Laserfiche WebLink
20.2 Remedies Upon Default. Upon the occurrence of any Event of Default, <br />City may, at its option and in its absolute discretion, do any or all of the following: <br />(a) By written notice to Developer, declare the principal of all <br />amounts owing under the Loan Documents, together with all accrued interest and other <br />amounts owing in connection therewith, to be immediately due and payable, regardless of <br />any other specified due date; provided that any Event of Default described in Section <br />20.1 shall automatically, without notice or other action on City's part, cause all such <br />amounts to be immediately due and payable; <br />(b) In its own right or by a court-appointed receiver, take <br />possession of the Property, enter into contracts for and otherwise proceed with the <br />completion of the rehabilitation by expenditure of its own funds; <br />(c) Exercise any of its rights under the Loan Documents and any rights <br />provided by law, including, without limitation, the right to seek specific performance and <br />the right to foreclose on any security and exercise any other rights with respect to any <br />security, all in such order and manner as City elects in its sole and absolute discretion; <br />and, <br />(d) Suspend or terminate the award of HOME funds if Developer fails <br />to comply with any term of that award. <br />20.3 Cumulative Remedies: No Waiver. City's rights and remedies under the <br />Loan Documents are cumulative and in addition to all rights and remedies provided by <br />law. The exercise by City of any right or remedy shall not constitute a cure or waiver of <br />any default, nor invalidate any notice of default or any act done pursuant to any such <br />notice, nor prejudice the City in the exercise of any other right or remedy. No waiver of <br />any default shall be implied from any omission by City to take action on account of such <br />default if such default persists or is repeated. No waiver of any default shall affect any <br />default other than the default expressly waived, and any such waiver shall be operative <br />only for the time and to the extent stated. No waiver of any provision of any Loan <br />Document shall be construed as a waiver of any subsequent breach of the same provision. <br />City's consent to or approval of any act by Developer requiring further consent or <br />approval shall not be deemed to waive or render unnecessary City's consent to or <br />approval of any subsequent act. The City's acceptance of the late performance of any <br />obligation shall not constitute a waiver by City of the right to require prompt performance <br />of all further obligations; City's acceptance of any performance following the sending or <br />filing of any notice of default shall not constitute a waiver of either party's right to <br />proceed with the exercise of its remedies for any unfulfilled obligations; and City's <br />acceptance of any partial performance shall not constitute a waiver by City of any rights. <br />21. MISCELLANEOUS <br />21.1 Obligations Unconditional and Independent. Notwithstanding the <br />existence at any time of any obligation or liability of City to Developer, or any other <br />claim by developer against City, in connection with the Loan or otherwise, Developer <br />hereby waives any right it might otherwise have (a) to offset any such obligation, liability <br />39 <br />