Agenda - Council - 09/28/2021 - Laserfiche WebLink

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instituted by the Borrower within the applicable period and is being diligently pursued until the Default is corrected, but no such extension shall be given for an Event of Default that can be cured by the payment of money (i.e., payment of taxes, insurance premiums, or other amounts required to be paid hereunder). 6. The City's Remedies upon the Borrower's Default. Upon an Event of Default by the Borrower and after provision by the City of written notice, the City shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it) : (a) declare the principal amount of the Loan and any accrued interest thereon to be immediately due and payable upon providing written notice to the Borrower; (b) suspend its performance under this Agreement; or (c) take any action provided for at law to enforce compliance by the Borrower with the terms of this Agreement. 7. The City's Costs of Enforcement of Agreement. If an Event of Default has occurred as provided herein, then upon demand by the City, the Borrower shall pay or reimburse the City for all expenses, including all attorneys' fees and expenses incurred by the City in connection with the enforcement of this Agreement. 8. Indemnification (a) The Borrower shall and does hereby agree to protect, defend, indemnify, and hold the City, and its officers, agents, and employees, harmless of and from any and all liability, loss, or damage that it may incur under or by reason of this Agreement, and of and from any and all claims and demands whatsoever that may be asserted against the City or the City by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained herein. 4 12603643v1