2021-36 - Loan for historic preservation of Bi-Rite

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(v) Voluntary Insolvency -- If Borrower becomes insolvent, ceases to pay its debts as they mature, voluntarily files a petition seeking reorganization of, or the appointment of a receiver, trustee, or liquidator, for itself or a substantial portion of its assets, with the purpose of effecting a plan or other arrangements with creditors, is adjudicated bankrupt, or makes a voluntary assignment for the benefit of creditors; (vi) Involuntary Insolvency -- If an involuntary petition is filed against Borrower under any bankruptcy, insolvency, or similar law seeking the reorganization of, or the appointment of any receiver, trustee, or liquidator, for Borrower or a substantial part of its assets, or a writ or warrant of attachment or similar process is issued against a substantial part of Borrower's assets, and such petition is not dismissed, or such writ or warrant is not released or bonded, within thirty (3 0) days after the filing or levy; and (vii) Judgments -- If final judgment is entered against Borrower for the payment of money and such judgment is not fully covered by liability insurance aft d . is in eces of Ten Thousand Dollars ($10,000) and is not discharged or appealed with execution of said judgment stayed pending appeal, or, if such judgment be affirmed on appe`. and notedischarged withn thirty (30) days. Section 6.02 Remedies If the Borrower defaults and fails to cure as set forth in ``ArtcleI of this Agreement, then the City shall have the right to exercise concurrently or successively any one or more o the following rights and remedies: wri is e (1) (11) (111) (iv) (v) (vl) Termination puf§W ce to the Borrow immediately upon Wholly or partially terminate this Loan Agreement and Borrower's rights herein; Temporarily or permanently withhold or reduce funds not yet paid to the Borrower; Recover funds previously -paid tot e Borrowr; Disallow all r part of f he :cost of a noncompliant activity; Wholly or p rt1al1y suspend. the Agreement, Section 7.01 WA se any an The City's failure o eay in exercising any right, power, or remedy hereunder shall not operate as a waiver thereof. The City's single 6.r partial exercise of any such right, power or remedy shall not preclude any other or further exercise thereof of the exercise of any other right, power or remedy hereunder. No modification or waiver of any provision of the Loan Documents, nor any consent to any departure by Borrower therefrom, shall in any event be effective or established by a court, custom, or course of dealing unless the same is in writing and executed by Borrower and the City. Such waiver of consent shall be effective only for the specific purpose for which it was given or limited to the particular breach so waived. Notice to or demand on Borrower in one instance shall not entitle Borrower to any other further notice or demand in other circumstance. Page 11 of 14