2013-087 Council Resolution - Laserfiche WebLink

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• • • 2. If such an Event of Default does occur, Lender may, at its sole option and in its sole discretion, assume Borrower's position as a party to the Development Contract. If Lender exercises this assignment to assume Borrower's position as a party to the Development Contract, Lender shall have all of the rights of Borrower under the Development Contract, and may complete the Improvements in the manner and by the date provided in the Development Contract, as if Lender were originally a party thereto. 3. Borrower shall not cause the Development Contract to be modified or amended, and Borrower shall not waive any of its rights under the Development Contract, without the prior written consent of Lender. 4. In the event Lender does not assume Borrower's position under the Development Contract, all obligations required thereunder shall remain the sole obligation of Borrower. 5. In addition, Borrower hereby grants to Lender a security interest in Borrower's rights, title and interests in, to and under the Development Contract, if and to the extent that a security interest may be granted therein under the Uniform Commercial Code as in effect in the state where the premises are located (the "Code "), and Borrower acknowledges that Lender shall have all of the rights and remedies with respect thereto provided for by the Code, in addition to the other rights and remedies herein granted to Lender, in the event of the occurrence of an Event of Default under the Loan Agreement or the Loan Documents. 6. Subject to the provisions hereof, this Assignment shall be binding upon Borrower and its respective successors and assigns, and shall inure to the benefit of Lender, its successors and assigns. Lender may assign its rights under this Assignment without the consent of Borrower, but Borrower may not assign its obligations under the Development Contract or under this Assignment without the prior written consent of Lender. 7. Any notice or other communication to any party in connection with this Assignment shall be in writing and shall be sent by manual delivery, telegram, telex, facsimile transmission, overnight courier or United States mail (postage prepaid) addressed to such party at the address specified below, or at such other address as any party shall have specified to the other parties hereto in writing. All periods of notice shall be measured from the date of delivery thereof if manually delivered, from the date of sending thereof if sent by facsimile transmission, from the first Business Day after the date of sending if sent by overnight courier, or from three days after the date of mailing if mailed: If to Borrower: If to Lender: Schwieters Investments of Lino Lakes, LLC 13926 Fenway Boulevard North Hugo, Minnesota 55038 Platinum Bank 7667 10th Street North Oakdale, Minnesota 55128 Page 2 of 2