Common use of Bank Agreements Clause in Contracts

Bank Agreements. 6.1 Bank agrees that it shall not complete a foreclosure sale of the Property or record a deed-in-lieu of foreclosure with respect to the Property (each, a “Foreclosure Remedy”) unless the Junior Lienholders have first been given thirty (30) days written notice of the Event(s) of Default giving Bank the right to complete such Foreclosure Remedy, and unless Junior Lienholders have failed, within such thirty (30) day period (the “Cure Period”), to cure such Event(s) of Default; provided, however, that Bank shall be entitled during the Cure Period to continue to pursue all of its rights and remedies under the Senior Loan Documents, including, but not limited to, acceleration of the Loan (subject to any de-acceleration provisions specifically set forth in the Senior Loan Documents), commencement and pursuit of a judicial or non-judicial foreclosure (but not completion of the foreclosure sale), appointment of a receiver, enforcement of any guaranty (subject to any notice and cure provisions contained therein), and/or enforcement of any other Senior Loan Document. In the event Bank has accelerated the Loan and a Junior Lienholder cures all Events of Default giving rise to such acceleration within the Cure Period, such cure shall have the effect of de-accelerating the Loan; provided, however, that such de-acceleration shall not waive or limit any of Bank’s rights to accelerate the Loan or exercise any other remedies under the Senior Loan Documents as to any future or continuing Events of Default. It is the express intent of the parties hereunder that Bank shall have the right to pursue all rights and remedies except completion of a Foreclosure Remedy without liability to the Junior Lienholders for failure to provide timely notice to the Junior Lienholders required hereunder, and that Bank’s liability hereunder shall be expressly limited to actual and consequential damages to the Junior Lienholders directly caused by Bank’s completion of a Foreclosure Remedy without the Junior Lienholders receiving the notice and opportunity to cure described above. Bank shall give Junior Lienholders notice at the address set forth below or such other address as Junior Lienholder may instruct Bank in writing from time to time Housing Authority of the City of Pueblo, Colorado ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Executive Director City of Pueblo ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attention: Mayor 6.2 Each Junior Lienholder shall also have the right to elect to purchase the Loan from Bank for a purchase price (“Senior Loan Purchase Price”) equal to the sum of (i) the outstanding principal balance of the Loan on the Closing Date (as defined below), plus (ii) all accrued and unpaid interest on the Loan through and including the Closing Date, plus (iii) all other accrued and unpaid fees, costs and expenses payable by Borrower under the Senior Loan Documents, plus (iv) all costs and expenses incurred by Bank in connection with the sale of the Loan to Junior Lienholder, during the Cure Period, as follows: the Housing Authority may elect to purchase the Loan within the initial fifteen (15) days of the Cure Period by sending written notice (the “Election Notice”) to Bank, and the City, and if the Housing Authority does not elect to purchase the Loan within such fifteen (15) day period, then the City may elect to purchase the Loan during the remainder of the Cure Period by sending an Election Notice to Bank. The sale of the Loan by Bank to a Junior Lienholder under this Section shall be made (a) without recourse, representation or warranty by Bank of any kind, express or implied, and (b) close on the date (“Closing Date”) which is fifteen (15) days after such Junior Lienholder gives the Election Notice to Bank. On the Closing Date, the applicable Junior Lienholder shall pay to Bank, in immediately available funds and lawful monies of the United States of America, the Senior Loan Purchase Price.

Bank Agreements. 6.1 Bank agrees that it shall not complete a foreclosure sale of the Property or record a deed-in-lieu of foreclosure with respect to the Property (each, a “Foreclosure Remedy”) unless the Junior Lienholders have first been given thirty (30) days written notice of the Event(s) of Default giving Bank the right to complete such Foreclosure Remedy, and unless Junior Lienholders have failed, within such thirty (30) day period (the “Cure Period”), to cure such Event(s) of Default; provided, however, that Bank shall be entitled during the Cure Period to continue to pursue all of its rights and remedies under the Senior Loan Documents, including, but not limited to, acceleration of the Loan (subject to any de-acceleration provisions specifically set forth in the Senior Loan Documents), commencement and pursuit of a judicial or non-judicial foreclosure (but not completion of the foreclosure sale), appointment of a receiver, enforcement of any guaranty (subject to any notice and cure provisions contained therein), and/or enforcement of any other Senior Loan Document. In the event Bank has accelerated the Loan and a Junior Lienholder cures all Events of Default giving rise to such acceleration within the Cure Period, such cure shall have the effect of de-accelerating the Loan; provided, however, that such de-acceleration shall not waive or limit any of Bank’s rights to accelerate the Loan or exercise any other remedies under the Senior Loan Documents as to any future or continuing Events of Default. It is the express intent of the parties hereunder that Bank shall have the right to pursue all rights and remedies except completion of a Foreclosure Remedy without liability to the Junior Lienholders for failure to provide timely notice to the Junior Lienholders required hereunder, and that Bank’s liability hereunder shall be expressly limited to actual and consequential damages to the Junior Lienholders directly caused by Bank’s completion of a Foreclosure Remedy without the Junior Lienholders receiving the notice and opportunity to cure described above. Bank shall give Junior Lienholders notice at the address set forth below or such other address as Junior Lienholder may instruct Bank in writing from time to time Housing Authority of the City of Pueblo, Colorado ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Attention: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Executive Director City of Pueblo ▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attention: Mayor 6.2 Each Junior Lienholder shall also have the right to elect to purchase the Loan from Bank for a purchase price (“Senior Loan Purchase Price”) equal to the sum of (i) the outstanding principal balance of the Loan on the Closing Date (as defined below), plus (ii) all accrued and unpaid interest on the Loan through and including the Closing Date, plus (iii) all other accrued and unpaid fees, costs and expenses payable by Borrower under the Senior Loan Documents, plus (iv) all costs and expenses incurred by Bank in connection with the sale of the Loan to Junior Lienholder, during the Cure Period, as follows: the Housing Authority may elect to purchase the Loan within the initial fifteen (15) days of the Cure Period by sending written notice (the “Election Notice”) to Bank, and the City, and if the Housing Authority does not elect to purchase the Loan within such fifteen (15) day period, then the City may elect to purchase the Loan during the remainder of the Cure Period by sending an Election Notice to Bank. The sale of the Loan by Bank to a Junior Lienholder under this Section shall be made (a) without recourse, representation or warranty by Bank of any kind, express or implied, and (b) close on the date (“Closing Date”) which is fifteen (15) days after such Junior Lienholder gives the Election Notice to Bank. On the Closing Date, the applicable Junior Lienholder shall pay to Bank, in immediately available funds and lawful monies of the United States of America, the Senior Loan Purchase Price.