|
h. I f ally payrncsrit is not received by the City within lead (] 0) days f€'Yllowvang the,
<br />clue date" thereof, then in addition to the J- en1CdiCS Confea'l"Cd upon the City pursuant to this Note
<br />and the lathe,- Loan 1; oQuYla,eua,ts, (i) ,l late w hirge of four IiQrct�n¢ (4%) of the amount due and
<br />unpaid wviH be added to the delinquent anlour,at to ccantpensate the City for the expense of
<br />handling the delinquency and (d) the aanount due mid unpand, exeludurg the late charge, shall
<br />bear interest it the highest annual mate which may tawfaally be charged arrd colilected under
<br />applicable law aril the obligation evidenced by this Note. computed fi:orn the date on whiell the
<br />aanlount was due and payable aarltil paid. Withrnat prejudice to the rights of the City hereunder m
<br />sunder any of the either Loan Doeunncnts, Roararwver shall indemnify the City agairim, and shall
<br />pay the City on dernand, any expcalse or lass which it inay suMain or irwor as as result of the
<br />fiailurc by Borrower to pay when dtuc any installment eat' interest and./or pr ncipal, fees, or other
<br />amounts payable to the City under this Note or any althea- Loan Document, to the extent lh�tt aaaly
<br />such expense or loss is not recovered pursuant: to such foregoing provisions, A certificate of the
<br />City setting forth the balsas for the a oermameation of the amounts necLs$ car y i.o jildenanr.ly the ( -Iray
<br />ill respect of such expunses or dirCCt,lass, submitted to Borrowwea by the tlity, shall be conclusive
<br />and binding for all purposes except as immediately con-cctad by l3orrowver notice to City..
<br />14, Sacurity
<br />This Note is secured by the City Decd orTrtust.
<br />15. Acceleration by Rcm,(an of Transfer or L^inancia
<br />ra, ]n order to indme City to ,rake the loam evidenced hereby, Borrower
<br />atga�ces thud in the event of zany transfer of the Pi- operty Without the prior written consent of City
<br />(other tban a transfer resuhrulg faaant a forMOsau•c, or conveyance by deed itu hew of foreclosure,
<br />by the holder of the Senior Loan Deed of "Tr usl), City shaall have the absolute rigprt at its option,
<br />without prior demand or notice, to decfaarc all sums secured hereby imrneehaately dial.* and payable.
<br />C'aorascnt to One satin, tramaactiern shall not be dearness to be a waiver of the right tai oequi:re consent
<br />to Roture or suc,ca,,ssive transactions. City may grant or deny saach consent in its sole discretion
<br />and, if consent should be given, any such transfer shfapl be Subject to this Scctiou 17, and any
<br />such transferee shall assume all obligations hereunder and aagree to be bound by al] prervisiotlS
<br />contained facreim. Sucilr ass,aauiption ',haa,ll slot, however, release Borrowvcr fi-on1 any habi.lity,
<br />thor etulder without the prior written consent of City.
<br />b. As used her6n, 'transt'er " includes the Sale, agreement to sell, trarisfea° or
<br />conveyance of the Property, or any portion thereof or interest thercm, wwhelhei voluntary,
<br />involuntary, by operation of'laaww or otherwise, the, execution ofany inswIlu em..laand sate contract
<br />or similaaa iaastrunwrit affecting all or a portion of the property, or the !easel of all or substantially
<br />all of the Property. " l;ransfer' shall not include the leasing of individual residential unit'. on the
<br />Property, so long as Borrower eoniphe5 with the provisions of the Loan Agrccmeni and the
<br />Afrordable ltousirug Rwa;Ntr-i0icens uelattialg to such leasing activity, nor shall it include a.
<br />conveyance of the Property to as limited partnership ill Which Borrower wwer is a1 general partruer, our to
<br />at cotpora.tioul Illaat is wholly owned by the Borrower and that is forme, for the sole puarp(lI4e of
<br />7
<br />25H -73
<br />
|