CCP 01-21-1997 - Laserfiche WebLink

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I 7A, I (7) merger or consolidation where such merger or consolidation is not approved in ~ writing by the City, which approval wiH not be unreasonably withheld; or (~) loss, theft, substantial damage, destruction or encumbrance of any of the Collateral, provided that such is not remedied within sixty (60) business days after written notice I thereof by either Developer of the City (including, without limitation, by a pledge of insurance proceeds by substitute Collateral satisfactory to the City); I Section 4.2, Remedies Upon Default. (1) In the event ofa default and the failure to cure it in the time allotted therefor (or to I commence and diligently proceed to cure such default if reasonably incapable of being cured within the time aHotted therefor). the city shaH have the right at its option and I without demand or notice, to declare aH or any part of the loan (as described in Section 3.1) immediately due and payable, and in addition to the rights remedies granted hereby, the City shaH have all of the rights and remedies under the uniform Commercial Code or I applicable law. (2) Developer agrees in the event of a default and the failure to cure it in the time allotted I therefor, to make the CoHateral available to the City and the Development property. ln the event of any lawsuit under this agreement reasonable attorney's fees and costs will be awarded to the prevailing party. If any notice of sale, disposition or other intended action .. by the City is required by law to be given to Developer, such notice shall be deemed reasonably and properly given ifmailed to Developer at the Development Property or at such other address of Developer as may be shown on the City's records, at least fifteen I (15) days before such sale, disposition or other intended action. Waiver of any default hereunder by the City shaH not be waiver of any other default or of the same default on a later occasion. No delays or failure by the City to exercise any right or remedy shall be a I waiver of such right or remedy and no single or partial exercise by the City of any right or remedy shall preclude other or further exercise thereof of the exercise of any other right or remedy at any other time. I Section 4.3, Collateral. The Developer shall grant to the City a first security interest in I machinery and equipment items purchased with funds loaned by the City under this agreement, up to an amount of $300,000, per Exhibit A. I I I it 7 I