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Finance SIB #S2012-0p5-01 <br />shail retum any unexpended portion of SIB Loan No. 1 to th SuRRMq —(paris District) <br />shall recalculate the SIB Loan No. 1 amount and the principa�and interest n me State <br />schedule attached as Exhibit D. The Autho ' �Payment <br />changed SIB Loan No. 1 amount and theninterest �ereo�e asr i�f��e p e��uced or <br />completed. ) had been <br />Article 7. Defaults <br />A. The Authority shall be in defauit if it fails to re <br />Payments and the Interest Pa PaY SIB Loan No. 1(the Principal <br />to comply with the terms of this qgreement t fThe State � ha I no tbe obj at �se fails <br />further action nor resume its obligations under this Agreement until the Authority is no <br />longer in default. The Authority shall reimburse the State for all costs or other losses of <br />funds resuiting from any default or failure to pertorm by the Authority. <br />B. The Authority agrees that in the event of a default under this Agreement the State may, <br />by all legal and equitable means, requir�e the Authority and an a ro riate officiai of <br />the Authority (acting solely in his/her official capacity) to remedy any de ault under, and <br />carry out the provisions of, this Agreement and/or the Interlocal Coope�ative <br />Agreement, including spec�cally the use and filing of mandamus proceedings in any <br />court of competent jurisdiction in Travis County, Texas. <br />Article 8. Authority Solely Responsible <br />The Authority agrees that it is solely responsible for all losses, costs, expenses, penalties, <br />claims, and liabilities due to activities of the Authority and its agents, employees, officers, <br />or contractors pertormed under this Agreement, and which result from an error, omission, <br />or negligent act of the Authority or any agent� employee, official, or contractor of Authority. <br />Notwithstanding anything in this Agreement to the contrary, this provision shall survive any <br />termination of this Agreement. <br />Article 9. Termination <br />This Agreement may be terminated upon the occurrence of any of the following conditions: <br />A. If both parties to this Agreement agree in writing to such termination; provided. <br />however, that any such termination is specficaliy subject to the requirements of Article <br />6 of this Agreement; <br />B. If the State is unable to advance the SIB Loan proceeds to the Authority, the State <br />shall terminate this Agreement and provide written notice thereof to the Authority; <br />C. If the Authority is in default on a Principal Payment or interest Payment required under <br />this Agreement� the State may deGare this Agreement to be terminated, or may <br />exercise any of the rights granted the State in Article 7 of this Agreement or in the <br />Inte�local Cooperative Agreement; but the payment obligations of the Authority shall <br />survive any such termination and shall continue in effect until discharged and satisfied; <br />and <br />D. Upon repayment in full by the Authority of SIB Loan No. 9, and compliance by the <br />Authority with all other requirements of this Agreement, the State shall execute and <br />deliver to the Authority a certificate of payment, provided that, upon the execution and <br />delivery of the cert�cate of payment by the State, this Agreement shall automatically <br />terminate, except with respect to any obliga6on of a party related to any losses, costs, <br />Page 9 of 12 <br />