Bill No. 67-22 Ordinance Authorizing Fund for SB Choc. Dest. Pr.

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TABLE OF CONTENTS Page ARTICLE 1. DEFINITIONS AND EXHIBITS... .................. ................................................ 3 Section LL Terms Defined ................................................ --......... .......................................... 3 Section 1.2. Rules of Interpretation........................................................................................ 5 Section1.3. Exhibits............................................................................................................... 6 ARTICLE II. REPRESENTATIONS; LOAN OF TIF REVENUES ....................................... 7 Section 2.1. Representations by City..................................................................................... 7 Section 2.2. Representations by Borrower............................................................................. 7 Section 2.3. Series 2022 Note................................................................................................ 9 ARTICLE III. PARTICULAR COVENANTS OF THE BORROWER... ... ........................ - 10 Section 3.1. Forgiveness of Payment of Loan...................................................................... 10 Section 3.2. RESERVED........................................................................ I............................ 10 Section 3.3. Continuing Existence and Qualification.......................................................... 10 Section 3.4. Assignment, Sale or Other Disposition of Project ........................................... 10 Section3.5. Indemnity......................................................................................................... 10 Section 3.6. Issuance of Substitute Notes............................................................................ 10 Section 3.7. Payment of Expenses of Loan.......................................................................... 11 Section3.8. Reserved........................................................................................................... 11 Section 3.9. Other Amounts Payable by the Redevelopment Commission ......................... 11 Section 3.10. Completion of Project...................................................................................... 11 Section 3.11. Sale, Substitution, or Lease of the Facilities; Assignment of Loan Agreement. .......................................................................................................................... 11 ARTICLE IV. EVENTS OF DEFAULT AND REMEDIES THEREFOR .... 13 Section 4.1. Events of Default.............................................................................................. 13 Section 4.2. Remedies Cumulative...................................................................................... 13 Section 4.3. Delay or Omission Not a Waiver..................................................................... 14 Section 4.4. Waiver of Extension, Appraisement or Stay Laws .......................................... 14 Section 4.5. Remedies Subject to Provisions of Law........................................................... 14 Section 4.6. Rights of the City............................................................................................. 14 Section 4.7. Waiver of Events of Default............................................................................. 14 Section 4.8. Limitation of Liability...................................................................................... 15 Section 4.9. Force Majeure.................................................................................................. 15 ARTICLEV. IMMUNITY..................................................................................................... 16 Section5.1. Immunity.......................................................................................................... 16 ARTICLE VI. SUPPLEMENTS AND AMENDMENTS TO THIS LOAN AGREEMENT. 17 1 4854-2813-5735.5