Res 2008-114 - Laserfiche WebLink

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e) Prepayment Without Penalty: Recipient may pay all or any portion of principal and interest due before the Maturity Date without penalty. f) Subordination of Liens: All existing and any future liens and encumbrances, including mechanic's and materialmen's liens shall be subordinated to the deed of trust lien against the property in favor of the City as provided under this Agreement. In accordance with this paragraph, recipient shall require all contractors performing work on the New School and Infrastructure Improvements to consent in writing not assert any liens, claims or other rights against the Property, or if asserting same, that such liens, claims or other rights shall be subordinate to the rights of the City under this Agreement and said deed of trust. g) Insurance: Recipient and its contractors performing work on the Infrastructure Improvements shall be required to maintain the types of insurance in such amounts and under such terms required by applicable City ordinances for work within the City's right-of way together with the requirements set forth in Exhibit "C", attached hereto and made a part hereof. PART 5. DEFAULT Section 5.01. Grounds for Default. The City Manager may declare a default under this Agreement and, subject to Section 5.02, may terminate this Agreement if Recipient: a) fails to complete the construction of the New School including the Infrastructure Improvements by the date for the Completion of the New School; b) refuses, fails or neglects to comply with any of the terms of this Agreement, c) made or makes any representation in relied upon by the City in entering 6