Reso 2018-158 - Laserfiche WebLink

Home

declaration of an Event of Default. 3.Section 2 of the Note is amended to read as follows: Borrower shall make annual payments of combined principal and interest until the entire indebtedness evidenced hereby is fully paid, except that all remaining indebtedness, if not sooner paid, shall be due and payable upon the Maturity Date (defined below), in accordance with the schedule in Exhibit B, attached hereto and made a part hereof. Borrower understands that Lender will effectuate the annual payments by deducting the amount due pursuant to this Section from the annual disbursements of property tax assessments made pursuant to a Management and Disbursement Agreement between the San Leandro Improvement Association and the City of San Leandro executed on November 18, 2013 unless Borrower has made payment directly prior to December 1 of any calendar year. The entire outstanding principal balance of this Note, together with accrued interest and all other sums accrued hereunder shall be payable in full on July 31, 2027 (the “Maturity Date”). Payments shall be credited first to any unpaid late charges and other costs and fees then due, then to accrued interest, and then to principal. In no event shall any amount due under this Note become subject to any rights, offset, deduction or counterclaim on the part of Borrower. 4.Counterparts. This Amendmentmay be signedin counterparts with the same effect as if the signatures to each counterpart were upon a single instrument. All counterparts shall be deemed an original of this Amendment. 5.Additional Documents. The Borrower and the City agree to execute or provide such documents and instruments, as may be necessary to effectuate the intent of this Amendment. 6.Governing Law. This Amendmentshall be governed by and construed in accordance with the laws of the State of California. 7.Severability. If any term of this Amendment is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall continue in full force and effect unless the rights and obligations of Cityor Borrowerare materially altered or abridged by such invalidation, voiding or unenforceability. 8.Ratification. Except as otherwise expressly set forth herein, all other terms and conditions of theLoan Agreement, Promissory Note, and Loan Documents remain unchanged and in full force and effect. \[Remainder of Page Left Intentionally Blank.\] 2