11-13-2002 Council Agenda - Laserfiche WebLink

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subsequent Events of Default first arising after the delivery of the notice of default within the time period provided for in Section 12.2, the non - defaulting Party may: (a) Attempt to cure or engage third parties to attempt to cure the default. If a non - defaulting Party attempts to cure or engages a third party to attempt to cure a Party's default, the non - defaulting Party may notify the defaulting Party, in writing, of the costs and expenses it incurs in its attempt to cure or to engage a third party to attempt to cure the Event of Default and the defaulting Party must reimburse the non - defaulting Party for those costs within five Business Days of the defaulting Party's receipt of the notice stating the amount of the costs. 1428086vdoc Red (VS to V7) (b) Suspend its performance of its obligations under this Agreement and the Tax Increment Note until the Event of Default is cured. If the GityEDA suspends its performance of its obligation to make payments due under the Tax Increment Note, either pursuant to Section 12.2 above or pursuant to this Section 12.3(b), the CityEDA must, subject to the exception described in Section 12.3(1), make the suspended payments to the Developer within five business days following the Developer's cure of the Event of Default. The GityEDA is not obligated to invest any amounts the CityEDA retains as a result of the GityEDA's suspension of its performance of its obligation to make payments under the Tax Increment Note, and is not obligated to pay Developer interest on the amount of the suspended payments between the date the payment is suspended and the date the GityEDA makes the suspended payment to the Developer. (c) Pursue any remedies available at law or in equity to recover the damages the non - defaulting Patty has suffered or will suffer as a result of the defaulting Party's default or to compel the defaulting Party's specific performance of its obligations or observance of restrictions set forth in this Agreement. (d) If the Parties have not closed on the Gi-tyEDA's conveyance of the Development Property to the Developer, the non - defaulting Party may terminate the Purchase Agreement pursuant to the terms of the Purchase Agreement. (e) If the Developer is the Party in default and the CityEDA has not yet issued the Tax Increment Note, the GityEDA may refuse to issue the Tax Increment Note. (f) If the Developer is the Party in default and the City ham Tax Increment Note, the City may suspend payment of any amounts due under the first occur Event of Default is the Developer's breach of the eovenantcovenants set forth in • _ : • : /se-of-Section 7.2 of this Agreement, the Ci -tyEDA is permanently relieved of its obligation to make any payments under the Tax Increment Note which payments would otherwise have been funded by Available Tax Increments resulting from the payment of real estate -19-