14-20 Cedar Glen Bond Ordinance Addendums

Home Browse Search

(x) The appointment of a receiver, trustee, custodian or liquidator for any Co-Maker or any of its assets, which appointment is consented to or, if not consented to, shall not be removed or discharged within sixty(60) days after such appointment, and the failure of Borrower to provide a substitute accommodation party acceptable to MBI, in its sole and absolute discretion,within sixty(60)days after such appointment; (y) The filing of a petition by or on behalf of any Co-Maker for relief under the United States Bankruptcy Code, or under any other present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law, which petition is consented to or, if involuntary, remains undismissed for sixty (60) days after such filing, and the failure of Borrower to provide a substitute accommodation party acceptable to MBI, in its sole and absolute discretion,within sixty(60)days after the filing of such petition; (z) A failure by any Co-Maker to pay within ten (10) days upon demand or when due any amounts due under the Loan Documents executed by any Co-Maker; (aa) [This paragraph is intentionally left blank]; (bb) Any Co-Maker gives written notice to MBI that (i) such Co-Maker contests liability for any obligations under the Loan Documents executed by such Co-Maker, (ii) such Co- Maker does not intend to be liable for any future obligations under the Loan Documents executed by such Co-Maker, or(iii) attempts to cancel or terminate the Loan Documents executed by such Co-Maker, and the failure of Borrower to provide a substitute accommodation party acceptable to MBI, in its sole and absolute discretion,within sixty(60) days after such written notice; (cc) The death or insolvency of any Co-Maker which causes the remaining Co- Makers as a group to fail to meet any net worth and liquidity requirements of MBI as of the date of such death or insolvency and the failure of Borrower to provide an substitute accommodation party acceptable to MBI, in its sole and absolute discretion, within ninety (90) days after such death or insolvency; (dd) Any representation or warranty made or deemed to be made by or on behalf of any Co-Maker in this Agreement or in any of the other documents executed by a Co-Maker in connection herewith, or in any report, certificate, financial statement, document or other instrument delivered pursuant to or in connection with this Agreement, is false or incorrect in any material respect upon the date when made or deemed to be made or repeated and the failure by Borrower to provide a substitute accommodation party acceptable to MBI, in its sole and absolute discretion,within sixty(60)days of such representation or warranty; (ee) [This paragraph is intentionally left blank]; (ff) The Borrower defaults under the terms of the Supporting Agreements or the Borrower terminates any of the Supporting Agreements by virtue of a default by a party thereto without default by the Borrower thereunder and, upon such termination, the Borrower fails to promptly notify MBI or fails to retain another contracting party reasonably satisfactory to MBI within sixty(60) days after such termination or, within sixty (60) days after the termination, fails to cause the replacement contracting party to execute documents and make undertakings substantially comparable to those contained in the subject Supporting Agreement and additional loan documents substantially comparable to those Loan Documents executed by the contracting party; Page 60