8.1 SR 08-19-2024 - Laserfiche WebLink

Home Browse Search

B-3 EL185\77\970529.v2 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 administering, supplementing or amending the loan evidenced by this Note and the Development Assistance Agreement. All payments required pursuant to this Section shall be due and payable upon delivery the Lender of an invoice therefor to the Developer, and any unpaid amounts shall be added to the principal amount of the Note and accrue interest after 30 days of nonpayment. 9. Except as otherwise provided in this Note, the Development Assistance Agreement and the Security Documents, the Developer hereby (a) waives demand, presentment for payment, notice of nonpayment, protest, notice of protest, and all other notice; (b) agrees to any substitution, exchange, addition, or release of any party or person primarily or secondarily liable hereon; and (c) agrees that City shall not be required first to institute any suit or to exhaust its remedies against the Developer or any other person or party in order to enforce payment of this Note. 10. If any term of this Note, or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Note, or the application of such term to persons or circumstances other than those to which it is invalid or unenforceable shall not be affected thereby, and each term of this Note shall be valid and enforceable to the fullest extent permitted by law. 11. Upon the occurrence of an Event of Default or any time thereafter, the City shall have the right of setoff on any and all amounts due under this Note by the Developer to the City against any indebtedness or obligation of the City to the Developer. 12. The outstanding principal balance of this Note, accrued interest thereon, 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, or at any time thereafter. 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. 13. It is intended that this Note is made with reference to and shall be construed as a Minnesota contract and governed by the laws thereof. 14. IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts, and things required to exist, happen, and be performed precedent to or in the issuance of this Note do exist, have happened, and have been performed in regular and due form as required by law. Page 260 of 327