Agenda - Council - 11/25/1981 - Laserfiche WebLink

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I I I I I I I I '1 I I I I I I funds furnished for such purpose in accordance with the Loan Agreement, sufficient to pay all costs of such performance or the enforcement thereof. It is agreed that time is of the essence of this Note. In the event of failure by the City to pay any monthly installment of principal or interest on or before the due date or if an Event of Default shall occur, as defined in the Mortgage, the Assignment of Leases and Rents, the Disbursing Agreement, the Guaranty or the Loan Agreement, then the Lender shall have the right and option to declare all the remaining indebtedness of unpaid principal and accrued interest, evidenced by this Note, immediately due and payable. Failure to exercise such option at any time shall not constitute a waiver of the right to exercise the same at any subsequent time. The remedies of the Lender, as provided herein and in the Mortgage, the Assignment of Leases and Rents, the Loan Agreement, the Guaranty and the Disbursing Agreement, shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Lender, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be ~onstrued as a waiver or release th%reof. The Lender shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the holder and, then only to the extent specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. The Note has been issued without registration under state or other securities laws, pursuant to an exemption for such issuance; and accordingly the Note may not be assigned or trans- ferred in whole or part, nor may a participation interest in the Note be given pursuant to any participation agreement, except in accordance with applicable registration requirements or an appli- cable exemption from such registration requirements. Ail prepayments hereunder shall first be applied to accrued interest and the remainder thereof to installments of principal due hereunder in the inverse order Of their maturity. Ail payments hereunder shall first be applied to accrued interest and the remainder thereof to the Principal Balance. Presentment, demand, protest and notice of protest and dishonor of this Note are hereby waived by the City. I I IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts and things required to exist, happen and be performed precedent to or in the issuance of this Note do exist, have happened and have been performed in regular and due form as required by law. 11