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Agenda Packets - 2018/03/05
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Agenda Packets - 2018/03/05
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Last modified
1/28/2025 4:46:46 PM
Creation date
6/13/2018 11:20:48 AM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Agenda Packets
MEETINGDATE
3/5/2018
Supplemental fields
City Council Document Type
City Council Packets
Date
3/5/2018
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(e) Take whatever action, including legal, equitable or administrative action, which may <br />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 under this Agreement. <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 under <br />Section 9.2(c) hereof only for the following Events of Default: <br />(a) the Developer fails to pay real estate taxes or assessments on the Development Property <br />or any part thereof when due, and the taxes or assessments have not been paid, or provision satisfactory to <br />the Authority made for their payment, within sixty (60) days after written demand by the Authority to do <br />so; or <br />(b) the Developer fails to comply with their obligations to operate and maintain, preserve and <br />keep the Minimum Improvements or cause the improvements to be maintained, preserved and kept with <br />the appurtenances and every part and parcel thereof, in good repair and condition, pursuant to <br />Sections 4.1 and 5.1(e) hereof, provided that, upon failure to comply with the obligations under <br />Section 4.1 or 5.1(e) hereof, if uncured after sixty (60) days' written notice to the Developer of the failure, <br />the Authority may only suspend payments under the TIF Note until the Developer complies with said <br />obligations. If the Developer fails to comply with said obligations for a period of eighteen months, the <br />Authority may terminate the TIF Note and the TIF District; or <br />(c) the Developer fails to comply with affordability covenants as provided in Section 4.5 <br />hereof. <br />Section 9.4. No Remedy Exclusive. No remedy herein conferred upon or reserved to the <br />Authority, the Developer is intended to be exclusive of any other available remedy or remedies, but each <br />and every remedy will be cumulative and will 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 exercise <br />any right or power accruing upon any default will impair any right or power or will be construed to be a <br />waiver thereof, but any right and power may be exercised from time to time and as often as may be <br />deemed expedient. In order to entitle the Authority to exercise any remedy reserved to it, it will not be <br />necessary to give notice, other than the notices already required in Sections 9.2 and 9.3 hereof. <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 party, <br />the waiver will be limited to the particular breach so waived and will not be deemed to waive any other <br />concurrent, previous or subsequent breach hereunder. <br />Section 9.6. Attorney Fees. Whenever any Event of Default occurs (as determined by a final <br />court or administrative order or Developer admissions) and if the Authority shall employ attorneys or <br />incur other expenses for the collection of payments due or to become due or for the enforcement of <br />performance or observance of any obligation or agreement on the part of the Developer under this <br />Agreement, the Developer agrees that it shall, within ten (10) days of written demand by the Authority, <br />pay to the Authority the reasonable fees of such attorneys and such other expenses so incurred by the <br />Authority. <br />21 <br />516911v1 JAE MU205-47 <br />
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