11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

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order,judgment or decree shall become final and not subject to further appeal or rehearing. The provisions of paragraph(b)of this Section are subject to the following limitations: (1)If by reason of Force Majeure the Borrower is unable in whole or in part to carry out its agreements contained herein,the Borrower shall not be deemed in default during the continuance of such disability(except for a payment default under Section 4.07(c));and(2)If the Default can be remedied but not within a period of thirty(30) days after notice and if the Borrower has taken all action reasonably possible to remedy such Default within such thirty day period,the Default shall not become an Event of Default for a period of up to ninety(90)days after the notice so long as the Borrower shall diligently proceed to remedy such Default and in accordance with any directions or limitations of time made by the Trustee(except for a payment default under Section 4.07(c)). The Borrower agrees,however,to use its best efforts to remedy with all reasonable dispatch any cause or causes preventing the Borrower from carrying out its agreements. Section 7.02 Remedies on Default. Whenever any Event of Default shall have happened and be subsisting, any one or more of the following steps may be taken: (a) The Trustee may(and shall if all outstanding Bonds have been declared due and owing as a result of a default under the Indenture) declare all or any amounts of Loan Repayments thereafter to become due and payable under Section 4.02 hereof for the remainder of the term hereof to be immediately due and payable,whereupon the same shall become immediately due and payable in an amount sufficient to pay all principal of and unpaid accrued interest to the date on which all outstanding Bonds are finally paid. (b) The Trustee may foreclose the Mortgage or the Subordinate Mortgage,file proofs of claim or take whatever other action in law or in equity which appears necessary or desirable to enforce this Agreement,the Mortgage,the Subordinate Mortgage, or the Indenture in accordance with the provisions thereof. Any amounts collected by the Trustee pursuant to action taken under the foregoing paragraphs shall be applied as provided in Section 7.05 of the Indenture. Whenever any Default shall occur,the Trustee(or the City directly and without the necessity of consent of or joinder by the Trustee,with respect to the City's rights under Sections 4.03(b), 6.01, 6.10 and 8.10 hereof)may take whatever action at law or in equity which may appear necessary or desirable to collect the payments then due and thereafter to become due or to enforce performance and observance of any obligation,agreement or covenant of the Borrower under this Agreement,the Mortgage and the Subordinate Mortgage. Section 7.03 Remedies Cumulative,Delay Not to Constitute Waiver. No remedy conferred upon or reserved to the City,the Trustee,or a receiver by this Agreement,the Mortgage or the Subordinate Mortgage is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement, Mortgage,the Subordinate Mortgage or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any Default shall impair any such right or power, and any such right or power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the City,the Trustee,or a receiver to exercise any remedy reserved to it in this Article, it shall not be necessary to give any notice,other than such notice as may be herein expressly required. In the event any agreement contained in this Agreement should be breached by either party and thereafter waived -53-