Laserfiche WebLink
ARTICLE V <br />EVENTS OF DEFAULT <br />Section 5.1. Events of Default Defined. The following are <br />Events of Default under this Agreement: <br />(a) Failure of timely payment of any real property <br />taxes, special assessments, and similar impositions assessed <br />against or with respect to the Development Property, subject <br />to lawful rights to cantest the same. <br />(b) Failure in the substantial observance or performance <br />of any covenant, condition, obligation, or agreement on the <br />part of the Developer to be observed or performed under this <br />Agreement. <br />An Event of Default shall also include any occurrence which would <br />with the passage of time or giving of notice become an Event of <br />Default as defined hereinabove. <br />Section 5.2. Remedies on Default. Whenever any Event of <br />Default occurs, in addition to all other remedies available to the <br />Authority at law or in equity or elsewhere in this Agreement, <br />(1) the Authority may suspend its performance under the Agreement <br />until it receives assurances from the Developer, deemed adequate by <br />the Authority, that the Developer has cured its default and will <br />continue its performance under the Agreement and (2), after <br />provision of 30 days written notice from the Authority to the <br />Developer of the Event of Default, but only if the Event of Default <br />has not been cured within said 30 days, or if the Event of Default <br />cannot be cured within 30 days, the Developer does not provide <br />assurances to the Authority reasonably satisfactory to the <br />Authority that the Event of Default will be promptly cured, then <br />the Authority may terminate this Agreement. <br />Section 5.3. No Remedv Exclusive. No remedy herein <br />conferred upon or reserved to the Authority is intended to be <br />exclusive of any other available remedy or remedies, but each and <br />every such remedy shall be cumulative and shall be in addition to <br />every other remedy given under this Agreement or now or hereafter <br />existing at law or in equity. No delay or omission to exercise any <br />right or power accruing upon any default shall impair any such <br />right or power or shall be construed to be a waiver thereof, but <br />any such right and power may be exercised from time to time and as <br />often as may be deemed expedient. <br />262545 .1 5 -1 <br />