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80A - JOINT - LOAN AGMT AMCAL
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02/07/2017
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80A - JOINT - LOAN AGMT AMCAL
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Last modified
2/2/2017 4:09:44 PM
Creation date
2/2/2017 3:55:17 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
2/7/2017
Destruction Year
2022
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(f) Work on the construction ceases for thirty (30) consecutive days <br />for any reason (other than governmental orders, decrees or regulations, acts of God or any other <br />deity, strikes or other causes beyond Developer's reasonable control); <br />(g) 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 unstayed for sixty (60) days or more for any reason; <br />(h) Developer is dissolved, liquidated or terminated, or all or <br />substantially all of the assets of Developer are sold or otherwise transferred without the City <br />Project Manager's prior written consent; <br />W Developer is the subject of an order for relief by a bankruptcy <br />court, or is unable or admits its inability to pay its debts as they mature, or makes an assignment <br />for the benefit of creditors; or Developer applies for or consents to the appointment of any <br />receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or any <br />part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or <br />similar officer is appointed without the application or consent of Developer and the appointment <br />continues undischarged or unstayed for ninety (90) days; or Developer institutes or consents to <br />any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, <br />custodianship, conservatorship, liquidation, construction or similar proceeding relating to it or <br />any part of its property; or any similar proceeding is instituted without the consent of Developer <br />and continues undismissed or unstayed for ninety (90) days; or any judgment, writ, warrant of <br />attachment or execution, or similar process is issued or levied against any property of Developer <br />and is not released, vacated or fully bonded within ninety (90) days after its issue or levy; or <br />(i) any of the Senior Loan documents is revoked or terminated, in whole or <br />in part and for any reason (except due to repayment of such loans), <br />without the City Project Manager's prior written consent, or (ii) Developer <br />defaults or otherwise fails to perform any of its duties or obligations under <br />or in connection with any of the Senior Loan documents, subject to all <br />applicable notice and cure periods, or (iii) any of the Senior Loan <br />documents is amended, supplemented or otherwise modified without <br />City's prior written consent, which consent shall not be unreasonably <br />withheld. <br />Notwithstanding anything to the contrary contained herein, City hereby <br />agrees that any cure of any default made or tendered by Developer's <br />Limited Partner shall be deemed to be a cure by Developer and shall be <br />accepted or rejected on the same basis as if made or tendered by <br />Developer. <br />20.2 Remedies Upon Default. Upon the occurrence of any Event of Default, City <br />may, at its option and in its absolute discretion, do any or all of the following: <br />36 <br />80A -42 <br />
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