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Commercial Rehab - FH Dailey with Deed - Signed
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Commercial Rehab - FH Dailey with Deed - Signed
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8/7/2024 9:08:33 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
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monetary default or thirty (30) days in the event of a nonmonetary default after the date <br />upon which City shall have given written notice of the default to Owner (or such longer time <br />as City may agree upon in writing), provided that in each case Owner commences to cure <br />the default within thirty (30) days and thereafter prosecutes the curing of such default with <br />due diligence and in good faith. <br />(g) If an Event of Default shall have been declared under any other Loan <br />Document, subject to the expiration of any applicable cure period set forth in such <br />documents. <br />ARTICLE VI <br />REMEDIES <br />6.1 REMEDIES AND RIGHTS UPON DEFAULT. Upon the occurrence of an <br />Event of Default and the expiration of any applicable cure period, City shall have all <br />remedies available to it under law or equity, including, but not limited to the following, and <br />City may, at its election, without notice to or demand upon Owner, except for notices or <br />demands required by law or expressly required pursuant to the Loan Documents, exercise <br />one or more of the following remedies: <br />a) Accelerate and declare the balance of the Note and interest accrued thereon <br />immediately due and payable; <br />b) Seek specific performance to enforce the terms of the Loan Documents; <br />c) Foreclose on the Property pursuant to the Deed of Trust; <br />d) Pursue any and all other remedies available under law to enforce the terms of <br />the Loan Documents and City's rights thereunder. <br />6.2 REMEDIES CUMULATIVE. Each of the remedies provided herein is <br />cumulative and not exclusive of, and shall not prejudice any other remedy provided in any <br />other Loan Document. The City may exercise from time to time any rights and remedies <br />available to it under applicable law, in addition to, and not in lieu of, any rights and <br />remedies expressly granted in this Agreement or in any other instrument or notice, demand <br />or legal process of any kind. <br />ARTICLE VII <br />MISCELLANEOUS <br />7.1 NOTICES. Except as otherwise specified in this Agreement, all notices to be <br />sent pursuant to this Agreement shall be made in writing, and sent to the Parties at their <br />respective addresses specified below or to such other address as a Party may designate by <br />written notice delivered to the other Party in accordance with this Section. All such notices <br />shall be sent by: <br />receipt; <br />(a) personal delivery, in which case notice shall be deemed delivered upon <br />11 <br />
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