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FULL PACKET_2019-04-16
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FULL PACKET_2019-04-16
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Date
4/16/2019
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In the event of any fire or other casualty to the Property or eminent domain proceedings <br />resulting in condemnation of the Property, or any part thereof, Borrower shall have the right to <br />rebuild the Property, and to use all available insurance or condemnation proceeds therefor, <br />provided that: (a) such proceeds are sufficient to keep the Agency Loan in balance and rebuild the <br />Property in a manner that provides adequate security to Agency for repayment of the Agency Loan, <br />or if such proceeds are insufficient, then Borrower shall have funded any deficiency; (b) Agency <br />shall have the right to approve plans and specifications for any major rebuilding, and the right to <br />approve disbursements of insurance or condemnation proceeds for rebuilding under a construction <br />escrow or similar arrangement; and, (c) no material uncured default then exists under this Note or <br />the Deed of Trust. If the casualty or condemnation affects only part of the Property and total <br />rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial repayment of <br />the Agency Loan in a manner that provides adequate security for repayment of the remaining <br />balance of the Agency Loan. <br />23. Force Maieure. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not be <br />deemed to be in default where delays or defaults are due to: war; terrorism; insurrection; strikes; <br />lock -outs; riots; floods; earthquakes; fires; casualties; acts of God or other deities; acts of the public <br />enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; <br />governmental restrictions or priority; litigation; unusually severe weather; inability to secure <br />necessary labor, materials or tools; delays of any contractor or supplier; acts of the other party; <br />acts or failure to act of the Agency or any other public or governmental Agency or entity (except <br />that any act or failure to act of Agency shall not excuse performance by Agency); or any other <br />causes beyond the reasonable control, or without the fault of the party claiming an extension of <br />time to perform. An extension of time for any such cause shall be for the period of the enforced <br />delay and shall commence to run from the time the party claiming such extension gives notice to <br />the other party, provided notice by the party claiming such extension is given within thirty (30) <br />days after the commencement of the cause. Times of performance under this Note may also be <br />extended in writing by the Agency and the Borrower. <br />24. Assignments. <br />The Agency, and the assignee of the Agency, shall have the right to assign this Note and <br />the Deed of Trust securing this Note, without any further act of Borrower. The assignee shall give <br />notice to Borrower as soon as practicable after such assignment. <br />12 <br />80A-181 <br />
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