25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

Home Browse Search

22, Insurance lend Condemnation. In the cvont, OC any fire or other casualty to the Property or eminent domain proceedings resulting in condemnation of the Property or any part thereof, Borrower shal I have the right to rebuild the Property, and to use all available insurance or condemnation proceeds therefor, pmvided that (a) such proceeds are ,qufflicierit to keep the City Loan in balance and rebuild the Property in a rrianner that provides adequate security to City for repayment of the City Loan or if such proceeds are iusulficiont then Borrower shall have funded tiny deficiency, (b) City shall have the right to approve plans and specifications for any major rebuilding and the right to approve disbursements of insurance or condenination proceeds for rebuilding under a construction escrow sir similar arrangement,, and (c) no material default then exists tinder this Note or the Deed of Trust, If the casualty or coadentramion affects only part of the Property and total rebuildin.- is hifeasible, than proceeds may be used forpartial rebuilding and partial repayment of (tic City Loan in a manner that priwides adequate security for repayment of the remaining balance of the City Loan. 23. Force Majeure. Notwithstanding specific provisions of this Note, perfbrmance h�ourrdcr shall not be deemed to be in default where delays or defaults arc due to; war,' insurrection; strike,,; lock-outs; riots; floods; earthquakes; fires; casuallics; acts of God or other deities; acts of tho public enonry; epidemics; quarantine restrictions; freight embargoes; lack of Watisportation; governmental restrictions or priority, litigation; unusually scvoro weather; inability to secure necessary labor, nutterials or tools, delays of any contractor or supplier, acts of the other party; acts or failure to act of the City or any other public or governmental City or entity (except that any act or failure to act o f f ity shall not excuse peribrinance by City); or any other causes beyond the reasonable control or without the fault (if tho party claiming an extension of tittle to pLrforin, All extension of tirne for any such cause shatt be for the period of the enforced dchty and shall corranerrec to run from [he thrit, the party ctm mlng such extension gives notice to the other party, provid"I notice by the party claiming such extension is given within thirty (30) days after fltic cornincircernent of the cause. Times of performance under this Note may also be extended in writing by the City and [he Borrower. 24, Assignment, The City, and the assignee of the City. shall have, the right to assign this Note and tho Deed of Trust securing this Note, without any further act of Borrower. The rssignoc shall give notice to Borrower as soon as practicable after such assignment... I A76$K1 389M4.1 10 25B-75