07-23-2003 Council Agenda - Laserfiche WebLink

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1450998x8 records, must, for the benefit of the EDA, expressly assume all of the obligations of the Developer under this Agreement and agree to be subject to all the conditions and restrictions to which the Developer is subject under the terms of this Agreement. (iii) The Developer must submit to the EDA, for the EDA's review and prior written approval, all instruments and other documents involved in effecting the transfer of any interest in this Agreement or the Development Property. 11.3. Release of Developer. The EDA's consent to a transfer pursuant to Section 11.2(b) does not relieve the Developer from liability under this Agreement unless the EDA, in its sole and absolute discretion, elects to execute a written agreement expressly releasing the Developer from such liability. 12. EVENTS OF DEFAULT. 12.1. Events of Default. Each of the following is an Event of Default: (a) A Party's failure to fully perform one or more of its obligations under this Agreement within the time period set forth in this Agreement for the Party's performance of the obligation or, if no time period is set forth in this Agreement, within a reasonable time; (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; - 1 7- - 2 0 -