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

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(c) Other Loan Documents. Borrower (or, in the case of the Pledge Agreement, one or more Pledgors) defaults in the due performance or observance of any term, covenant or agreement contained in any one or more of the Loan Documents and (a) such default constitutes an "Event of Default" under the terms of such other Loan Document(s), or (b) such default shall continue beyond the applicable notice and cure, if any, set forth in such other Loan Document. (d) Development Agreement. The Developer or Borrower defaults in the due performance or observance of any term, covenant or agreement contained in the Development Agreement and such default shall continue beyond the applicable notice and cure period, if any, set forth in the Development Agreement. (e) Insolvency of Developer, Borrower or Guarantors. The Developer, the Borrower, the Corporate Guarantor or the Personal Guarantor (i) becomes insolvent or unable to pay its debts generally as they mature, (ii) suspends business (with respect to the Developer, Borrower. or the Corporate Guarantor), (iii) makes a general assignment for the benefit of creditors, (iv) admits in writing its inability to pay its debts generally as they mature; (vi) files or has filed against it a petition in bankruptcy or a petition or answer seeking a reorganization (with respect to the Developer, Borrower or the Corporate Guarantor), arrangement with creditors or other similar relief under the federal bankruptcy laws or under any other applicable law of the United States of America or any state thereof, (vi) consents to the appointment of a trustee or receiver for it or for a substantial part of its property, (vii) takes any organizational action (with respect to the Developer, Borrower or the Corporate Guarantor) for the purpose of effecting or consenting to any of the foregoing. (f) Representations and Warranties. If any representation or warranty contained herein or in any other Loan Document, or in any letter, financial statement, or certificate furnished or to be furnished to the HRA, proves to be false in any material respect as of the date this Loan Agreement is executed or at the time such letter or certificate is delivered to the HRA. (g) Completion of Minimum Improvements. If the Developer has not Completed the Minimum Improvements on or before the Completion Date. Section 7.2 Effect of Event of Default. If any Event of Default shall occur, the Notes shall, at the HRA's option, become immediately due and payable, in full, by giving the Borrower written notice of such acceleration. In addition, and without limiting any other remedy available to the HRA, upon the occurrence of an event set forth in Section 7.1(e) above, all sums outstanding on the Notes shall become immediately due and payable automatically without notice to the Borrower. If any Event of Default shall occur, the HRA may, at its option, exercise any of its available rights and remedies under the Loan Documents and under any applicable law, rule or regulation, including, without limitation, the following: (a) terminate the HRA's obligation to Advance any further sums pursuant hereto; or (b) declare all amounts advanced against the Notes, plus all accrued but unpaid interest thereon, to be immediately due and payable, and demand payment in full of the then - outstanding principal balance of the Notes and all accrued but unpaid interest thereon. C-2-17 2695614v16