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Developer from repairing and restoring all damage to the Property in accordance with other Loan <br />Document provisions, regardless of whether insurance proceeds are available or sufficient. <br />19.9 Condemnation; Treatment of Compensation. Subject to any superior <br />rights of Senior Lender, Developer hereby assigns to the City, as security for all obligations to <br />City secured by lien on the Property, all amounts payable to Developer in connection with any <br />Condemnation, and ,any proceeds of any related settlement (collectively, "Compensation"). <br />Subject to any superior rights of Senior Lender, Developer shall deliver such remaining <br />Compensation to City immediately upon receipt. If the: taking results in a loss of the Property to <br />anextent that, in the reasonable opinion of City, renders or is likely to render the Property not - <br />economically viable or if, in City's reasonable judgment Developer's security is otherwise <br />impaired, City may apply the Compensation received due to judgment or settlement in <br />connection with any condemnation or other taking to reduce the unpaid obligations secured in <br />such order as City may determine, and without any adjustment in the amount or due dates of <br />payments due under the Note. If so applied, any award in excess of the unpaid balance of the <br />Note and other sums date to City shall be paid to Developer or Developer's assignee. City shall <br />have no obligation to take any action in connection with any actual or threatened condemnation <br />or other proceeding: <br />19.9.1 Notwithstanding the foregoing, as long as the value of City's liens are not <br />impaired, any condemnation proceeds may be used by the Developer for repair and/or restoration <br />of the Project, <br />19.9.2 Notwithstanding the foregoing, during the tax credit compliance period for the <br />Project, as determined under Section 42 of the Internal Revenue Code, any condemnation <br />proceeds may be used by the Developer for repair and/or restoration of the Project. <br />19.10 Waiver of Subrogation. Developer hereby waives all rights to recover <br />against the City (or any officer, employee, agent or representative of City) for any loss incurred <br />by Developer from any cause insured against or required by any Loan Document, to be insured <br />against; provided, however, that this waiver of subrogation shall not be effective with respect to <br />any insurance policy if the coverage thereunder would be materially reduced or impaired as a <br />result. Developer shall use its best efforts to obtain only policies which permit the foregoing <br />waiver of subrogation. <br />20. DEFAULTS AND REMEDIES <br />20.1 Events of Default. The occurrence of any of the following, whatever the reason <br />therefore, shall constitute an Event of Default by Developer: <br />(a) Developer fails to make any payment of principal or interest under <br />the City Promissory Note when due, and such failure is not cured within fifteen (15) Business <br />Days after 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 />35 <br />