9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund

Home Browse Search

ARTICLE VI, REMEDIES Section 1. If any Event of Default occurs and is not expressly waived by IDFA, the IDFA shall not have any further obligation to disburse Loan funds hereunder, and all amounts payable under the Bonds, including penalties and interest, immediately become due and payable with no need for presentment, demand, protest or further notice, except to the extent as otherwise may be required by law. The IDFA may exercise any or all rights and remedies, singly or in combination, available under law to remedy such Event of Default or collect such amounts due, provided that the only sources available to the IDFA for repayment of the Loan are as set forth in the Ordinances and provided further that the Loan does not and shall not constitute a general obligation of the Borrower. Any failure of IDFA to exercise any remedies under the Bonds or applicable law should not be deemed a waiver of such rights. Section 2. The Borrower agrees to pay all costs of collection of the IDFA in case an Event of Default occurs under this Loan Agreement. Said costs shall include, without limitation, all reasonable expenses, court costs and the reasonable attorneys' fees incurred by the IDFA. ARTICLE VII. SECURITY Section 1. On or before July 1 of each year, commencing July 1, 2003, the IDFA shall send a written notice to the Borrower setting forth the dates and amounts required to be repaid under the Loan during the Borrower's next follotiving fiscal year. On or before September 1 of each year, commencing September 1, 2003 (or thirty (30) days after receipt of the aforementioned notice from the IDFA, if later than August 1), the Borrower shall send a written acknowledgment to the IDFA stating: A. the Borrower has received the notice and acknowledges the dates and amounts required to be repaid under the Loan during the Borrower's next following fiscal year; and B. the Borrower has no reason to believe that such Loan repayments will not be made on the dates and in the amounts required; and ARTICLE VIII. GENERAL PROVISIONS Section 1. No delay on the part of the IDFA in the exercise of any power or right shall operate as a waiver of that power or right. A single or partial exercise of any power does not preclude the further exercise of that power or right or the exercise of any other power or right. All rights and remedies existing under the Loan Documents shall be cumulative and in addition to those other rights which may be provided by law. Section 2. All representations, warranties, covenants and agreements made in the Loan Documents survive throughout the entire term of the Loan. -10-