My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
Clerk
>
Contracts / Agreements
>
12345... NUMERICAL
>
815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/24/2015 11:03:28 AM
Creation date
8/19/2015 2:54:59 PM
Metadata
Fields
Template:
Contracts
Company Name
815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS)
Contract #
A-2015-029
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
2/17/2015
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
96
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
22. Insurance and Condemnation. <br />In the event of any fire or other casualty to the Property or eminent domain proceedings resulting <br />in condemnation of the Property or any part thereof, Borrower shall have the right to rebuild the Property, <br />and to use all available insurance or condemnation proceeds therefor, provided that (a) such proceeds are <br />sufficient to keep the City Loan in balance and rebuild the Property in a manner that provides adequate <br />security to City for repayment of the City Loan or if such proceeds are insufficient then Borrower shall <br />have funded any deficiency, (b) City shall have the right to approve plans and specifications for any major <br />rebuilding and the right to approve disbursements of insurance or condemnation proceeds for rebuilding <br />under a construction escrow or similar arrangement, and (c) no material default then exists under this <br />Note or the Deed of Trust. If the casualty or condemnation affects only part of the Property and total <br />rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial repayment of the City <br />Loan in a manner that provides adequate security for repayment of the remaining balance of the City <br />Loan. <br />23. Force Maieure. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not be deemed to <br />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; quarantine <br />restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation; <br />unusually severe weather; inability to secure necessary labor, materials or tools; delays of any contractor <br />or supplier; acts of the other party; acts or failure to act of the City or any other public or governmental <br />City or entity (except that any act or failure to act of City shall not excuse performance by City); or any <br />other 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 shall <br />commence to run from the time the party claiming such extension gives notice to the other party, provided <br />notice by the party claiming such extension is given within thirty (30) days after the commencement of <br />the cause. Times of performance under this Note may also be extended in writing by the City and the <br />Borrower. <br />24. Assignment. <br />The City, and the assignee of the City, shall have the right to assign this Note and the Deed of <br />Trust securing this Note, without any further act of Borrower. The assignee shall give notice to Borrower <br />as soon as practicable after such assignment. <br />1076153 \13893841 10 <br />
The URL can be used to link to this page
Your browser does not support the video tag.