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20A - AA - LIGHTING DT PARKING STRUCTURES
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10/06/2015
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20A - AA - LIGHTING DT PARKING STRUCTURES
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Last modified
10/1/2015 3:21:55 PM
Creation date
10/1/2015 3:01:01 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
20A
Date
10/6/2015
Destruction Year
2020
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Purchase Money Security Interest: Customer hereby agrees that SCE may, but is not obligated to, <br />file a UCC -1 ( "Financing Statement") against the Equipment to secure Customer's obligation to repay <br />the Amount Financed. Customer agrees to execute any and all documents in connection with the <br />Financing Statement in order for SCE to perfect its security interest in the Equipment. Customer <br />agrees that SCE is not waiving any of its rights of recovery as against the Customer should SCE elect <br />to file a Financing Statement. <br />Confession of Judgment: Customer irrevocably authorizes and empowers SCE and SCE's <br />attorneys, upon breach and default by Customer as described in the preceding section, to appear in <br />any state or federal court in Los Angeles County, California, as Customer's attorney -in -fact and <br />confess judgment against Customer by entry of a confession of judgment pursuant to Code of Civil <br />Procedure § 1132 et. seq., or by any other appropriate means, for the full amount due plus all costs <br />of collection, including without limitation court costs and reasonable attorneys' fees. No single <br />exercise of the foregoing power to confess judgment will be deemed to exhaust the power, whether <br />or not any such exercise shall be held by any court to be invalid, voidable, or void; but the power will <br />continue undiminished and may be exercised from time to time as SCE may elect until all amounts <br />owing under this OBF Agreement have been paid in full. <br />Modification: Any change to this OBF Agreement must be in writing and signed by Customer and <br />SCE; except that during any given month, if Customer is unable to make full payment on the Loan <br />Obligation, payment arrangements may be made at SCE's sole discretion without modifying this OBF <br />Agreement in writing. Any written modification or amendment will not be effective unless and until <br />signed by SCE or such condition is waived by SCE in its sole and absolute discretion. <br />Term and Termination: It is the Parties intent that the term of this OBF Agreement and the EMS <br />Agreement run concurrently. Therefore, the OBF Agreement shall continue in effect until the Loan <br />Obligation is paid in full. <br />Assignment: Notwithstanding anything to the contrary in this OBF Agreement, Customer may not <br />assign its rights or delegate its duties under the Agreement. <br />Additional Representations: Each person signing this OBF Agreement represents and warrants that <br />he or she is duly authorized and has the legal capacity to execute and deliver this OBF Agreement on <br />behalf of Customer, and to perform their obligations under this OBF Agreement. Customer further <br />represents and warrants that if it is a legal entity, it is in good standing in its state of formation. <br />Miscellaneous: Except as otherwise specifically provided herein, all terms, provisions, covenants, <br />representations, warranties, agreements and conditions of the EMS Agreement shall remain <br />unchanged and in full force and effect. Should a conflict exist between this OBF Agreement, the EMS <br />Agreement and the documents incorporated by reference, this OBF Agreement shall control. This OBF <br />Agreement shall be construed and interpreted in accordance with, and shall be governed and enforced <br />in all respects according to, the laws of the State of California. This OBF Agreement may be executed <br />in one or more counterparts, each of which shall be deemed an original but all of which shall constitute <br />one and the same instrument. If any one or more of the provisions contained in this OBF Agreement <br />shall for any reason be held to be invalid, illegal or unenforceable in any respect, then this OBF <br />Agreement shall be construed as if such invalid, illegal or unenforceable term or provision had never <br />been contained herein and all other provisions of this OBF Agreement shall be construed to remain <br />fully valid, enforceable and binding on the parties. The Recitals set forth above are hereby incorporated <br />herein by reference. <br />[Remainder of page intentionally left blank] <br />Form 14 -914 <br />1/2013 3 <br />20A -13 <br />
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