Laserfiche WebLink
ARTTCLE VI <br />EVENTS OF DEFAULT AND REMEDIES <br />Section 6.1 Events of Default. Any one ar more af the fol�owing events is an Event of <br />Default under this Agreement: <br />(1) If the Borrower shall fail to make (a) any paynr�ents required under <br />Section 3.4 of this Agreement on the date due or (b) any other payment due under this <br />Agreement on or be�are the date �iat the payment is due and such default coniinues for ten (10) <br />days thereafter. <br />{2) If the Borrower shall fai� io observe and perforn� any other covenant, <br />condition or agreement on its part under this Agre�ment for a period of thirty (30) days after <br />vvritten notice, specifying such default and requesting that it be remedied, given to the Borrower <br />by the City or the Lender, unless the Lender shali agree in writing to an extension of such time <br />prior to its expiraiion, or %r such longer p�riod as may be reasonably necessary to remedy such <br />default provided ihat the Borrower is proceeding wiih reasonable diligence to remedy the same, <br />and provicied that such Ianger period does not place the Project at material risk. <br />{3) If the Borrower shall file a petition in bankruptcy or for reorganization or <br />far an arrangement pursuant to any present or future federal ba��kruptcy act ar under any sirnilar <br />federal or state law, shall consent to the entry of an order for relief pursuant to any present or <br />future federal bankruptcy act or under any similar %deral or state law, or shall make an <br />assignment for the benefii of its creditors or shall admzt in writing its znability to pay its debts <br />generally as they become due, ar if a petition or answer proposing the entry of an arder for r�lief <br />of the Borrower under any present or future federal bankruptcy act or any sirnilax federal or siate <br />1aw shall be fzled in any court and such petition or answer shall not be filed in any court and such <br />petition or answer shall not be discharged ox denied within 90 days after t�e filing thereaf, or a <br />receiver, trustee or liquidaior of the Bonrower of all or substantially all of the assets of the <br />Sorrower, or of the Project shall be appoanted in any proceeding brought against the Borrower <br />and shall not be discharged within 90 days after such appointment ar if ihe Borrower shall <br />consent to or acquiesce in such appointinent, or if the estate ar interest of the Borrower in the <br />Project or a part tl�ereof sha11 be levied upon or attached in aray proceeding; or if #he Borrower <br />shall be dissolved or liquidated or shall be merged with or is acquired by another business entity <br />in violation of Seciion �.2. <br />{4} If the articles of incorporation of the Barrower sha11 �xpire or be annulled; <br />or if the Borrower shall be dissolved or liquidated (oiher than when a new entity assurnes the <br />obligatipns of the Borrower zander the conditions permitting such aciian contained in Section <br />4.2). <br />(5) Tf any representation or warranty made by the Bor�-ower herein, ar by an <br />o�ficer or representative of the Borrower in any dacument or certificate furnished the Lender or <br />the City in connection herevcrith or therewith or pursuant her�to oz- thereto, shall prove at any time <br />to be, in any material respect, incorrect or rnis�eading as of the date mad�. <br />2208845v4 2� <br />