06-20-11 Council Agenda - Laserfiche WebLink

Home Browse Search

(a) To the Lender at: City of Little Canada Attn: City Administrator 515 Little Canada Road Little Canada, Minnesota 55117 (b) To the Borrower at: Ciraba Properties, LLC Attn: Robert Wagner 3225 Country Drive Little Canada, Minnesota 55117 or addressed to any such party at such other address as such party shall hereafter furnish by notice to the other party. Section 7.6. Time of Essence. Time is of the essence in the performance of this Agreement. Section 7.7. Binding Effect and Assignment. This Agreement shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors and assigns, except that the Borrower may not transfer or assign its rights hereunder without the prior written consent of the Lender. Section 7.8. Waivers. No waiver by the Lender of any default hereunder shall operate as a waiver of any other default or the same default on a future occasion. No delay on the part of the Lender in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof or the exercise of any other right or remedy. Section 7.9. The Lender's Remedies Cumulative. The rights and remedies herein specified are cumulative and not exclusive of any rights or remedies which the Lender would otherwise have. Section 7.10. Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall be an original, but such counterparts all together constitute one and the same instrument. Section 7.11. Survival of Borrowers Obligations. The Borrower expressly agrees that in the event this Agreement or the Note is ever adjudged invalid or unenforceable in any respect, for any reason, by any court or agency asserting jurisdiction to do so, the Borrower shall remain liable to the Lender to repay all funds advanced by the Lender against the Note under this Agreement and all interest thereon at the rate set forth in the Note at the time and in the manner set forth in the Note. 15 19