11-13-2002 Council Agenda - Laserfiche WebLink

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(b) A Party's failure to observe any restriction or prohibition this Agreement imposes upon the Party; (c) A Party's (i) Filing of a petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the United Stated Bankruptcy Act of 1978, as amended, or under any similar federal or state law; or (ii) Assignment of its assets for the benefit of its creditors; or (iii) Admission, in writing, of its inability to pay its debts generally as they become due; or (iv) Being adjudicated a bankrupt or insolvent. (d) If a petition or answer proposing the adjudication of a Party as a bankrupt or a Party's reorganization under any present or future federal bankruptcy act or any similar federal or state law is filed in a court of competent jurisdiction and the petition or answer is not discharged or denied within 90 days after its filing; (e) A receiver, trustee or liquidator of a Party is appointed in any proceeding brought against a Party and is not discharged within 90 days after such appointment or if a Party consents to or acquiesces in such an appointment. (f) The CityEDA's or the Developer's default in the performance of one or more of its obligations under the Purchase Agreement. 12.2. Notice. If an Event of Default occurs, a non - defaulting Party may not pursue any of the remedies described in Section 12.2 unless the non - defaulting Party provides the defaulting Party with written notice of the existence of the Event of Default and the defaulting Party fails to cure the Event of Default described in the notice and any Event of Default occurring after the delivery of the notice within the later of i) 30 days after the effective date of the notice or ii) a reasonable period of time if: xx) the Event of Default is not the Developer's failure to perform its obligations under Sections 6.3, 7.2 or 9.2 of this Agreement; yy) the Event of Default is not reasonably curable within 30 days; and zz) the Developer commences the cure of the Event of Default within 30 days after the effective date of the notice and diligently proceeds with actions necessary to cure the default. Notwithstanding the preceding sentence, a non - defaulting Party may suspend its performance of its obligations under this Agreement and the Tax Increment Note immediately upon the occurrence of the Event of Default and may continue to withhold performance until the Event of Default is cured. 12.3. Remedies. If an Event of Default exists, notice is given pursuant to Section 12.2 and the defaulting Party fails to cure the Event of Default and any I428086vdoc Red (V8 to V7) -18-