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Res 2006-035
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Res 2006-035
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Last modified
8/2/2006 10:34:15 AM
Creation date
8/2/2006 10:18:33 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Agreement
Number
2006-35
Date
2/21/2006
Volume Book
166
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<br />I <br /> <br />(I <br /> <br />27.3 Our rights <br /> <br />A) We may, from time to time, without notice to or demand on the <br />Guarantor: <br /> <br />1) change the interest rate on or renew any other debt of yours to us <br /> <br />2) accelerate, compromise or change the repayment period of the <br />Obligations or any other debt of yours to us, or otherwise change <br />the terms of the Agreement <br /> <br />3) receive, substitute or release collateral for the Obligations or for <br />any other debt of yours to us <br /> <br />4) sell, otherwise dispose of or apply collateral in any order or <br /> <br />5) assign or sell all or a part of the Obligations and this Guaranty. <br /> <br />B) We may, at our option, request periodic financial statements from the <br />Guarantor. The Guarantor will supply these statements promptly <br />upon our request. We may assign this Guaranty, in whole or in part, <br />without notice, and we and any assignee or purchaser, or any <br />prospective assignee or purchaser of the Obligations, may exchange <br />[mancial information about the Guarantor with one another in <br />connection with any assignment or purchase transaction. If you are a <br />corporation or partnership, we are not required to investigate the <br />powers of anyone acting on your behalf. <br /> <br />27.4 Protecting our Interest <br /> <br />A) Any amounts you owe the Guarantor now or in the future are <br />subordinated to your Obligations to us. Ifwe so require, the <br />Guarantor, as a trustee for us, will collect amounts you owe the <br />Guarantor and pay them to us in reduction of the Obligations to us, <br />without affecting or reducing this Guaranty. <br /> <br />B) Until your Obligations and any other of your obligations to us have <br />been paid in full and the Agreement has been terminated, the <br />Guarantor does not have any: <br /> <br />1) right of subrogation, reimbursement, indemnification or <br />contribution arising from the existence or performance of this <br />Guaranty. This includes any rights arising from contract, statutory <br />law or otherwise, and includes any claim of subrogation under the <br />Bankruptcy Code (Title 11 of the U.S. Code) or any successor <br />statute <br /> <br />2) right to enforce a remedy that we now have or may later have <br />against you <br /> <br />3) right to participate in security now or later held by us. <br /> <br />24 <br /> <br />'I <br />
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