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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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(d) A court of competent jurisdiction enters an order or decree under <br />any Bankruptcy Law that (i) is for relief against Borrower in an involuntary case, (ii) <br />appoints a trustee, receiver, assignee, liquidator or similar official for Borrower or <br />substantially all of Borrower’s assets, (iii) orders the liquidation of Borrower, or (iv) <br />issues or levies a judgment, writ, warrant of attachment or similar process against the <br />Property or the Improvements, and in each case the order or decree is not released, <br />vacated, dismissed, or fully bonded within sixty (60) days after its issuance. <br />(e) Borrower shall have assigned its assets for the benefit of its <br />creditors (other than pursuant to a mortgage loan) or suffered a sequestration or <br />attachment of an execution on any substantial part of its property, unless the property <br />so assigned, sequestered, attached, or executed upon shall have been returned or <br />released within sixty (60) days after such event (unless a lesser time period is permitted <br />under any other mortgage on the Property, in which event such lesser time period shall <br />apply under this subsection as well) or prior to any sooner sale pursuant to such <br />sequestration, attachment, or execution; <br />(f) A default arises under any debt instrument secured by a mortgage <br />or deed of trust on the Property and remains uncured beyond any applicable cure <br />period such that the holder of such instrument has the right to accelerate payment <br />thereunder. <br />(g) Subject to Borrower’s right to contest the following charges <br />pursuant to the Loan Documents, if Borrower fails to pay prior to delinquency taxes or <br />assessments due on the Property or the Improvements or fails to pay when due any <br />other charge that may result in a lien on the Property or Improvements, and Borrower <br />fails to cure such default within thirty (10) days of the date of delinquency, but in all <br />events upon the imposition of any such tax or other lien. <br />(h) Any representation or warranty contained in this Agreement or any <br />application, financial statement, certificate, or report furnished in connection with the <br />loan or in connection with any request for disbursement of Loan Proceeds proves to <br />have been false or misleading in any material adverse respect when made. <br />(i) An event of default shall have been declared under any other Loan <br />Document subject to the applicable cure periods set forth in such documents. <br />(j) Borrower defaults in the performance of any term, provision, <br />covenant, or agreement (other than an obligation enumerated in this Section 6) <br />contained in this Notice or in any other Loan Document, and unless such document <br />specifies a different cure period for such default, the default continues for ten (10) days <br />in the event of a monetary default or thirty (30) days in the event of a nonmonetary <br />default 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.
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