Laserfiche WebLink
four percent (4 %). No delay or omission on the part of the City in exercising any right under this <br />Note or under any of the other Loan Documents shall operate as a waiver of such right. <br />16. Attorney Fees. <br />If this City Promissory Note is not paid when due or if any Event of Default occurs, <br />Borrower promises to pay all costs of enforcement and collection, including but not limited to, <br />reasonable attorneys' fees, whether or not any action or proceeding is brought to enforce the <br />provisions hereof. <br />17. Severabilitv. <br />Every provision of this Note is intended to be severable. In the event any term or <br />provision hereof is declared by a court of competent jurisdiction, to be illegal or invalid for any <br />reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and <br />provisions hereof, which terms and provisions shall remain binding and enforceable. <br />18. Number and Gender. <br />In this Note the singular shall include the plural and the masculine shall include the <br />feminine and neuter gender, and vice versa, if the context so requires. <br />19. Non - recourse. <br />The City Loan is a nonrecourse obligation of the Borrower. Neither Borrower, nor its <br />partners nor any other party shall have any personal liability for repayment of the City Loan or <br />for any other amounts under any of the documentation evidencing, securing or describing the <br />City Loan. The sole recourse of City under this Note and the Deed of Trust for repayment of the <br />City Loan and for such other amounts arising therefrom shall be the exercise of its rights against <br />the Property and related security thereunder. <br />20. Subordination. <br />It is hereby expressly agreed and acknowledged by Borrower and City that the Deed of <br />Trust is a subordinate deed of trust, and that this Note is subject and subordinate to any Senior <br />Deed of Trust. <br />21. Notice of Default. <br />a. Subject to the applicable cure periods set forth in Section 14 and subject to the further <br />provisions of this Section 21, failure or delay by the Borrower to perform any term or provision <br />of this Note constitutes a default under this Note. The Borrower must immediately commence to <br />cure, correct, or remedy such failure or delay and shall complete such cure, correction or remedy <br />with reasonable diligence. <br />a <br />25B -83 <br />