07-23-2003 Council Agenda - Laserfiche WebLink

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Certificate of Completion and Release for that Parcel, Developer will be released from all obligations hereunder with respect to that Parcel; provided that the transferee assumes in writing for the benefit of the EDA the ongoing obligations of the Developer with respect to that Parcel under Sections 8.1, 8.2, 9.1(b), 9.2, 9.3, and 9.4. 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; (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 a Purchase Agreement. 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 -22-