Agenda - Council - 03/24/2015 - Laserfiche WebLink

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(i) Developer's or Borrower's; (i) Filing of any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or (ii) making an assignment for the benefit of its creditors; or (iii) admission, in writing, that it is unable to pay its debts generally as they become due; or (iv) being adjudicated a bankrupt or insolvent; (j) The filing of a petition or answer proposing the adjudication of Developer or Borrower as bankrupt or its reorganization under any present or future federal bankruptcy act or any similar federal or state law in any court and such petition or answer not being discharged or denied within ninety (90) days after the filing thereof; (k) The appointment of a receiver, trustee or liquidator of Developer or Borrower or of the Development Property, or part thereof, in any proceeding brought against Developer or Borrower and said receiver, trustee or liquidator not being discharged within ninety (90) days after such appointment; or (1) The occurrence of an event of default under the Pledge Agreement. Section 13.2 Remedies on Default. At any time after the occurrence of an Event of Default as defined in Section 13.1 the City and the HRA may, in addition to any other rights the City or the HRA may have at law or in equity, take any one or more of the following actions: (a) The City and the HRA may suspend their performance under this Development Agreement and the Loan Agreement until they (i) receive assurances from Developer and Borrower, deemed adequate by the City and the HRA, that Developer and Borrower will cure the default and continue its performance under this Development Agreement, the Loan Agreement, Note No. 1 and Note No. 2; or (ii) receive assurance from the holder of a Project Mortgage, deemed adequate by the City and the HRA, that the holder of the Project Mortgage will cure the default or, if the holder of the Project Mortgage cannot cure the default without first obtaining possession of the Development Property, will foreclose the Project Mortgage, elect, pursuant to Section 11.3, to treat this Development Agreement as having priority over the Project Mortgage and, upon the completion of the foreclosure proceedings and the expiration of all applicable redemption periods, cure the default and perform the obligations of Developer and Borrower under this Agreement, the Loan Agreement, Note No. 1 and Note No. 2; 22 2695614v16