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1987-110-RES WHEREAS, by letter to the Mayor of Paris, dated May 22, 1987, (the "Commitment") and accepted on
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1987-110-RES WHEREAS, by letter to the Mayor of Paris, dated May 22, 1987, (the "Commitment") and accepted on
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8/18/2006 4:34:32 PM
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5/31/2005 2:22:05 PM
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CITY CLERK
Doc Name
1987
Doc Type
Resolution
CITY CLERK - Date
10/19/1987
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<br />-2- <br /> <br />If default shall be made in the timely payment or <br />performance of any provision of this Promissory Note, and <br />such default shall not be cured within thirty (30) days, or <br />if the Undersigned shall file or there shall be filed <br />against the Undersigned a petition in bankruptcy or a <br />petition seeking relief under any insolvency act or law, <br />State or Federal, now or hereafter existing, or if default <br />shall be made in the performance of the financial assistance <br />commitment by and between the Undersigned and the National <br />Trust, dated May 22, 1987, as may be amended from time to <br />time (the "Commitment"), then the entire principal balance <br />and all accrued interest thereon then unpaid shall, at the <br />option of the holder, become at once due and payable. <br />Failure to exercise this option shall not constitute a <br />waiver of the right to exercise the same in the event of any <br />subsequent default. <br /> <br />The Undersigned hereby waives demand, notice of <br />presentment, notice of dishonor, protest, and notice of <br />protest of this Promissory Note. The Undersigned agrees to <br />pay all reasonable expenses of collection, including <br />reasonable attorneys' fees, incurred in the enforcement or <br />collection of this Promissory Note. <br /> <br />Nothing contained in this Promissory Note or in any <br />other document evidencing or securing this Promissory Note <br />shall be deemed to establish or require the payment of a <br />rate of interest in excess of the maximum rate lawfully <br />chargeable. In the event that the rate of interest so <br />required to be paid exceeds the maximum rate lawfully <br />chargeable, the rate of interest to be paid shall be <br />automatically reduced to the maximum rate lawfully <br />chargeable, and to the extent necessary to accomplish the <br />foregoing, any excess interest reserved, charged or taken <br />shall be automatically credited on account of the principal <br />indebtedness, provided 'that no such credit shall operate as <br />a cure or waiver of any event of default occasioning <br />acceleration. <br /> <br />This Promissory Note is issued under and entitled <br />the benefits of the Commitment, to which Commitment <br />reference is hereby made for a statement of the rights <br />respect thereto of the holder of this Promissory Note. <br />the event of any conflict between the terms hereof and <br />terms of such Commitment, the terms of such Commitment <br />govern. <br /> <br />to <br /> <br />in <br />In <br />the <br />shall <br />
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