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25B - AGMT - LOAN GUEST HOUSE
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25B - AGMT - LOAN GUEST HOUSE
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Last modified
12/19/2016 10:36:39 AM
Creation date
12/15/2016 4:54:08 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
12/20/2016
Destruction Year
2021
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not be effective with respect to any insurance policy if the coverage thereunder would be <br />materially reduced or impaired as a result. Developer shall use its best efforts to obtain <br />only policies which permit the foregoing waiver of subrogation. <br />20. DEFAULTS AND REMEDIES <br />20.1 Events of Default. The occurrence of any of the following, whatever the <br />reason therefore, shall constitute an Event of Default by Developer; <br />(a) Developer fails to make any payment of principal or <br />interest under the City Loan Note when due, and such failure is not cured within fifteen <br />(15) Business Days after Developer's receipt of written notice that such payment was not <br />received when due; <br />(b) Developer fails to perform any other obligation for the <br />payment of money under any Loan Document, and such failure is not cured within fifteen <br />(15) Business Days after Developer's receipt of written notice that such obligation was <br />not performed when due; <br />(c) Developer fails to perform any obligation (other than the <br />obligations described in subparagraphs (a) and (b) above) tinder any Loin Document, and <br />such failure is not cured within thirty (3 0) days after Developer's receipt of written notice <br />that such obligation was not performed; provided that, if cure cannot reasonably be <br />effected within such thirty (30) -day period, such failure shall not be an Event of Default <br />so long as Developer (in any event, within ten (10) days after receipt of such notice) <br />commences to cure, and thereafter diligently (in any event within ninety (90) days after <br />receipt of such notice) prosecutes such cure to completion; <br />(d) Any representation or warranty in any Loan Document proves to <br />have been incorrect in any material respect when made; <br />(e) The Property is materially damaged or destroyed by fire or other <br />casualty unless Developer fulfills the Restoration Conditions set forth in the insurance <br />provisions of this Agreement within ninety (90) days (unless extended pursuant to <br />Section 19.5) and thereafter diligently restores the Property in accordance with this <br />Agreement; <br />(t) Work on the rehabilitation ceases for thirty (3 0) consecutive days <br />for any reason (other than governmental orders, decrees or regulations, acts of God or any <br />other deity, strikes or other causes beyond Developer's reasonable control), provided that <br />the same do not, in the aggregate and in the City's reasonable judgment, threaten to delay <br />the completion of the rehabilitation beyond the required completion date set forth in this <br />Agreement; <br />(h) Developer is enjoined or otherwise prohibited by any <br />Governmental Authority from constructing and/or occupying the improvements and such <br />injunction or prohibition continues instayed for sixty (60) days or more for any reason; <br />37 <br />25B-43 <br />
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