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2020_0518_CCPacket
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2020_0518_CCPacket
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Roseville City Council
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Council Agenda/Packets
Meeting Date
5/18/2020
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Attachment B <br />Section 6.08 \[Reserved\]. \[Curious to know what this Section was.\] <br />Section 6.09 Termination of Proceedings. In case the Fiscal Agent (at the direction of <br />the Funding Lender Representative) or the Funding Lender Representative shall have proceeded <br />to enforce any right under this Funding Loan Agreement by the appointment of a receiver, by entry <br />or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or <br />shall have been determined adversely, then and in every such case the Governmental Lender, the <br />Fiscal Agent, the Funding Lender Representative, the Borrower and the Funding Lender shall be <br />restored to their former positions and rights hereunder with respect to the Pledged Security herein <br />conveyed, and all rights, remedies and powers of the Fiscal Agent and the Funding Lender <br />Representative shall continue as if no such proceedings had been taken. <br />Section 6.10 Waivers of Events of Default. The Fiscal Agent shall waive any Event of <br />Default hereunder and its consequences and rescind any declaration of maturity of principal of and <br />interest on the Funding Loan upon the written direction of the Funding Lender Representative. In <br />case of any such waiver or rescission, or in case any proceeding taken by the Fiscal Agent on <br />account of any such Event of Default shall have been discontinued or abandoned or determined <br />adversely, then and in every such case the Governmental Lender, the Fiscal Agent, the Borrower, <br />the Servicer, the Funding Lender Representative and the Funding Lender shall be restored to their <br />former positions and rights hereunder, respectively, but no such waiver or rescission shall extend <br />to any subsequent or other default, or impair any right consequent thereto. <br />Section 6.11 Interest on Unpaid Amounts and Default Rate for Nonpayment. In the <br />event that principal of or interest payable on the Funding Loan is not paid when due, there shall be <br />payable on the amount not timely paid, on each Interest Payment Date, interest at the Default Rate, <br />to the extent permitted by law. Interest on the Funding Loan shall accrue at the Default Rate until <br />the unpaid amount, together with interest thereon, shall have been paid in full. <br />Section 6.12 Assignment of Project Loan; Remedies Under the Project Loan. <br />(a) The Funding Lender Representative shall have the right, with respect to the Project <br />Loan, in its sole and absolute discretion, without directing the Fiscal Agent to effect an acceleration <br />of the Funding Loan, to instruct the Fiscal Agent in writing to assign the Project Note, the Security <br />Instrument and the other Project Loan Documents to the Funding Lender Representative, in which <br />event the Fiscal Agent shall (a) endorse and deliver the Project Note to the Funding Lender <br />Representative and assign (in recordable form) the Security Instrument, (b) execute and deliver to <br />the Funding Lender Representative all documents prepared by the Funding Lender Representative <br />necessary to assign (in recordable form) all other Project Loan Documents to the Funding Lender <br />Representative and (c) execute all such documents prepared by the Funding Lender Representative <br />as are necessary to legally and validly effectuate the assignments provided for in the preceding <br />clauses (a) and (b). The Fiscal AgentÓs assignments to the Funding Lender Representative pursuant <br />to this Section 6.12 shall be without recourse or warranty except that the Fiscal Agent shall <br />represent and warrant in connection therewith (A) that the Fiscal Agent has not previously <br />endorsed or assigned any such documents or instruments and (B) that the Fiscal Agent has the <br />corporate authority to endorse and assign such documents and instruments and such endorsements <br />and assignments have been duly authorized. <br /> 44 <br />12502516v3 <br /> <br />
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