|
C:(wurt., or is unable or admits its inability to pay ils ctebls as they mature, or inak.Cs 2411
<br />assigllimcilt fur" the benefit of creditors, or Oevelopeu applies for Or C;Q1ti7.sent5 to the
<br />appoiir'lincnk of Lmy receiver, Irwme:e, 4ustodnan, conservator, liquidator, relrabilitartor or
<br />snnilur ol'fpcer l'or it or any paam of its property; or any receiver, truxtee, custodian,
<br />(;onservaulor, liquidator, rehababxator or similar ol'ticcr is appointed without the
<br />application or consent of Developer and the arppointmetit continues undischarged or
<br />unstayed lirr oincty (90) clays; or Developer institutes or consents to ally bankruptcy,
<br />insolvency, reorg iulizatiou, aunanp,ement, read- juustment of debt, dissolatlnwl, cuwtodiamship,
<br />conservatorship), liqunclaution, rehabilitation or sinnl.ar proceeding relaalrng; to it or ally part
<br />of its property; or any similar pr•oc.cedin,p rs im wilted without the consent (if Developer
<br />and continues undismisscd or unsulyed for ninety (90) days.; or any judgment, writ,
<br />warrraanl ol` auitauc ➢luaaiut or execution, or similar pvocess Is iss'Lwd or ]evied against any
<br />property of Developer and is not released, vacaled or fully bonded within ninety (90)
<br />clays after- its issue or levy; or
<br />(k) any of the Senior Loan cle:ocurueirts is rcvokcd or lerminaated, in
<br />whole or in pni't and for any reason (except due to repayment ol' such loans), without the
<br />Executive Direetor's prior written consent, or (ii) Developel defaults cat otherwise hails to
<br />perform any ol''its Ch1tre4 or obligations under or In connection with any of the Senior
<br />Loan alocullmll , subject to all applicable notice and cure periods, or (iii) any of` the
<br />Senior Loan dmtlments is amended, supplemented or otherwise amuhfieel without C "ity ",
<br />prior written consent, which consent Shall not. Ile unreasonably withheld.
<br />Notwithstanding anythiit�, to the contrary eontufiwcd herein, City hereby agrees that any
<br />Cure of any clefaault made or telyder ed by Developer's Limited Partner shrill be descrned to
<br />he 11 eurc by Duvcloper- and shall lie aaecepted or rejected on the same basis as if niaade or
<br />Mldere i by Developer,
<br />20.2 Remedies Upon Default. lapon the oceturrence of any Event of Moult,
<br />City may, at its oration and in its absoltiw discretion, do any or, all of the l'o lowilig:
<br />(it) By wvritterw notice to Developer, declare the principal col all
<br />auilourl.ts owing under the I...oari Doelatnen:ts, together With all accrued interest and other
<br />anwounts owwing, in conneetion therewith, to lie iruilnediaately due and payable, repnrdk&'; of
<br />any other specified due date, paovidcsd trait ally hveiat Of Dd',Wlt described in Section
<br />20.1 Aaall aukornatically, without notice or other action on City's part, cause ,all s;rrcle
<br />alnocarts to ha: imrrrediaately clue and payable;
<br />(la) In its own rig ht or by a court-appointed receiver, take
<br />possession of the Property, enter into coritnwts for nand otherwise proceed wwilb the
<br />Colrnpleetrorl Cal the rehabilitation by expenditure of its own fun.d,9;
<br />(c) Exercise any of its fights under the Loan Oocumcnts and any rights
<br />provided by lawn, iticluchng;, weiflioui lirnilatimi, the right to Seek specific performance and
<br />the Agri to lorccloac on any security acid exercise any miner rights wvidw respect io ally
<br />security, ill[ in stadw order and rn,,caner as City elects in as sole aired absolute discretion;
<br />curd,
<br />(d) Suspend oa terriin4ute the mvaud ofl1C) vlF3 funds it'Dcwclnper arils
<br />to comply with any term of that award.
<br />38
<br />25H -46
<br />
|