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Agmt 2006 Mercy Housing California XXXIII
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Agmt 2006 Mercy Housing California XXXIII
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Last modified
5/10/2007 12:57:18 PM
Creation date
5/10/2007 12:55:20 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/5/2006
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PERM
Document Relationships
Agmt 2006 Mercy Housing California XXXIII (2)
(Reference)
Path:
\City Clerk\City Council\Agreements\2006
Agmt 2006 Mercy Housing California XXXIII (3)
(Reference)
Path:
\City Clerk\City Council\Agreements\2006
RDA Reso 2006-002
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2006
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<br />enumerated in this Section 4.1, and unless such a shorter cure period is <br />specified for such default, the default continues for ten (10) days in the event of <br />a monetary default or thirty (30) days in the event of a nonmonetary default after <br />the date upon which Agency shall have given written notice of the default to <br />Borrower, provided that in the case of a nonmonetary default that is not <br />susceptible of cure within thirty (30) days, an Event of Default shall not arise <br />hereunder if Borrower commences to cure the default within thirty (30) days and <br />thereafter prosecutes the curing of such default to completion with due diligence <br />and in good faith, but in no event longer than 120 days from the receipt of notice <br />of default. <br /> <br />4.2 Remedies. Upon the occurrence of an Event of Default, the Agency shall <br />have the following rights, in addition to any other rights and remedies provided by law: <br /> <br />(a) The Agency may declare the entire outstanding principal balance of <br />the Loan and interest accrued thereon immediately due and payable; <br /> <br />(b) The Agency may exercise any and all rights and remedies granted to <br />the Agency pursuant to the Assignment Agreement; <br /> <br />(c) The Agency may seek an order of specific performance; and <br /> <br />(d) The Agency may terminate this Agreement. <br /> <br />Each of the remedies provided herein is cumulative and not exclusive of, and shall not <br />prejudice any other remedy provided herein, in the Predevelopment Note or the <br />Assignment Agreement. The Agency may exercise any rights and remedies available <br />under applicable law, in addition to, and not in lieu of, any rights and remedies <br />expressly granted in this Agreement. <br /> <br />5. MISCELLANEOUS. <br /> <br />5.1 Assiqnment. This Agreement shall be binding upon and inure to the benefit <br />of the Parties and their respective successors and assigns. Notwithstanding the <br />foregoing, Agency's obligation to make the Loan is personal to Borrower, and shall not <br />be assignable by Borrower by operation of law or otherwise absent the express written <br />consent of Agency, and any such assignment by operation of law or otherwise shall be <br />void. <br /> <br />5.2 Insurance. Borrower shall maintain and keep in force, at Borrower's <br />expense, all insurance required pursuant to this Agreement. For each of Borrower's <br />insurance policies, Borrower shall provide to Agency within ten (10) days following <br />execution of this Agreement, but in no event later than the initial disbursement of Loan <br />Proceeds, a certificate of insurance and an endorsement which provides that no <br />cancellation, major change in coverage or expiration will be effective during the term of <br />this Agreement without 30 days written notice to the Agency prior to the effective date <br /> <br />809163-1 <br /> <br />8 <br />
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