07-23-2003 Council Agenda - Laserfiche WebLink

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1450998v8 (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) A Party's default in the performance of one or more of its obligations under the Purchase Agreement. (g) The EDA's or The Lodge at Little Canada's default under the Development Agreement between those parties dated November 22, 2002. 12.2. Notice. If an Event of Default occurs, the non - defaulting Party may not pursue any of the remedies described in Section 12.3 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, 8.1 or 8.2 of the 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. 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 subsequent Events of Default first arising after the delivery of the notice of default within the 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. (b) Terminate this Agreement by written notice to the other Party. Termination of this Agreement does not, however, terminate the Assessment Agreement or the Villas Mortgage. (c) Pursue any remedies available at law or in equity to recover the damages the non - defaulting Party has suffered or will suffer as a result of the defaulting Party's default under this Agreement or to compel the defaulting Party's specific performance of its obligations or observance of restrictions set forth in this Agreement. (d) If the Event of Default constitutes a breach of the condition subsequent set forth in the Right of Re -entry the EDA reserves in a deed - 2 1 -