HomeMy WebLinkAboutC.054.93011_0455deficiency judgment for amounts that may be owed hereunder when the sale of all or any portion
of the Project is insufficient to produce enough moneys to pay in full all remaining obligations
hereunder.
Reinstatement after Event of Default. Notwithstanding the exercise by the Lender of any remedy
granted by Section 6.2, unless the Lender shall have sold the Project or shall have entered into an
agreement providing for the leasing of the Project for a period of at least one year, if any
remedies shall have been taken pursuant to Section 6.2 and all overdue Installment Payments,
together with any interest accruing thereon, and all other sums then due and payable under this
Agreement shall have been paid, then the County's default under this Agreement shall be waived
without further action by the Lender. Upon such payment and waiver, this Agreement and the
Deed of Trust shall be fully reinstated, and the County shall be restored to the use, occupancy
and possession of the Project not later than 30 days after the date of reinstatement of this
Agreement.
No Remedy Exclusive. No remedy conferred by this Agreement upon or reserved to the Lender
is intended to be exclusive of any other available remedy or remedies, but every such remedy
shall be cumulative and shall be in addition to every other remedy given hereunder or now or
hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or
power accruing upon any default shall impair any such right or power or shall be construed to be
a waiver thereof or acquiescence therein, but any such right and power may be exercised from
time to time and as often as may be deemed expedient.
No Additional Waiver Implied by One Waiver. Failure by the Lender at any time to require
performance by the County of any provision hereof shall in no way affect the Lender's right
hereunder to enforce the same, nor shall any waiver by the Lender of any breach of any provision
hereof be held to be a waiver of any succeeding breach of any such provision, or a waiver of the
provision itself.
Attorneys' Fees and Other Expenses. To the extent permitted by law, the County shall on
demand pay to the Lender the reasonable fees of attorneys and other reasonable expenses
incurred by the Lender in the collection of appropriated, but unpaid, Installment Payments, or the
enforcement of any other obligation of the County, or its agents, upon an Event of Default,
including any Additional Payments made by the Lender; provided, however, nothing herein shall
be deemed a waiver of any provision of this Agreement prohibiting the recovery of any
deficiency judgment.
ASSIGNMENT
Assignment by the Lender. (a) The Lender may, at any time and from time to time, assign all or
any part of its interest in the Site, the Project or this Agreement, including, without limitation, the
Lender's rights to receive Installment Payments payable to the Lender hereunder. Any
assignment made by the Lender or any subsequent assignee shall not purport to convey any
greater interest or rights than those held by the Lender pursuant to this Agreement.
The County agrees that this Agreement may become part of a pool of obligations at the
Lender's or its assignee's option. The Lender or its assignees may assign or reassign all or any
part of this Agreement, including the assignment or reassignment of any partial interest through
the use of certificates evidencing participation interests in this Agreement without the consent of
the LGC, although the Lenders or any assignee shall give written notice to the LGC of any such
assignment. Any assignment by the Lender may he only to a bank, insurance company, or
similar financial institution or any other entity approved by the LGC. Notwithstanding the
foregoing, no assignment or reassignment of the Lender's interest in the Deed of Trust or this
Agreement shall be effective unless and until the County shall receive a duplicate original
counterpart of the document by which such assignment or reassignment is made disclosing the
name and address of each such assignee.
The County further agrees that the Lender's interest in this Agreement may be assigned
in whole or in part upon terms which provide in effect that the assignor or assignee will act as a
collection and paying agent for any holders of certificates of participation in this Agreement,
provided the County receives a copy of such agency contract and such collection and paying
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