08-13-2003 Council Agenda - Laserfiche WebLink

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liquidator of the Developer, or of the Project, or part thereof, shall be appointed in any proceeding brought against the Developer, and shall not be discharged within ninety (90) days after such appointed, or if the Developer, shall consent to or acquiesce in such appointment. Section 10.2 Remedies on Default. (a) Whenever any Event of Default referred to in Section 10.1 occurs and is continuing, the City may take any one or more of the following actions after (except in the case of an Event of Default under subsections (a) or (g) of Section 10.1) the giving of thirty (30) days' written notice to the Developer and the holder of the First Mortgage of the Event of Default by the City, but only if the Event of Default has not been cured within said thirty (30) days, or if the Event of Default cannot be cured within thirty (30) days and the Developer does not provide assurances to the City reasonably satisfactory to the City that the Event of Default will be cured as soon as reasonably possible. (b) The City may suspend its performance under this Agreement until it receives assurances from the Developer, deemed adequate by the City, that the Developer will cure its default and continue its performance under this Agreement. (c) The City may draw upon any guarantee or security provided to the City pursuant to any of the terms of this Agreement according to its terms. (d) The City may take any action, including legal or administrative action, which may appear necessary or desirable to collect any payments due under this Agreement, to sue for money damages, or to enforce performance and observance of any obligation, agreement, or covenant of the Developer under this Agreement. Section 10.3 No Remedy Exclusive. No remedy herein conferred upon or reserved to the City is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. Section 10.4 No Implied Waiver. In the event any agreement contained in this Agreement should be breached by any party and thereafter waived by any other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. Section 10.5 Agreement to Pay Attorney's Fees and Expenses. Whenever any Event of Default occurs and the City shall employ attorneys or incur other reasonable expenses for the collection of payments due or to become due or for the enforcement or performance or observance of any obligation or agreement on the part of the Developer herein contained, the Developer agrees that it shall, on demand therefor, pay to the City the reasonable fees of such attorneys and such other reasonable expenses so incurred by the City. 1549292v2 - 2 9 -