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80A - HOUSING AND SUBORDINATION LOANS
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80A - HOUSING AND SUBORDINATION LOANS
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Last modified
9/12/2019 6:11:12 PM
Creation date
9/12/2019 5:58:33 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
9/17/2019
Destruction Year
2024
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EXHIBIT 3 <br />c. For the avoidance of doubt, a "transfer" shall not include (i) a transfer of any <br />general partner's interest in Borrower when made in connection with the exercise by the <br />Borrower's limited partner (the "Limited Partner") of its rights upon a default by a general <br />partner under the Borrower's Partnership Agreement or upon a general partner's withdrawal in <br />violation of the Partnership Agreement, so long as the removal and substitution of the defaulting <br />general partner is made within thirty (30) days of such default or, if such removal and <br />substitution cannot reasonably be completed within thirty (30) days, so long as the Limited <br />Partner commences to take action to remove and substitute the general partner with a reasonable <br />period and thereafter diligently proceeds to complete such substitution; (ii) any transfer of the <br />Property to the managing general partner of Borrower pursuant to the right of first refusal or to <br />the general partners of Borrower pursuant to the purchase option, as provided for in the Purchase <br />Option and Right of First Refusal Agreement between Borrower and its general partner; (iii) any <br />transfer of the Limited Partner's interest in accordance with the Partnership Agreement; and (iv) <br />any sale, transfer or other disposition of an interest in a limited partner of the Borrower. <br />16. Event of Default. <br />Subject to the provisions of Sections 23 and 25 hereof, the occurrence of any of the <br />following shall be deemed to be an event of default ("Event of Default") hereunder: (a) failure by <br />Borrower to make any payments provided for herein, and if such default is not made good within <br />fifteen (15) days of written notice to Borrower of such default; or (b) failure by Borrower to <br />perform any covenant or agreement in the Deed of Trust, the Loan Agreement, or the <br />Affordability Restrictions on Transfer of Property within thirty (30) days after written demand <br />therefor by City (or, in the event that more than thirty (30) days is reasonably required to cure <br />such default, should Borrower fail to promptly commence such cure, and diligently and <br />continuously prosecute same to completion). Notwithstanding the foregoing, if Borrower fails to <br />cure such breach during the time set forth herein for such cure, City shall provide written notice <br />of such failure to Limited Partner and no Event of Default shall be deemed to occur unless <br />Limited Partner fails to cure such breach within 30 days following delivery of such notice; <br />provided, however, if in order to cure such breach Limited Partner determines that it must <br />remove the General Partner pursuant to the terms of the Partnership Agreement, then no Event of <br />Default shall occur until 30 days following the effective date of such removal. <br />17. Remedies. <br />Upon the occurrence and during the continuance of an Event of Default, after any <br />applicable notice has been provided and the expiration of any applicable cure period therefore, <br />City may declare all sums evidenced hereby immediately due and payable by delivery to the <br />Trustee named in the City Deed of Trust securing this Note, and to Borrower, written declaration <br />of default and demand for sale, and written notice of default and of election to cause the Property <br />to be sold, which notice Trustee shall cause to be duly filed for record and City may foreclose on <br />the City Deed of Trust. City shall also deposit with Trustee the Deed of Trust, this Note and all <br />documents evidencing expenditures secured thereby and evidenced hereby. No delay or <br />80A-116 <br />
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