Res 2007-183 - Laserfiche WebLink

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3.16 Article VIII, Section 8.3 of the Loan Agreement is hereby amended in its entirety to read as follows: "8.3 Defau_It Under_Master Development tag Bement. JQH-San Marcus shall ever he in default in perforrnance of any of the covenants, av~•eemenls ur obligations set Furth m the 1VIDA or under any other agreements executed by and between City and JQH- San TVfarcos or any successor(s) thereto (i) pursuant to the terms of the hIDA or (ii) which concern or regard the Project (all such other agreements being herein referred to as the "Related Agreecncnts")." 3 17 Article TX, Section 9.1 of the loan Agreement is hereby amended in its entirety to read as follows: "9.l Remedies. If an Event of Default occurs, City shall have all rights, powers and remedies available to City under (i) the Deed of Trust, (ii) any of the other Loan Documents, and/or (iii) applicable law, or in equity, including, without ]imitation, the right to exercise one or more of the following: 9.1.1 City may apply to any court of competent jurisdiction for, and obtain appointment oC, a receiver fur the Properly. 9.1.2 City may make any payment or perform any act required of JQH pursuant to the Deed of Trust or other Loan Documents for the account and at the expense of ,IQH and/or JQH-San Marcos or any successor(s) thereto under the Deed of Trust or other Loan Documents. City may enter upon the Property for that purpose and take all action thereon as City considers necessary or appropriate. For this purpose, JQH and JQH-San Marcos each hereby constitute and appoint City as their respective true and lawful attorney-in-fact with full power of substitution, tivhich power is coupled with an interest (which cannot be revoked), to complete the work in the name of JQH, and hereby empowers said attorney or attorneys, in the name of JQH or City. Lt the event City recurs any expense in enforcing its rights under this Section 9 1.3, JQH shall reimburse such expense or cause such expense to be rcirnburscd to City within thirty (30} days of City's demand for same. 9.1.3 City may demand repayment of the Grant. In the event City makes demand on JQH for repayment of the Grant and the Grant is not repard to the City in full within ten (LO) days of such demand, interest shall accrue on same from the expiration of such ten (lU) day period until the Grant is paid in fiill at the Default Rate." 3, l8 Article LK, Section 9.2 of the Loan Agreement is hereby amended m its entirety to read as follows; "9.2 Cumulative Rights and No Waiver F,ach and every right granted to City under any Lout Document, or allowed it by law or equity shall he cumulative of each other and may he exercised in additiu^ to any and all other nghts of City, and no delay in exercising any right shall operate as a waiver thereof; nor shall any single or partial ]0 98897.7