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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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8/24/2015 11:03:28 AM
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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS)
Contract #
A-2015-029
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
2/17/2015
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City under this Note and the Deed of Trust for repayment of the City Loan and for such other amounts <br />arising therefrom shall be the exercise of its rights against the Property and related security thereunder. <br />20. Subordination. <br />It is hereby expressly agreed and acknowledged by Borrower and City that the Deed of Trust is a <br />subordinate deed of trust, and that this Note is subject and subordinate to any Senior Deed of Trust. <br />21. Notice of Default. <br />a. Subject to the applicable cure periods set forth in Section 14 and subject to the further <br />provisions of this Section 21, failure or delay by the Borrower to perform any term or provision of this <br />Note constitutes a default under t1-:ris Note. The Borrower must immediately commence to cure, correct, or <br />remedy such failure or delay and shall complete such cure, correction or remedy with reasonable <br />diligence. <br />b. The City shall give written notice of default to the Borrower specifying the default <br />complained of by the City. Delay in giving such notice shall not constitute a waiver of any default nor <br />shall it change the time of default. <br />c. Except in the case of a monetary event of default, the Borrower shall not be in default so <br />long as it endeavors to complete such cure, correction or remedy with reasonable diligence, provided such <br />cure, correction or remedy is completed within the applicable time period set forth herein after receipt of <br />written notice (or such additional time as may be deemed by the City to be reasonably necessary to <br />correct the default). <br />d. Any failures or delays by the City in asserting any of its rights and remedies as to any default <br />shall not operate as a waiver of any default or of any such rights or remedies. Delays by the City in <br />asserting any of its rights and remedies shall not deprive the City of its right to institute and maintain any <br />actions or proceedings which it may deem necessary to protect, assert, or enforce any such rights or <br />remedies. <br />e. If a monetary event of default occurs under the terms of this Note or the Deed of Trust, prior <br />to exercising any remedies thereunder City shall give Borrower written notice of such default. Borrower <br />shall have a period of fifteen (15 Business Days after such notice is received within which to cure the <br />default prior to exercise of remedies by City under this Note and the Deed of Trust. <br />f If a non - monetary event of default occurs under the terms of this Note or the Deed of Trust, <br />prior to exercising any remedies thereunder, City shall give Borrower notice of such default. If the default <br />is reasonably capable of being cured within thirty (30) days, Borrower shall have such period to effect a <br />cure prior to exercise of remedies by the City under this Note and the Deed of Trust. If the default is such <br />that it is not reasonably capable of being cured within thirty (30) days, and Borrower (i) initiates <br />corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a <br />cure as soon as possible, then borrower shall have such additional time as is reasonably necessary to cure <br />the default prior to exercise of any remedies by City. In no event shall City be precluded from exercising <br />remedies if its security becomes or is about to become materially jeopardized by any failure to cure a <br />default or the default is not cured within one hundred eighty (180) days after the first notice of default is <br />given. <br />107653V1339384.1 <br />
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