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05 - JOINT PH - Vista Del Rio DDA
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05 - JOINT PH - Vista Del Rio DDA
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1/3/2012 3:32:53 PM
Creation date
4/5/2011 2:36:17 PM
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City Clerk
Doc Type
Agenda Packet
Item #
05
Date
3/21/2011
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25. Force Maieure. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not be deemed <br />to be in default where delays or defaults are due to: war; insurrection; strikes; lock-outs; riots; floods; <br />earthquakes; fires; casualties; acts of God or other deities; acts of the public enemy; epidemics; <br />quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or <br />priority; litigation; unusually severe weather; inability to secure necessary labor, materials or tools; <br />delays of any contractor or supplier; acts of the other party; acts or failure to act of the Agency or any <br />other public or governmental Agency or entity (except that any act or failure to act of Agency shall <br />not excuse performance by Agency); or any other causes beyond the reasonable control or without <br />the fault of the party claiming an extension of time to perform. An extension of time for any such <br />cause shall be for the period of the enforced delay and shall commence to run from the time the party <br />claiming such extension gives notice to the other party, provided notice by the party claiming such <br />extension is given within thirty (30) days after the commencement of the cause. Times of <br />performance under this Note may also be extended in writing by the Agency and the Borrower. <br />26. Assignments. <br />The Agency, and any assignee of the Agency, shall have the right to assign this Note and the <br />Deed of Trust securing this Note, without any further act of Borrower. The assignee shall give notice <br />to Borrower as soon as practicable after such assignment. <br />27. City and Authority Right to Enforce. <br />The City and Authority are each intended third party beneficiaries of Agency's rights under <br />this Note, with full rights (but no obligation) to enforce all of Borrower's obligations hereunder <br />{Signatures on following page} <br />F-10 <br />DOCSOC/1475221 v5/200272-0004 <br />
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