SR 05:219 - Laserfiche WebLink

(b) Failure to Make Pavrnent. Failure to repay the principal and any interest on the Loan within thirty (30) days of receipt of written notice from the City that such payment is due pursuant to the Loan Documents. (c) Breach of Covenants. Failure by Borrower to duly perform, comply with, or observe any of the conditions, terms, or covenants of any of the Loan Documents, and such failure having continued uncured for sixty (60) days after receipt of written notice thereoffrom the City to the Borrower or, if the breach cannot be cured within sixty (60) days, the Borrower shall not be in breach so long as Borrower is diligently undertaking to cure such breach and such breach is cured within one hundred eighty (180) days; provided, however, that if a different period or notice requirement is specified under any other section of this Article 5, the specific provisions shall control. (d) Default Under Other Loans or Lease. A default is declared under the Approved Financing by the lender of such Approved Financing or under the Lease by the City. , (e) Insolvencv. A court having jurisdiction shall have made or entered any decree or order (i) adjudging Borrower to be bankrupt or insolvent, (ii) approving as properly filed a petition seeking reorganization of Borrower or seeking any arrangement for Borrower under the bankruptcy law or any other applicable debtor's relieflaw or statute of the United States or any state or other jurisdiction, (iii) appointing a receiver, trustee, liquidator, or assignee of Borrower in bankruptcy or insolvency or for any of their properties, (iv) directing the winding up or liquidation of Borrower, if any such decree or order described in clauses (i) to (iv), inclusive, shall have continued unstayed or undischarged for a period of ninety (90) days; or (v) Borrower shall have admitted in writing its inability to pay its debts as they fall due or shall have voluntarily submitted to or filed a petition seeking any decree or order of the nature described in clauses (i) to (iv), inclusive. The occurrence of any of the events of Default in this paragraph shall act to accelerate automatically, without the need for any action by the City, the indebtedness evidenced by the Note. (f) Assignment: Attachment. Borrower shall have assigned its assets for the benefit of its creditors or suffered a sequestration or attachment of or execution on any substantial part of its property, unless the property so assigned, sequestered, attached or executed upon shall have been returned or released within ninety (90) days after such event or, if sooner, prior to sale pursuant to such sequestration, attachment, or execution. The occurrence of any of the events of default in this paragraph shall act to accelerate automatically, without the need for any action by the City, the indebtedness evidenced by the Note. (g) business. Suspension: Termination. Borrower or shall have voluntarily suspended its (h) Liens on Leasehold Estate. There shall be filed any claim of lien (other than liens approved in writing by the City) against the Leasehold Estate, Project, or any part thereof, or any interest or right made appurtenant thereto, or the service of any notice to withhold proceeds of the Loan and the continued maintenance of said claim oflien or notice to withhold for a period of one hundred twenty (120) days, without discharge or satisfaction thereof or provision therefore (including, without limitation, the posting of bonds) satisfactory to the City. 13 144\] 05\217525.14