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2025-09-01-R
CITY-OF-BATESVILLE
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2025-09-01-R
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(e) The Borrower violates or fails to observe or perform any other covenant <br /> contained herein, or any agreement on the part of the Borrower to be observed or performed <br /> pursuant to the Loan Documents,other than those referred to above in Section 6.1(d)above,and <br /> such default shall continue unremedied for thirty (30)days after the earlier of(a)the Borrower <br /> obtaining knowledge thereof or(b)the Lender delivers notice thereof to the Borrower; <br /> (f) The Borrower shall (i) cease operations; (ii) apply for or consent to the <br /> appointment of a custodian,receiver,trustee or liquidator for it or for all or a substantial part of its <br /> assets or properties; (iii)generally not pay its debts as they become due or admit in writing its <br /> inability to pay its debts as they become due; (iv) default on the payment of Indebtedness for <br /> borrowed money or any other monetary obligation,in each case,in respect of an obligation having <br /> an aggregate value in excess of$50,000;(v)make an assignment for the benefit of creditors;or <br /> (vi)file a petition commencing a voluntary case under any chapter of the Bankruptcy Code, I 1 <br /> U.S.C. Section 101 et§2q.or a petition seeking for itself any reorganization or arrangement with <br /> creditors or to take advantage of any bankruptcy,insolvency,readjustment of debt,dissolution or <br /> liquidation law or statute,or an answer admitting the material allegations of a petition filed against <br /> it in any proceeding under any such law,or corporate action shall be taken by the Borrower for the <br /> purpose of effecting any of the foregoing; <br /> (g) An involuntary proceeding shall be commenced or a petition shall be filed <br /> seeking (i) reorganization, arrangement, readjustment, dissolution or liquidation of all or a <br /> substantial part of the Borrower's assets or properties, under any federal, state or foreign <br /> bankruptcy, insolvency, receivership or similar law, or (ii) the appointment of a custodian, <br /> receiver,conservator,trustee or liquidator for the Borrower or for a substantial part of its assets, <br /> and,in any such case,such proceeding or petition shall continue undismissed for ninety(90)days <br /> or an order or decree approving or ordering any of the foregoing shall be entered;or <br /> (h) A judgment or judgments for the payment of money aggregating in excess <br /> of$200,000 shall be entered against the Borrower,and the same shall remain unsatisfied and in <br /> effect,without stay of execution,for a period of thirty(30)consecutive days. <br /> Section 6.2 Remedies. If an Event of Default occurs or is continuing: <br /> (a) Lender may,by written notice to the Borrower,declare all amounts under <br /> this Agreement and the Note forthwith to be due and payable, whether or not the Indebtedness <br /> evidenced by the Note shall be otherwise due and payable and whether or not Lender shall have <br /> initiated any other action for the enforcement of the Note,and whereupon the Note shall become <br /> immediately due and payable as to principal and any other amounts payable under the Note, <br /> without presentment, demand, protest, notice or other formalities of any kind, all of which are <br /> expressly waived by the Borrower; <br /> (b) Lender may protect and enforce its rights by appropriate judicial <br /> proceedings,including,in appropriate cases,an award of specific performance or other equitable <br /> remedy in aid of the exercise of power granted in or pursuant to this Agreement;and <br /> (c) Upon the occurrence of any Event of Default described in subsections 6.1(f) <br /> or! .1 hereof,all amounts outstanding under this Agreement and the Note shall immediately be <br /> 10 <br />
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