Ordinance 2011-375 - Laserfiche WebLink

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(h) A judgment or order shall be rendered against the City for the payment of money in excess of $250,000 which is not covered by insurance and such judgment or order shall continue unsatisfied or unstayed for a period of more than 30 days; or (i) An event of default occurs with respect to the Prior Debt or any loan documentation in connection therewith. Section 8.2. Effect of Event of Default. Except as otherwise provided in the Bond, immediately and without notice, upon the occurrence of any Event of Default, the Bank may declare all obligations of the City under the Loan Documents to be immediately due and payable without further action of any kind and upon such declaration the Bonds and the interest accrued thereon shall become immediately due and payable. In addition, and regardless whether such declaration is or is not made, the Bank may seek enforcement of and exercise all remedies available to it under the Ordinance, the Act and any other applicable law. Should the City default in any obligation created by this Agreement or the Bond, the Bank may, in addition to any other remedies set forth in this Agreement or the Bond, either at law or in equity, by suit, action, mandamus or other proceeding in any court of competent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida, or granted or contained in this Agreement, and may enforce and compel the performance of all duties required by this Agreement or by any applicable statutes to be performed by the City or by any officer thereof. ARTICLE IX MISCELLANEOUS Section 9.1. No Waiver: Cumulative Remedies. No failure or delay on the part of the Bank in exercIsmg any right, power, remedy hereunder, or under the Bond or other Loan Documents shall operate as a waiver of the Bank's rights, powers and remedies hereunder, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof, or the exercise of any other right, power or remedy hereunder or thereunder. The remedies herein and therein provided are cumulative and not exclusive of any remedies provided by law or in equity. Section 9.2. Amendments. Chanf!es or Modifications to the Af!reement. This Agreement shall not be amended, changed or modified except by written instrument between the Bank and the City. The City agrees to pay all of the Bank's reasonable costs and reasonable attorneys' fees incurred in modifying and/or amending this Agreement at the City's request or behest. Section 9.3. Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall be an original; but such counterparts shall together constitute but one and the same Agreement, and, in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart. 15 MIA 182,189,515v611-2-11