Res13 15256 - Laserfiche WebLink

Browse Search

04/OS/2013 4. Term The Term of this Note shall be the date which is thirty (30) years from the date of Project Completion, as provided in the Agreement, unless earlier terminated due to default by the Owner. 5. Breach of Agreements A failure to (i) strictly observe the Affordability Covenants, (ii) pay any sum provided for in this Note when due, or (iii) any other material default of this Note, the Deed of Trust which secures this Note, or the Agreement, which failure has not been timely cured within the period provided for herein or in the Agreement, shall constitute a breach of the Agreement and this Note, and any other agreements befinreen the City and the undersigned, and shall entitle the City to declare all sums due hereunder immediately due and payable. 6. Miscellaneous Provision a. The Owner waives notice of non-payment and protest, presentment and notice of dishonor. b. In the event of any legal action with respect to the terms or enforcement of this Note, the prevailing party shall be entitled to an award of its attorney's fees and costs of suit. c. Nofinrithstanding any language herein to the contrary, this Note shall become immediately due and payable in the amount of all unpaid principal, together with interest thereon as provided above, upon any transfer in violation of the Agreement of title to the Property and/or the Project to any person, firm or corporation other than the Owner and, except as provided in said Agreement, whether such transfer of title be voluntary, involuntary, or by operation of law. d. All payments on this Note shall be applied first to the interest due on the Note, if applicable, and then to the principal due on the Note. e. In the event the Owner shall fail to pay the payment when due, or otherwise breach the terms of this Note, and if such failure be subsisting ten (10) days for monetary breaches hereof, or thirty (30) days for other breaches hereof, after written notice given in accordance with the Agreement, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the City, without further notice to the undersigned. Failure of the City to exercise such option shall not constitute a waiver of such default. f. In the event that no advances are made under this Note, and providing that the Owner provides the City with a release of its obligations under the Agreement and/or this Note to make any such advances, the City shall return the original of this Note to the Owner upon written demand by the Owner to do so. The City shall have the right to approve the terms of such a release, with approval shall not be unreasonably withheld. ATTY/AGR/2013.043/KAINOS-1033 REDWOOD AVE REV:03-28-13 VR Page 25 of 34 RESO.#15256 MUFF#304