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25F - AGMT - 605-611 EAST WASHINGTON ST LOAN
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25F - AGMT - 605-611 EAST WASHINGTON ST LOAN
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1/3/2012 3:51:30 PM
Creation date
3/3/2011 11:03:58 AM
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City Clerk
Doc Type
Agenda Packet
Item #
25F
Date
3/7/2011
Destruction Year
2016
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2000. DEFAULTS AND REMEDIES <br />2001. Events of Default. Subject to the extensions of time set forth in Article 1700, failure <br />by either party to perform any action or covenant required by this Agreement or any other Project <br />Document within the time periods provided herein (or therein) following notice and failure to cure as <br />described hereafter, constitutes a "Default" or "Event of Default" under this Agreement. A party <br />claiming a Default shall give written notice of Default to the other party specifying the Default <br />complained of. Except as otherwise expressly provided in this Agreement, the claimant shall not <br />institute any proceeding against any other party, and the other party shall not be in Default if such <br />party within thirty (30) days from receipt of such notice immediately, with due diligence, commences <br />to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy <br />with diligence. Without limiting the generality of the foregoing, the occurrence of any of the <br />following, whatever the reason therefore, shall constitute an Event of Default by Developer under <br />this Agreement: <br />(a) Developer fails to make any payment of principal or interest under the <br />Promissory Notes when due, and such failure is not cured within fifteen (15) Business Days after <br />Developer's receipt of written notice that such payment was not received when due; <br />(b) Developer fails to perform any other obligation for the payment of <br />money under any Loan Document, and such failure is not cured within fifteen (15) Business Days <br />after Developer's receipt of written notice that such obligation was not performed when due; <br />(c) Developer fails to perform any obligation (other than the obligations <br />described in subparagraphs (a) and (b) above) under any Loan Document, and such failure is not <br />cured within thirty (30) days after Developer's receipt of written notice that such obligation was not <br />performed; provided that, if cure cannot reasonably be effected within such thirty (30)-day period, <br />such failure shall not be an Event of Default so long as Developer (in any event, within ten (10) days <br />after receipt of such notice) commences to cure, and thereafter diligently (in any event within ninety <br />(90) days after receipt of such notice) prosecutes such cure to completion; <br />(d) Any representation or warranty in any Loan Document proves to have <br />been incorrect in any material respect when made; <br />(e) The Property is materially damaged or destroyed by fire or other <br />casualty unless Developer fulfills the Restoration Conditions set forth in the insurance provisions of <br />this Agreement within ninety (90) days (unless extended pursuant to Section 1905) and thereafter <br />diligently restores the Property in accordance with this Agreement; <br />(f) Work on the construction ceases for thirty (30) consecutive days for <br />any reason (other than governmental orders, decrees or regulations, acts of God or any other deity, <br />strikes or other causes beyond Developer's reasonable control), provided that the same do not, in the <br />aggregate and in the Agency/City's reasonable judgment, threaten to delay the completion of the <br />construction beyond the required completion date set forth in the Schedule of Performance; <br />(g) Developer is enjoined or otherwise prohibited by any Governmental <br />Authority from constructing and/or occupying the improvements and such injunction or prohibition <br />continues unstayed for sixty (60) days or more for any reason; <br />56 <br />25F-62
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