07-23-2003 Council Agenda - Laserfiche WebLink

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(iii) complete construction of the Minimum Improvements with respect to any Parcel on or before the date required under Article 6 (as such date may be extended pursuant to Section 6.5), then the EDA may draw on the Letter of Credit and either hold the Letter of Credit proceeds in escrow to secure the Developer's obligations under Section 8.2 hereof, or upon written notice to the Developer, terminate this Agreement with respect to all of the Parcels for which a Certificate of Completion has not been delivered, in which event the obligations of the EDA and Developer with respect to those Parcels, including any guaranty of those obligations, will immediately terminate from the date of such notice. 12.4. Claims for Misrepresentation. If a Party deteuuines that one or more of the representations the other Party made pursuant to Section 4 was false when made, the Party may commence an action in a court of competent jurisdiction and pursue any remedies available at law or in equity against the other Party without regard to the notice and cure provisions set forth in Section 12.2. 12.5. No Remedy Exclusive. No remedy herein conferred upon or reserved to the EDA or the Developer is intended to be exclusive of any other available remedy or remedies, but each and every such remedy is cumulative and is 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 impairs 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. 12.6. No Implied Waiver. If a Party waives its right to require another Party to perform an obligation or observe a restriction set forth in this Agreement, the waiver is limited to the particular default so waived and is not deemed to waive any other concurrent, previous or subsequent default hereunder. 12.7. Agreement to Pay Attorneys' Fees and Expenses. Whenever any Event of Default occurs and the non - defaulting Party employs attorneys or incurs other expenses for the enforcement or performance or observance of any obligation or agreement on the part of the defaulting Party herein contained, the defaulting Party agrees that it shall, on demand therefor, pay to the non - defaulting Party the reasonable fees of such attorneys and such other expenses so incurred by the non - defaulting Party. 13. ADDITIONAL PROVISIONS. 13.1. Titles of Articles and Sections. Any titles of the several parts, articles and sections of this Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions. 13.2. Notices and Demands. Any notice, demand or other communication required or permitted under this Agreement is effective two Business Days after it is sent, via registered or certified mail, postage prepaid, return receipt requested or one Business Day after it is sent via overnight delivery service; and (a) in the case of the Developer, is addressed to the Developer at: -24-