8G Consent 2009 0302 - Laserfiche WebLink

Home

event shall any amount due under this Note become subject to any rights of offset, deduction or counterclaim on the part of Owner. 1.4 MANNER OF PAYMENT. All payments on this Note shall be made to Agency at 845 East 14t Street, San Leandro, CA 94577 or such other place as Agency shall designate to Owner in writing, or by wire transfer of immediately available funds to an account designated by Agency in writing. 2. DEFAULTS 2.1 EVENTS OF DEFAULT. The occurrence of any one or more of the following events shall constitute an event of default hereunder ("Event of Default"): (a) Owner removes the Improvements from the Property. (b) Owner fails to maintain the Improvements and the Property in good condition and repair in violation of Section 4.3 of the Loan Agreement and Owner fails to cure such default within 30 days following written notice from Agency. (c) Owner fails to maintain insurance as required pursuant to the Loan Documents, and Owner fails to cure such default within 15 days. (d) Any representation or warranty contained in this Agreement or any certificate furnished in connection with the Loan or in connection with any request for disbursement of Loan Proceeds proves to have been false or misleading in any material adverse respect when made. (e) Owner defaults in the performance of any term, provision, covenant or agreement (other than an obligation enumerated in this Section 2 contained in this Note or in any other Loan Document, and unless such document specifies a shorter cure period for such default, the default continues for ten (10) days in the event of a monetary default or thirty (30) days in the event of a nonmonetary default after the date upon which Agency shall have given written notice of the default to Owner (or such longer time as Agency may agree upon in writing), provided that in each case Owner commences to cure the default within thirty (30) days and thereafter prosecutes the curing of such default with due diligence and in good faith. (f) If an Event of Default shall have been declared under any other Loan Document, subject to the expiration of any applicable cure period set forth in such documents. 2.2 REMEDIES. Upon the occurrence of an Event of Default hereunder, Agency may, at its option (i) by written notice to Owner, declare the entire unpaid principal balance of this Note, together with all accrued interest thereon and all sums due hereunder, immediately due and payable regardless of any prior forbearance, (ii) exercise any and all rights and remedies available to it under applicable law, and (iii) exercise any and all rights and remedies available to Agency under this Note and the other Loan Documents, including without limitation the right to pursue foreclosure under the Deed of Trust. Owner shall pay all reasonable costs and expenses incurred by or on behalf of Agency including, t t~z39s-z 27 Commercial Rehabilitation Loan Program Owner Participation and Loan Agreement Form: 12-3-08