br />City or Successor Agency of any rights. <br />Notwithstanding anything to the contrary contained in the Loan Documents, the City and the <br />Successor Agency hereby agree that any cure of any default made or tendered by the Limited Partner <br />shall be deemed to be a cure by Vista Del Rio and shall be accepted or rejected on the same basis as <br />if made or tendered by Vista Del Rio. Copies of all notices which are sent to Vista Del Rio under the <br />43 <br />DOCSOC /1475221 v 10/200272 -0004 <br />
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