7.1. SR 04-26-1993 - Laserfiche WebLink

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. (d) if the Developer becomes insolvent or generally unable to pay debts as they mature or makes an assignment for the benefit of creditors, provided such insolvency or general inability to pay is not remedied within sixty (60) days after written notice thereof to the Developer; (e) entry of a final judgment against Developer where such judgment the City reasonably deems will have a material, adverse impact on Developer's ability to comply with its obligations under this agreement; (f) sale or other transfer by the Developer, of any part of the Development Property and/or the Collateral to any entity other than a wholly-owned subsidiary of Developer provided such is not approved in writing by the City, which approval will not be unreasonably withheld; (g) merger or consolidation where such merger or consolidation is not approved in writing by the City, which approval will not be unreasonably withheld; or . (h) lossl theft, substantial damage, destruction or encumbrance of any of the Collateral, provided that such is not remedied within sixty (60) days after written notice thereof to the Developer (incl~ding, without limitation, by a pledge of insurance proceeds or by substitute Collateral satisfactory to the City); SECTION 4.2. REMEDIES UPON DEFAULT. (a) In the event of a default and the failure to cure it in any grace period or cure period expressly permitted therefor, the City shall have the right at its option and without demand or notice, to declare all or any part of the Loan (as described in Section 3.1) immediately due and payable, and in addition to the rights and remedies granted hereby, the City shall have all of the rights and remedies under the Uniform Commercial Code or any applicable law. . (b) Developer agrees in the event of a default and the failure to cure it in the time allotted therefor, to make the Collateral available to the City at the Development Property. In the event of any lawsuit under this Agreement, reasonable attorney's fees and costs will be awarded to the prevailing party. If any notice of sale, disposition or other intended action by the City is required by law to be given to Developer, such notice shall be deemed reasonably and properly given if mailed to Developer at the Development Property or at such other address of Developer as may be shown on the City's records, at least fifteen (15) days before such sale, disposition or other intended action. Waiver of any default hereunder by the City shall not be a waiver of any other default or of the same default on a later occasion. No delays or failure by the City to exercise any right or remedy shall be a waiver of such right or 5 .