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10l Consent
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Last modified
9/30/2025 3:42:16 PM
Creation date
12/19/2022 4:05:09 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
Document Date (6)
12/19/2022
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Reso 2022-225 3rd Amendment to Shoreline DDA_PSA KB
(Amended)
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\City Clerk\City Council\Resolutions\2022
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<br /> 3 <br />(i) Any failure to pay, in full, any payment required under this <br />Note when due following written notice by the City of such failure and ten (10) days opportunity <br />to cure; <br /> <br />(ii) Any failure in the performance by Developer of any term, <br />condition, provision or covenant set forth in this Note and Developer’s failure to cure such <br />default within thirty (30) days of receiving written notice thereof from the City; and <br /> <br />(iii) The occurrence of any Developer event of default under the <br />City Loan Documents, subject to notice and cure periods, if any, set forth therein. <br /> <br />(b) Upon the occurrence of one or more of the foregoing events of <br />default, the entire unpaid principal balance, together with all interest thereon, and together with <br />all other sums then payable under this Note and the City Loan Deed of Trust, shall at the option <br />of City become immediately due and payable upon written notice by City to Developer without <br />further demand. <br /> <br />(c) City's failure to exercise the remedy set forth in Subsection 9(b) <br />above or any other remedy provided by law upon the occurrence of one or more of the foregoing <br />events of default shall not constitute a waiver of the right to exercise any remedy at any <br />subsequent time in respect to the same or any other default. The acceptance by City hereof of <br />any payment which is less than the total of all amounts due and payable at the time of such <br />payment shall not constitute a waiver of the right to exercise any of the foregoing remedies or <br />options at that time or at any subsequent time, or nullify any prior exercise of any such remedy <br />or option, without the express consent of City, except as and to the extent otherwise provided by <br />law. <br /> <br />10. Waivers. <br /> <br />(a) Developer hereby waives diligence, presentment, protest and <br />demand, and notice of protest, notice of demand, notice of dishonor and notice of non-payment <br />of this Note. Developer expressly agrees that this Note or any payment hereunder may be <br />extended from time to time, and that City may accept further security or release any security for <br />this Note, all without in any way affecting the liability of Developer. <br /> <br />(b) Any extension of time for payment of this Note or any installment <br />hereof made by agreement of City with any person now or hereafter liable for payment of this <br />Note shall not operate to release, discharge, modify, change or affect the original liability of <br />Developer under this Note, either in whole or in part. <br /> <br />(c) The obligations of Developer under this Note shall be absolute and <br />Developer waives any and all rights to offset, deduct or withhold any payments or charges due <br />under this Note for any reason whatsoever. <br />
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