Res 2000-070 - Laserfiche WebLink

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at any time thereafter applied by the City against, all or any part of the Indebtedness as the same shall become due and payable under the instruments creating or evidencing the same, provided that such funds shall be first applied to the payment of accrued and unpaid interest and then to principal; b. To demand, receive, collect or give acquittance for the payment of any and all moneys due under the Collateral or any part thereof, to file any claims and to commence, maintain or discontinue any actions, suits or other proceedings which the City deems advisable in order to collect or enforce payment of any such moneys to settle, adjust and compromise any and all disputes or claims in respect of such moneys; provided, however the City shall be responsible only for moneys actually received by it and is not obligated in any mannerto take any such action with respect thereto; c. In addition to the other rights and remedies provided for herein or otherwise available to it, without notice except as specified below, to require the Custodian to sell the Collateral in one or more parcels at public or private sale to the highest bidder for cash. Custodian shall pay the City out ofthe proceeds for such sale all money due to it, all damages and losses sustained by it, together with all expenses of any and every kind incurred as a result of such Event of Default, and the remainder, if any, of said proceeds, shall be returned to the Bank or its successors. The Custodian shall give the City notice of the time and place of any sale, and the City shall have the right to bid at any such sale. The requirement of reasonable notice to the City of the time and place of any public sale of the Collateral or of the time after which any private sale is to be made, shall be met if such notice is mailed, postage prepaid, to the Bank at its principal place of business, at least five (5) business days before the date of any public sale or at least five (5) business days before the time after which any private sale is to be made. The City sha11 not be obligated to require Custodian to make any sale of the Collateral regardless of notice having been given. The City may adjourn any public or private sale from time to time by announcement ofthe time and placed fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned; and d. In addition to the rights and remedies provided for in the preceding paragraphs, to possess and exercise all of the rights and remedies of a secured party under the UCC, and to avail itself of all such other rights and remedies as may now or hereafter exist at law or in equity for the collection of the Indebtedness and the enforcement of the covenants herein contained and the foreclosure ofthe security interest created hereby; and the resort to any remedy provided hereunder or provided by the UCC or by any other applicable law shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies.