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condition precedent to the payment by the bank to <br /> the City of the amount requested but subject to the <br /> limitation that the amount of cumulative drafts <br /> against the Letter of Credit shall not exceed <br /> $350,000.00 <br /> <br /> c) The City shall institute judicial foreclosure <br />proceedings against the delinquent property within 120 days <br />after the date of delinquency in accordance with the City's <br />covenant with the holders of the bonds. City shall give notice <br />by mail to the Owner and to the issuing bank of the institution <br />of judicial foreclosure proceedings. <br /> <br /> . d) Upon reinstatement of the delinquent property or <br />upon receipt by the City of the proceeds of a judicial <br />foreclosure sale, the City Finance Director-Treasurer shall: <br /> <br /> (1) Transfer from the redemption fund to the bond reserve <br /> fund the amount drawn on the reserve fund on account <br /> of the delinquency, together with interest at the <br /> <br /> rate of 14.4% per annum, compounded annually; or <br /> (2) Reimburse to the Owner the amount advanced by the <br /> <br /> Owner or drawn on the Letter of Credit on account of <br /> the delinquency, together with interest actually <br /> earned on the Owner's advance while the advance is <br /> held by the City, less documented direct costs, <br /> including staff time; but the amount reimbursed to <br /> <br />the Owner <br />the City <br />judicial <br /> <br />shall not exceed the amount received by <br />as a result of the reinstatement or <br />sale of the property. <br /> <br /> <br />