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Agmt 2009 Alameda County Allied Housing Program
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Agmt 2009 Alameda County Allied Housing Program
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Last modified
6/19/2009 11:52:01 AM
Creation date
6/19/2009 11:49:55 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/15/2009
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PERM
Document Relationships
Inst 2009238642
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2009
Inst 2009238643
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2009
RDA Reso 2009-015
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2009
Reso 2009-094
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2009
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for disbursement of Loan Proceeds proves to have been false or misleading in any material <br />adverse respect when made. <br />(I) If the Borrower defaults in the performance of any term, provision, <br />covenant or agreement (other than an obligation enumerated in this Section 2.1) contained in <br />any City Document, and unless such document specifies a shorter cure period for such <br />default, the default continues for ten (10) days in the event of a monetary default or thirty <br />{30) days in the event of anon-monetary default after the date upon which City shall have <br />given written notice of the default to Borrower, provided that in the case of anon-monetary <br />default that is not susceptible of cure within thirty {30} days, an Event of Default shall not <br />arise hereunder if Borrower cornrnences to cure the default within thirty (30) days and <br />thereafter prosecutes the curing of such default to completion with due diligence and in good <br />faith, but in no event longer than 120 days frorri the receipt of notice of default. <br />(J) If an Event of Default shall have been declared under any other City <br />Document, subject to the expiration of any applicable cure period set forth in such <br />documents. <br />2.2 REMEDIES. Upon the occurrence of an Event of Default and subject to <br />Section 3.9, City shall have all remedies available to it under law or equity, including, but not <br />Iimited to the following, and City may, at its election, without notice to or demand upon <br />Borrower, except for notices ox demands required by law or expressly required pursuant to <br />the City Documents, exercise one or more of the following remedies: <br />(A) accelerate and declare the entire unpaid principal balance of this Note, <br />together with all accrued interest thereon and all sums due hereunder immediately due and <br />payable regardless of any prior forbearance; <br />(B) seek specific performance to enforce the terms of the City Documents; <br />(C) fbreclose on the Property pursuant to the City Deed of Trust; <br />(D) pursue any and all other remedies available under law to enforce the <br />terms of the City Documents and City's rights thereunder. <br />Borrower shall pay all reasonable costs and expenses incurred by or on behalf of City <br />including, without limitation, reasonable attorneys' fees, incurred in connection with City's <br />enforcement of this Note and the exercise of any or all of its rights and remedies hereunder <br />and all such sums shall be a part of the indebtedness secured by the City Deed of Trust. <br />2.3 DEFAULT RATE. Upon the occurrence of an Event of Default, interest shall <br />automatically be increased without notice to the rate often percent {10%) per annum (the <br />"Default Rate"); provided however, if any payment due hereunder is not paid when due, the <br />Default Rate shall apply commencing upon the due date for such payment. When Borrower <br />is no longer in default, the Default Rate shall no longer apply, and the interest rate shall once <br />again be the rate specified in the second paragraph of this Note. Notwithstanding the <br />foregoing provisions, if the interest rate charged exceeds the maximum legal rate of interest, <br />the rate shall be the maximum rate permitted by law. The imposition or acceptance of the <br />Default Rate shall in no event constitute a waiver of an Event of Default under this Note or <br />prevent City from exercising any of its other rights or remedies. <br />S)~CURED PROMISSORY NOTE 5 <br />MISSION BELL APARTMENTS <br />1232840.4 <br />
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