Laserfiche WebLink
Loan Agreement <br />San Leandro and Citizens' Housing Corporation <br />Page 10 of 10 <br />SECTION 6.04 INVOLUNTARY INSOLVENCY <br />An insolvency petition shall be filed against the Developer under any bankruptcy, insolvency, or similar law <br />or seeking the reorganization of or the appointment of any receiver, trustee, or liquidator for the Developer, <br />or of a substantial part of the property of the Developer's, or a writ or warrant of attachment or similar <br />process shall be issued against a substantial part of the property of the Developer, and such petition shall <br />not be dismissed, or such writ or warrant of attachment or similar process shall not be released or bonded, <br />within sixty (60) days after filing of levy. <br />SECTION 6.05 JUDGMENTS <br />If any final judgment for the payment of money that is not fully covered by liability insurance shall be <br />rendered against the Developer, and within sixty (60) days shall not be discharged, or any appeal therefrom <br />taken and execution thereon effectively stayed pending such appeal, and if such judgment be affirmed on <br />such appeal, the same shall not be discharged within sixty (60) days. <br />SECTION 6.06 RIGHTS UPON DEFAULT <br />Upon default by Developer and expiration of any applicable cure period, City has all remedies available to it <br />under State law enforcing this Agreement and City's rights to the collateral mentioned herein including, but <br />not limited to the following: <br />a. Accelerate and declare the full balance immediately due on the Promissory Note and commence <br />suit for collection thereof; <br />b. Take possession of the collateral or render it unusable, without notice, except as required by law, <br />provided that said self-help shall be done without breach of peace; <br />c. Request and demand that Developer assemble the collateral at an acceptable location for delivery <br />to City; <br />d. Sell or dispose of collateral by sale and pursuant to the law; <br />e. Specifically enforce the terms of the Promissory Note and related agreements; <br />Foreclose on any real property or appropriate personal property by strict foreclosure in equity; <br />g. Pursue any and all other remedies available under law to enforce the terms of this Agreement. <br />ARTICLE VII: MISCELLANEOUS <br />SECTION 7.01 WAIVER OF NOTICE <br />No failure or delay on the part of the City in exercising any right, power, or remedy hereunder shall operate <br />as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy preclude <br />10 <br />