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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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ARTICLE IV <br />DEFAULTS <br />Section 4.01. Remedies. The Finance Authority's obligation to make a disbursement <br />under the Loan to the Participant hereunder may be terminated at the option of the Finance <br />Authority, without giving any prior notice to the Participant, in the event: (a) the Participant fails <br />to undertake or perform in a timely manner any of its agreements, covenants, terms or conditions <br />set forth herein or in any paper entered into or delivered in connection herewith (including the <br />Authorizing Instrument); or (b) any representation or warranty made by the Participant as set <br />forth herein or in any paper entered into or delivered in connection herewith is materially false or <br />misleading. Any such event shall constitute an event of default and in addition to any other <br />remedies at law or in equity, the Finance Authority may (x) require a Loan Reduction Payment <br />pursuant to Section 2.06 as if it were a date that was three (3) years after the dated date of the <br />Bonds, (y) in the event a Deposit Agreement has not previously been entered into related to the <br />Participant's Bond Fund (including any related reserve), require the Participant to enter into a <br />Deposit Agreement (or to modify any such previously entered Deposit Agreement) and the <br />Participant shall enter into (or modify) such an agreement within 5 days after any such demand <br />and (z) without giving any prior notice, declare the entire outstanding principal amount of the <br />Loan, together with accrued interest thereon, immediately due and payable. <br />Section 4.02. Effect of Default. Failure on the part of the Finance Authority in any <br />instance or under any circumstance to observe or perform fully any obligation assumed by or <br />imposed upon the Finance Authority by this Agreement or by law shall not make the Finance <br />Authority liable in damages to the Participant or relieve the Participant from paying any Bond or <br />fully performing any other obligation required of it under this Agreement or the Authorizing <br />Instrument; provided, however, that the Participant may have and pursue any and all other <br />remedies provided by law for compelling performance by the Finance Authority of such <br />obligation assumed by or imposed upon the Finance Authority. The obligations of the Finance <br />Authority hereunder do not create a debt or a liability ofthe Finance Authority or the State under <br />the constitution of the State or a pledge of the faith or credit of the Finance Authority or the State <br />and do not directly, indirectly or contingently, obligate the Finance Authority or the State to levy <br />any form of taxation for the payment thereof or to make any appropriation for their payment. <br />Neither the Finance Authority or the State, nor any agent, attorney, member or employee of the <br />Finance Authority or the State shall in any event be liable for damages, if any, for the <br />nonperformance of any obligation or agreement of any kind whatsoever set forth in this <br />Agreement. <br />Section 4.03. Defaults under other Financial Assistance Agreements. The Participant <br />and the Finance Authority agree that any event of default occurring under the Prior Agreements <br />shall constitute an event of default under this Agreement. Similarly, the Participant and the <br />Finance Authority agree that any event of default under this Agreement, or under any subsequent <br />financial assistance agreement enter into between the Participant and the Finance Authority, shall <br />constitute an event of default under the Prior Agreements and the subsequent financial assistance <br />agreement, if any, as the case may be. <br />(End of Article IV) <br />B-22 <br />BDDBOI 5738468v1 <br />
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