12-06-1995 Council Agenda - Laserfiche WebLink

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thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof; or 8.9 If Developer shall be dissolved for any reason whatsoever and the members shall not meet within thirty (30) days after the happening of an event of dissolution and form of new legal entity to carry on the business of Developer, and the entity shall not within the same said thirty day period agree in writing to assume all of Developer's responsibilities, obligations and duties hereunder and under the Note, Mortgage, Assignment of Leases and Rents, Security Agreement, Financing Statements, other Loan Documents and any other agreements or documents delivered hereunder to which Developer is a party, it being acknowledged and agreed that said assumption shall in no event release Developer or any of its general partners from any Liability to the EDA hereunder; then, in any such event, an "Event of Default" shall be deemed to have occurred and the EDA may, at its option (in addition to EDA's rights under the Note, Mortgage, Security Agreement, the other Loan Documents or any other documents executed and delivered herewith or pursuant hereto), take any one or more of the following actions: 304291.2 (a) terminate the EDA's obligation to advance any further sums pursuant hereto; (b) declare all amounts advanced against the Note plus interest thereon to be immediately due and payable and demand payment in full of the then principal balance plus accrued interest owing on the Note (provided, however, that if an Event of Default occurs under Sections 8.7 or 8.9 above, the entire unpaid principal balance of the Note plus accrued interest shall be immediately and automatically due and payable in full); (c) declare the Developer to be in default under the other Loan Documents and exercise any remedies; and (d) if Developer defaults in the performance of Developer's obligations under Section 6.10, the EDA may, in addition to any other remedies provided for in this Agreement or in the Loan Documents, commence an action in Ramsey County District Court to recover from Developer any damages which the EDA incurs as a result of the Developer's failure to perform such obligations. 9. Miscellaneous. 9.1 Developer agrees to pay any and all costs and expenses including, without limitation, any and all legal expenses and attorneys' fees sustained by the Bank in the exercise of any right or remedy available to it under this Agreement or the other Loan Documents or otherwise by law or equity. Page 21