12-06-1995 Council Agenda - Laserfiche WebLink

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8. Events of Default and Effect Thereof: 8.1 If Developer fails to commence the Rehabilitation Work on or before the date set forth in Section 6.1, fails to commence the Enhancement Work on or before the date set forth in Section 6.2, fails to complete the Work in accordance with the applicable Construction Timetables or fails to complete the Work on or before the applicable Completion Date; or 304291.2 8.2 If, at any time prior to full completion of, and payment for, the Work, the amount of undisbursed loan funds becomes insufficient to complete the Work and if Developer does not deposit with the EDA funds in the amount of the insufficiency pursuant to Section 5.4 hereof within ten (10) days after EDA makes demand therefor; or 8.3 If Developer fails to perform the obligations of Developer contained herein, in any of the Loan Documents, or in any document executed or delivered hereunder, as the case may be, and such failure to perform continues for a period of thirty (30) days after the EDA gives notice to Developer of such default; or 8.4 If any financial statement, certificate, representation, or warranty furnished pursuant to or made under this Agreement proves to be materially false as of the date thereof or any representation made herein is untrue when made; or 8.5 If Developer fails to pay any installment of principal or interest on the Note within ten (10) days after such installment becomes due; or 8.6 If an Event of Default occurs under the terms of any other agreement between Developer and the EDA; or 8.7 If Developer or either of the Guarantors (i) makes a general assignment for the benefit of creditors, (ii) admits in writing its inability to pay its debts generally as they mature, (iii) files or has filed against it a petition in bankruptcy or a petition or answer seeking a reorganization, arrangement with creditors or other similar relief under the federal bankruptcy laws or under any other applicable law of the United States of America or any state thereof and such bankruptcy proceedings or other action is not dismissed within 60 days, (iv) consents to the appointment of a trustee or receiver for Developer or for its property; or (v) takes any action for the purpose of effecting or consenting to any of the foregoing; or 8.8 If an order, judgment or decree shall be entered appointing, without Developer's consent, a trustee or receiver for Developer or a substantial part of its property, or approving a petition filed against Developer seeking a reorganization, arrangement with creditors or other similar relief under the federal bankruptcy laws or under any other applicable law of the United States of America or any state Page 20