Laserfiche WebLink
6. Miscellaneous Provision <br />a. The Owner waives notice of non-payment and protest, presentment and notice of <br />dishonor. <br />b. In the event of any legal action with respect to the terms or enforcement of this Note, <br />the prevailing party shall be entitled to an award of its attorney's fees and costs of suit. <br />c. Notwithstanding any language herein to the contrary, this Note shall become <br />immediately due and payable in the amount of all unpaid principal, together with interest <br />thereon as provided above, upon any transfer in violation of the Agreement of title to the <br />Property and/or the Project to any person, firm or corporation other than the Owner and, <br />except as provided in said Agreement, whether such transfer of title be voluntary, <br />involuntary, or by operation of law. <br />d. In the event the Owner shall fail to pay the payment when due, or otherwise breach the <br />terms of this Note, and if such failure be subsisting ten (10) days for monetary breaches <br />hereof, or sixty (60) days for other breaches hereof, after written notice given in <br />accordance with the Agreement, the unpaid principal amount of this Note, together with <br />accrued interest and late charges, shall become due and payable, at the option of the <br />City, without further notice to the undersigned. Failure of the City to exercise such option <br />shall not constitute a waiver of such default. <br />e. In the event that no advances are made under this Note, and providing that the Owner <br />provides the City with a release of its obligations under the Agreement and/or this Note <br />to make any such advances, the City shall return the original of this Note to the Owner <br />upon written demand by the Owner to do so. The City shall have the right to approve the <br />terms of such a release, which approval shall not be unreasonably withheld. <br />f. The advance of the proceeds of this Note is subject to the provisions of the Agreement, <br />and the principal amount to be repaid hereunder shall not exceed the actual principal <br />amount advanced by the City. <br />7. Limits on Personal Liabilitv <br />a. Except as otherwise provided in this Paragraph 7, the Owner shall have no personal <br />liability under this Note, the Agreement, the Deed of Trust or any of the other documents <br />evidencing or securing the Owner's obligations in respect of the loan evidenced by the <br />Note (the "Loan Documents') for the repayment of the indebtedness evidenced by this <br />Note (the "Indebtedness") or for the performance of any other obligations of the Owner <br />under the Loan Documents, and the City's only recourse for the satisfaction of the <br />Indebtedness and the performance of such obligations shall be the City's exercise of its <br />rights and remedies with respect to the Property and any other collateral held by the City <br />as security for the Indebtedness. <br />b. The Owner shall be personally liable to the City for the repayment of a portion of the <br />Indebtedness equal to any loss or damage actually suffered by the City as a result of (1) <br />failure of the Owner to pay to the City any rents, insurance proceeds or condemnation <br />proceeds to the extent required by the Deed of Trust following an event or default; or (2) <br />ATTY/AGR/2017.145.2/ STAFFORD FUNDING AGREEMENT— PROMISSORY NOTE <br />REV: 06-21-1715 <br />Page 4 of 5 <br />