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JAMBOREE HOUSING CORPORATION
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Last modified
9/26/2018 12:18:46 PM
Creation date
9/24/2018 12:31:18 PM
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Contracts
Company Name
JAMBOREE HOUSING CORPORATION
Contract #
A-2018-198
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
8/21/2018
Destruction Year
0
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(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 <br />Executive Director's prior written consent; or <br />(i) 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 <br />assignment for the benefit of creditors; or Developer applies for or consents to the <br />appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or <br />similar officer for it or any part of its property; or any receiver, trustee, custodian, <br />conservator, liquidator, rehabilitator or similar officer is appointed without the <br />application or consent of Developer and the appointment continues undischarged or <br />unstayed for ninety (90) days; or Developer institutes or consents to any bankruptcy, <br />insolvency, reorganization, arrangement, readjustment of debt, dissolution, custodianship, <br />conservatorship, liquidation, rehabilitation or similar proceeding relating to it or any part <br />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, <br />warrant of attachment or execution, or similar process is issued or levied against any <br />property of Developer and is not released, vacated or fully bonded within ninety (90) <br />days after its issue or levy. <br />(j) Any of the Senior Loan documents is amended, supplemented or <br />otherwise modified without City's prior written consent, which <br />consent shall not be unreasonably withheld, to the extent the City's <br />consent is required pursuant to any subordination agreement <br />between the City and the Senior Lender. <br />20.2 Remedies Upon Default. Upon the occurrence and during the <br />continuance of any Event of Default, City may, at its option and in its absolute discretion, <br />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 construction 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 />37 <br />
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