07-23-2003 Council Agenda - Laserfiche WebLink

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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 this Agreement; (yy) the Event of Default is not reasonably curable within 30 days; and (zz) the defaulting Party 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. Notwithstanding the foregoing, if the Developer defaults in the performance of its obligations under one of the Purchase Agreements and the EDA terminates the Purchase Agreement pursuant to Minn Stat. 559.21, the EDA may, at its option, terminate this Agreement with respect to the portions of the Development Property subject to the terminated Purchase Agreement by written notice to the Developer and without providing the Developer the notice and opportunity to cure contemplated in this Section 12.2. 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 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 and reasonable evidence of the payment of such costs. (b) Terminate this Agreement as to performance with respect to any Parcel for which the default pertains by written notice to the other Party. Termination of this Agreement or any part thereof does not, however, terminate the Assessment Agreements. (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 conveying a Parcel to the Developer, the EDA may exercise its Right of Re -entry with respect to the Parcel for which the default pertains, subject to Section 6.5. (e) If the Parties have not closed on the EDA's conveyance to the Developer of the Parcel for which the default pertains, the non - defaulting Party may terminate the Purchase Agreement relating to that Parcel. (f) If the Developer does not: (i) commence construction of the Minimum Improvements on Parcel 1 on or before August 1, 2004; (ii) complete [50% ] of the construction of the Minimum Improvements for Parcel 1 (as described in Section 6.3); or -23-