Agenda - Council - 06/27/2000 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I Bankruptcy Code or any similar law, state or federal, now or hereafter existing, becomes "insolvent" as that term is generally defined under the Federal Bankruptcy Code, files an answer admitting insolvency or inability to pay its debts as they become due in any involuntary bankruptcy case commenced against it, or fails to obtain a dismissal of such case within sixty (60) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or has a custodian, trustee, or receiver appointed for it, or has any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution, or liquidation, and such custodian, trustee, or receiver is not discharged, or such jurisdiction is not relinquished, vacated, or stayed within sixty (60) days of the appointment; (e) a final judgment is entered against the Developer that the City reasonably deems will have a material, adverse impact on the Developer's ability to comply with the Developer's obligations under this Agreement; (f) the Developer sells, conveys, transfers, encumbers, or otherwise disposes of all or any part of the Equipment without the prior written approval of the City; (g) the Developer merges or consolidates with any other entity without the prior written approval of the City; or (h) there is a loss, theft, substantial damage, or destruction of all or any part of the Equipment that is not remedied to the City's satisfaction within sixty (60) business days after written notice thereof by the City to the Developer. Section 4.2. Remedies Upon Default. (a) In the event of a default, the City shall have the fight as its option and without demand or notice, to declare all or any part of the Loan immediately due and payable, and in addition to the rights and remedies granted hereby, the City shall have all of the fights and remedies available under the Uniform Commercial Code and any other applicable law. (b) The Developer agrees in the event of a default to make the Equipment available to the City. The Developer agrees to pay the costs and expenses incurred by the City in enforcing its rights under this Agreement, including but not limited to the City's attorneys fees. If any notice of sale, disposition or other intended action by the City is required by law to be given to the Developer, such notice shall be deemed reasonably and properly given if mailed to the Developer at the Development Property or at such other address of the Developer as may be shown herein, at least fifteen (15) days before such sale, disposition or other intended action. Section 4.3. Collateral. The Developer shall grant to the City a second security interest in the Equipment and Construction costs in an amount of equal to the amount of the Loan disbursed hereunder pursuant to a security agreement in substantially the form set forth at Exhibit B. 5 159