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Agenda - 04-19-2016 - 7-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $8,150,000 in Installment Purchase Financing for Various Capital Investment Plan Projects
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Agenda - 04-19-2016 - 7-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $8,150,000 in Installment Purchase Financing for Various Capital Investment Plan Projects
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4/15/2016 9:26:09 AM
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BOCC
Date
4/19/2016
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
7a
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RES-2016-032 Resolution providing final approval of terms and documents for 2016 County installment financing
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\Board of County Commissioners\Resolutions\2010-2019\2016
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25 <br /> 10.2. Remedies on Default. Upon the occurrence and during the continuation of <br /> any Event of Default, the Lender may, without any further demand or notice, exercise <br /> any one or more of the following remedies: <br /> (a) Declare the unpaid principal components of the Installment Payments, and <br /> the accrued interest thereon, immediately due and payable; <br /> (b) Proceed by appropriate court action to enforce performance by the County <br /> of the applicable covenants of this Contract or the Deed of Trust or to recover for the <br /> breach thereof; and <br /> (c) Avail itself of all available remedies under the Deed of Trust, including <br /> foreclosure on the Mortgaged Property and recovery of attorneys' fees and other expens- <br /> es, and of all other remedies available at law or in equity. <br /> The Lender's exercise of remedies is subject to the limitations set forth in Article X. <br /> 10.3. No Remedy Exclusive; Delay Not Waiver. All remedies under this Con- <br /> tract are cumulative and may be exercised concurrently or separately. The exercise of any <br /> one remedy will not be deemed an election of such remedy or preclude the exercise of <br /> any other remedy. If any Event of Default occurs and is thereafter waived, such waiver <br /> will be limited to the particular breach so waived and will not be deemed a waiver of any <br /> other breach under this Contract. <br /> ARTICLE XI <br /> ASSIGNMENTS <br /> 11.1. County's Assignments. The County may not sell or assign any interest in <br /> this Contract without the Lender's prior written consent. <br /> 11.2. Lender's Assignment. The Lender may, at any time and from time to time, <br /> assign all or any part of its interest in the Mortgaged Property or this Contract, including, <br /> without limitation, the Lender's rights to receive Installment Payments. Any assignment <br /> made by the Lender or any subsequent assignee must not purport to convey any greater <br /> interest or rights than those held by the Lender pursuant to this Contract. <br /> The County agrees that this Contract may become part of a pool of obligations at <br /> the Lender's or its assignee's option. The Lender or its assignees may assign or reassign all <br /> or any part of this Contract, including the assignment or reassignment of any partial interest <br /> through the use of certificates evidencing participation interests in this Contract. Any as- <br /> signment by the Lender may be only to a Lender, insurance company, or similar financial <br /> institution or any other entity approved by the LGC. Notwithstanding the foregoing, no as- <br /> signment or reassignment of the Lender's interest in the Mortgaged Property or this Con- <br /> tract will be effective unless and until the County receives a duplicate original counterpart of <br /> 18 <br />
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