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05-13-2020 Council Packet
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05-13-2020 Council Packet
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12316323v3 <br />41 <br />contained herein, the Borrower shall not be deemed in default during the continuance of such <br />disability. The term "force majeure" as used herein includes but is not limited to the following: <br />acts of God; strikes, lockouts or other employee disturbances; acts of public enemies; orders of <br />any kind of the government of the United States of America or of the State of Minnesota or any <br />of their departments, agencies, municipal corporations or officials, or any civil or military <br />authority; insurrections; riots; epidemics; landslides; lightning; earthquakes; fires; hurricanes; <br />storms; floods; washouts; droughts; arrests; restraint of government and people; civil <br />disturbances; explosions, breakage or accident to machinery, transmission pipes or canals; partial <br />or entire failure of utilities; or any other cause or event not reasonably within the control of the <br />Borrower. (2) If the Default can be remedied but not within a period of thirty days after notice <br />and if the Borrower has taken all action reasonably possible to remedy such Default within such <br />thirty day period, the Default shall not become an Event of Default for so long as the Borrower <br />shall diligently proceed to remedy such Default and in accordance with any directions or <br />limitations of time made by the Trustee. The Borrower agrees, however, to use its best efforts to <br />remedy with all reasonable dispatch any cause or causes preventing the Borrower from carrying <br />out its agreements. <br />Section 7.02 Remedies on Default. Whenever any Event of Default shall have <br />happened and be subsisting, any one or more of the following steps may be taken: <br />(a)The Trustee may declare all or any amounts of Loan Repayments thereafter to <br />become due and payable under Section 4.02 hereof or otherwise for the remainder of the term of <br />this Loan Agreement to be immediately due and payable, whereupon the same shall become <br />immediately due and payable. <br />(b)The Trustee may foreclose the Mortgage or take whatever action in law or in <br />equity which appears necessary or desirable to enforce this Loan Agreement, the Mortgage, the <br />Limited Guaranty or the Indenture in accordance with the provisions thereof. <br />Any amounts collected by the Trustee pursuant to action taken under the foregoing paragraphs <br />shall be applied as provided in Section 7.05 of the Indenture. <br />Whenever any Default shall occur, the Trustee (or the Issuer directly and without the <br />necessity of consent of or joinder by the Trustee, with respect to Sections 4.04(b), 6.01, 7.04 and <br />7.05 hereof) may take whatever action at law or in equity which may appear necessary or <br />desirable to collect the payments then due and thereafter to become due or to enforce <br />performance and observance of any obligation, agreement or covenant of the Borrower under <br />this Loan Agreement or the Mortgage. <br />Section 7.03 Remedies Cumulative, Delay Not to Constitute Waiver. No remedy <br />conferred upon or reserved to the Issuer, the Trustee, or a receiver by this Loan Agreement, or <br />the Mortgage is intended to be exclusive of any other available remedy or remedies, but each and <br />every such remedy shall be cumulative and shall be in addition to every other remedy given <br />under this Loan Agreement, the Limited Guaranty or the Mortgage or now or hereafter existing <br />at law or in equity or by statute. No delay or omission to exercise any right or power accruing <br />upon any Default shall impair any such right or power, and any such right or power may be <br />exercised from time to time and as often as may be deemed expedient. In order to entitle the
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