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8H Consent Calendar 2018 1217
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8H Consent Calendar 2018 1217
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12/11/2018 7:46:49 PM
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12/11/2018 7:46:48 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
Document Date (6)
12/17/2018
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Reso 2018-160
(Approved by)
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\City Clerk\City Council\Resolutions\2018
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9 <br />(b) If, pursuant to or within the meaning of the United States Bankruptcy Code <br />or any other federal or state law relating to insolvency or relief or debtors (“Bankruptcy <br />Law”), Borrower (i) commences a voluntary case or proceeding in bankruptcy; <br />(ii) consents to the entry of an order for relief against Borrower in an involuntary case; <br />(iii) consents to the appointment of a trustee, receiver, assignee, liquidator or similar <br />official for Borrower; (iv) makes an assignment for the benefit of its creditors; or <br />(v) admits in writing its inability to pay its debts as they become due. <br />(c) If a court of competent jurisdiction enters an order or decree under any <br />Bankruptcy Law that (i) is for relief against Borrower in an involuntary case, (ii) appoints <br />a trustee, receiver, assignee, liquidator or similar official for Borrower or substantially all <br />of Borrower’s assets, (iii) orders the liquidation of Borrower, or (iv) issues or levies a <br />judgment, writ, warrant of attachment, or similar process against the Property or the <br />Improvements, and in each case the order or decree is not released, vacated, <br />dismissed, or fully bonded within sixty (60) days after its issuance. <br />(d) If the Borrower fails to maintain insurance as required pursuant to the <br />Loan Documents, and Borrower fails to cure such default within ten (10) calendar days <br />of receipt of notice from Lender. <br />(e) If any representation or warranty contained in the Loan Documents or any <br />certificate furnished in connection with the foregoing or in connection with any request <br />for disbursement of Loan Proceeds is false or misleading in any material adverse <br />respect when made. <br />(f) A default arises under any loan secured by a mortgage, deed of trust, or <br />other security instrument recorded against the Property and remains uncured beyond <br />any applicable cure period such that the holder of such security instrument has the right <br />to accelerate repayment of such loan. <br />(g) If the Borrower defaults in the performance of any term, provision, <br />covenant or agreement (other than an obligation enumerated in this Article V) contained <br />in this Agreement or in any other Loan Document, and unless such document specifies <br />a shorter cure period for such default, the default continues for ten (10) days in the <br />event of a monetary default or thirty (30) days in the event of a nonmonetary default <br />after the date upon which Lender shall have given written notice of the default to <br />Borrower (or such longer time as Lender may agree upon in writing), provided that in <br />each case Borrower commences to cure the default within thirty (30) days and <br />thereafter prosecutes the curing of such default with due diligence and in good faith. <br />ARTICLE VI <br />REMEDIES <br />6.1 REMEDIES AND RIGHTS UPON DEFAULT. Upon the occurrence of an <br />Event of Default, Lender shall have all remedies available to it under law or equity, <br />including, but not limited to the following, and Lender may, at its election, without notice <br />to or demand upon Borrower, except for notices or demands required by law or
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