1996 AGN NOV 05 I28 - Laserfiche WebLink

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rN Development Agency (the "IVDA") pursuant to written loan agreements, as amended, and that it will consider said IVDA loans to be subordinate to the Loans made hereunder. ARTICLE III Default Provisions Section 3.01. Default As to Hichiand LoanColton Than or Loma Linda Loan. In the event that Highland, Colton or Loma Linda fail or refuse to make the loans provided for in this Loan Agreement as and when called for herein on June 30, 1997, then the city or cities so failing shall be in default of this Loan Agreement, providing only that the defaulting city or cities first receive written notice, given in accordance with Section 4.09 hereof, specifying the nature of the default. If a default is established under the provisions of this Section 3.01, the defaulting city or cities shall have until September 29, 1997, to cure any such default by the payment of the required amounts or to be immediately terminated as of such date from membership and participation in the Authority and otherwise as provided in Section 11 of the Joint Powers Agreement, as applicable. Any such defaulting city or cities shall not be liable hereunder to remit to !� the Authority the full principal amount of their respective loans pursuant to this Loan Agreement as of the effective date of the termination of the defaulting city or cities from the membershiD and Darticipation in the Authority. Section 3.02. Default As to County Loan or San Bernardino Loan. In the event that the County or San Bernardino has advanced principal amounts totaling less than $500,000 in the case of the County or $1,000,000 in the case of San Bernardino, on or before June 30, 1997, then the County or San Bernardino, as applicable, shall be in default of this Loan Agreement, providing only that it first receive written notice, given in accordance with Section 4.09 hereof, specifying the nature of the default. If a default is established under the provisions of this Section 3.02, the defaulting party shall have until September 29, 1997, to cure any such default by the payment of the required amounts or to be immediately terminated as of such date from the membership and participation in the Authority and otherwise as provided in Section 11 of the Joint Powers Agreement, as applicable. The defaulting party shall not be liable hereunder to remit to the Authority any principal amounts as of the effective date of the termination of the defaulting party from the membership and participation in the Authority. The County or San Bernardino will not be considered in default of this Loan Agreement for any refusal or failure to extend �"t loan draws if it has previously extended such draws in a principal