Ordinance 1985-856 - Laserfiche WebLink

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National Bank in Boulder, in Boulder, Colorado, as said rate may change from time to time, from and after the Da te of Taxabil i ty. However, sa id ra te may no t be se tat an annual ra te in excess of twenty percent (20.00%) per annum. If the Lender receives notice of a D3termination of --Taxability, the Borrower has agreed, pur suan t to the Lo an Agreemen t, to pay wi thin thir ty (30) days 0 f receipt of such notice, directly to the Lender on behalf of the Issuer, the aggregate difference between (i) the payments actually made be tween the Da te of Taxab il i ty and the da te of the Determination of Taxability, and (ii) the payments which would have been made during such period i,f the aforementioned increased interest rate had been in effect. All of the agreements, conditions, covenants, provisions and stipulations contained in the Loan Agreement, the Guaranty Agreement, and the Deed of Trust are hereby made a part of this Bond to the same extent and with the same force and effect as if they were fully set forth herein. If a default occurs under this Bond, the Deed of Trust, the Guaranty Agreement, or the Loan Agreement, then the Lender at its option may declare immediately due and payable the Principal Balance of this Bond and interest accrued thereon to the date of declaration of such default, toge ther wi th any rea sonable attorneys I fees incurred by the Lender in collecting or enforcing payment thereof, whether suit be brought or not, and all other sums due hereunder or under the Loan Agreement, the Guaranty Agreement, or Deed of Trust, anything herein or in the wan Agreement, the Guaranty Agreement, or Deed of Trust to the contrary notwithstanding, and payment thereof may be enforced and recovered in whole or in part, at any time by one or more of the remedies provided to the Lender in this Bond or in the Loan Agreement, the Guaranty Agreement, or the Deed of Trust. The Issuer hereby waives presentment, demand, protest or other notice of any kind in connection with any default under this Bond. THIS BOND AND THE INTEREST HEREON SHALL NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE ISSUER WITHIN THE ~1EANING OF ANY PROVISION OR LIMITATION OF THE STATE CONSTITUTION OR STATUTES AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE ISSUER OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. This Bond and the interest hereon are special obligations payable solely from the revenues derived pursuant to the Loan Agreement and the Promissory Note of the Borrower, da ted as of the da te hereof (the "Note"). The holder of this Bond shall never have the right to enforce payment hereof against any property of the Issuer, and this Bond does not consti tute a charge, I ien or encumbrance, legal or equi table, upon any proper ty of the Iss uer . No covenant or agreement contained in the Loan Agreement entered into by the Issuer with respect to the issuance of the Bond shall be deemed to be a covenant or agreement of any of the members of the City Council or any officers or employees of the IS$uer in their individual capacities, and neither the members of the City Council nor any officer or employee thereof executing the Bond shall be liable personally or be subject to any personal liability or accountability by reason of the issuance of the Bond. The - 9 -