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2021-053 - Approving A Loan in the Amount of $2,500,000 to PEDC, Approving a Promissory Note Regarding said Loan; Authorizing Mayor to Sign Note
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2021-053 - Approving A Loan in the Amount of $2,500,000 to PEDC, Approving a Promissory Note Regarding said Loan; Authorizing Mayor to Sign Note
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12/14/2021 4:50:42 PM
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CITY CLERK
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of Default as provided above. Further, if Borrower fails to comply with any of the other terms and <br />conditions of this Note and the instruments securing same within Sixty (60) days from date of written notice <br />from Lender, this, too, shall constitute an Event of Default under the terms of this Note. <br />LENDER'S RIGHTS. Upon default, Lender may declare the entire indebtedness, including the unpaid <br />principal balance on this Note, all accrued unpaid interest, and all other amounts, costs and expenses for <br />which Borrower is responsible under this Note or any other agreement with Lender pertaining to this loan, <br />immediately due, without notice, and then Borrower will pay that amount. In addition to accelerating the <br />Note for events of default as set forth above, Lender may declare the entire indebtedness, including the <br />unpaid principal balance onthis Note, all accrued unpaid interest, and all other amounts, costs and expenses <br />for which Borrower is responsible under this Note or any other agreement with Lender pertaining to this <br />loan, immediately due, without notice, in the event that Lender has an emergency need for repayment of <br />the borrowed funds, plus accrued unpaid interest, such emergencies including but not limited to natural or <br />man-made disasters, financial calamity, changes in state or federal law leading to an emergency need for <br />such funds, and a judgment of a state or federal court for which Lender has no insurance coverage and <br />which Lender does not have sufficient funds to satisfy. In such event, Lender will notify Borrower in writing <br />that Lender is calling the note, and Borrower shall have sixty (60) days to repay all principal and any <br />accrued interest to Lender. <br />
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