7.5 SR 06-17-2024 - Laserfiche WebLink

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8/1/2028 1 $109,422.00 1 2/1/2031 1 $116,725.00 (b) Payments shall be applied first to interest due on the Principal Balance and thereafter to reduction of the Principal Balance. (c) All outstanding principal of and interest on this Note shall be due and payable in full on the earlier of (1) the date an Event of Default occurs under the Development Assistance Agreement and all applicable cure periods have expired; (ii) a transfer or sale of the Development Property; or (11) the Maturity Date. 3. The Developer or the City shall have the right to prepay this Note fully or partially at any time without penalty. Any partial prepayment shall be applied first to any unpaid, accrued interest with the balance, if any, applied to the Principal Balance. 4. This Note is given pursuant to the Purchase Agreement and the Development Assistance Agreement, as both may be amended from time to time. Failure of the Developer to observe or perform any material covenant, condition, obligation or agreement on its part to be observed or performed under this Note shall constitute an Event of Default under the Development Assistance Agreement and is subject to the remedies of the City thereunder. All of the agreements, conditions, covenants, provisions, and stipulations contained in the Development Assistance Agreement are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. It is agreed that time is of the essence of this Note. This Note is secured by the Security Documents. 6. The outstanding Principal Balance of this Note and accrued interest and all other amounts due hereon shall, at the option of the City, become immediately due and payable, upon the occurrence of an Event of Default (as defined in the Development Assistance Agreement), or at any time thereafter, subject to any notice and cure periods provided in the Development Assistance Agreement and the Security Documents. Failure to exercise the option provided herein shall not constitute a waiver of the right to exercise the same subsequently or in the event of any subsequent Event of Default. The remedies of the City, as provided herein and in the Development Assistance Agreement and Security Documents, shall be cumulative and concurrent, may be pursued singly, successively, or together, and, at the sole discretion of the City, and may be exercised as often as occasion therefor shall occur. 7. The City shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the City and then only to the extent specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. This Note may not be amended, modified, or changed except only by an instrument in writing signed by the party against whom enforcement of any such amendment, modifications, or change is sought. 8. In the event that the principal of this Note or any other amount due hereunder shall not be paid when due (whether or not upon declaration of an Event of Default), the Developer shall pay all costs of collection and enforcement of this Note, the Security Documents, and the Development Assistance Agreement, including, but not limited to, all reasonable attorneys' fees, court costs, and expenses incurred by the City in connection with such collection or the protection or enforcement of any rights or security interests under this Note, the Security Documents or the Development Assistance Agreement, whether or not any lawsuit is ever filed. In addition, the Developer shall pay all fees and expenses due under the Development Assistance Agreement, including, but not limited to, all fees and expenses of the Lender in i EL185\77\951254.v6 Page 325 of 372