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07-01-2019 Council Packet
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07-01-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
07/01/2019
Council Meeting Type
Work Session Regular
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27 <br />(c) Take whatever action, including legal, equitable, or administrative action, which <br />may appear necessary or desirable to collect any payments due under this Agreement, or to enforce <br />performance and observance of any obligation, agreement, or covenant of the Developer or the <br />Authority under this Agreement. <br /> <br />Section 9.3. Termination or Suspension of TIF Note. After the Authority has issued its <br />Certificate of Completion for the Minimum Improvements, the Authority may exercise its rights <br />under Section 9.2(c) hereof only for the following Events of Default: <br /> <br />(a) if the Developer fails to pay real estate taxes or assessments on the Development <br />Property or any part thereof when due, and such taxes or assessments shall not have been paid, or <br />provision satisfactory to the Authority made for such payment, within thirty (30) days after written <br />demand by the Authority to do so; or <br /> <br />(b) if the Developer fails to comply with Developer’s obligation to cause such <br />improvements to be maintained, preserved and kept with the appurtenances and every part and <br />parcel thereof, in good repair and condition, pursuant to Sections 4.1 and 5.1(d) hereof; provided <br />that, upon Developer’s failure to comply with Developer’s obligations under Sections 4.1 or 5.1(d) <br />hereof, if uncured after thirty (30) days’ written notice to the Developer of such failure, the <br />Authority may only suspend payments under the TIF Note until such time as Developer complies <br />with said obligations. If the Developer fails to comply with said obligations for a period of eighteen <br />(18) months, the Authority may terminate the TIF Note and the TIF District; or <br /> <br />(c) if the Developer fails to comply with the income restrictions or to deliver annual rent <br />and income reports as provided in Sections 4.5 and 4.6 hereof; provided that, upon the Developer’s <br />failure to provide annual reports, if uncured after thirty (30) days’ written notice to the Developer of <br />such failure, the Authority may only suspend payments under the TIF Note until such time as the <br />Developer delivers said reports. If the Developer fails to deliver rent and income reports for a <br />period of six months following the date such reports are due after written notice to the Developer of <br />such failure, the Authority may terminate the TIF Note and the TIF District. <br /> <br />Section 9.4. No Remedy Exclusive. No remedy herein conferred upon or reserved to any <br />party is intended to be exclusive of any other available remedy or remedies, but each and every such <br />remedy shall be cumulative and shall be in addition to every other remedy given under this <br />Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to <br />exercise any right or power accruing upon any default shall impair any such right or power or shall <br />be construed to be a waiver thereof, but any such right and power may be exercised from time to <br />time and as often as may be deemed expedient. In order to entitle the Authority to exercise any <br />remedy reserved to it, it shall not be necessary to give notice, other than such notice as may be <br />required in this Article IX . <br /> <br />Section 9.5. No Additional Waiver Implied by One Waiver. In the event any agreement <br />contained in this Agreement should be breached by either party and thereafter waived by the other <br />party, such waiver shall be limited to the particular breach so waived and shall not be deemed to <br />waive any other concurrent, previous or subsequent breach hereunder. <br />
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