Agenda Packets - 2018/03/05 - Laserfiche WebLink

Home Browse Search

ARTICLE IX Events of Default Section 9.1. Events of Default Defined. "Event of Default" means any one or more of the following events, after the non -defaulting party provides sixty (60) days' written notice to the defaulting party of the event, but only if the event has not been cured within said sixty (60) days after written notice of default has been tendered or, if the event is incurable within sixty (60) days, the defaulting party does not, within the sixty (60) day period, provide assurances reasonably satisfactory to the non -defaulting party that the event will be cured as soon as reasonably possible: (a) The Developer or the Authority fails to observe or perform any covenant, condition, obligation, or agreement on its part to be observed or performed under this Agreement; (b) The Developer: (i) files any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act or under any similar federal or State law; (ii) except as allowed by Section 3.5(c) hereof, makes an assignment for the benefit of its creditors; (iii) admits in writing its inability to pay its debts generally as they become due; or (iv) is adjudicated as bankrupt or insolvent. Section 9.2. Remedies on Default. Whenever any Event of Default referred to in Section 9.1 hereof occurs, the non -defaulting party may exercise its rights under this Section 9.2 only if the Event of Default has not been cured within sixty (60) days of the non -defaulting party's tender of a notice of default or, if the Event of Default is incurable within sixty (60) days, the defaulting party does not provide assurances reasonably satisfactory to the non -defaulting party that the Event of Default will be cured as soon as reasonably possible: (a) Suspend its performance under the Agreement until it receives assurances that the defaulting party will cure its default and continue its performance under the Agreement. (b) Cancel and rescind or terminate the Agreement. (c) Upon a default by the Developer, the Authority may suspend payments under the TIF Note or terminate the TIF Note and the TIF District, subject to the provisions of Section 9.3 hereof. (d) Upon failure by Developer to timely commence or complete construction of the Minimum Improvements in accordance with Section 4.3 hereof, the Authority may terminate this Agreement; provided, however, that notwithstanding anything herein to the contrary, the Authority acknowledges and agrees that it shall have no remedy of specific performance with regard to the Redeveloper's obligation to commence the construction of the Minimum Improvements. 20 51691 rv1 JAE MU205-47