08-28-1995 EDA - Laserfiche WebLink

Home Browse Search

ARTICLE V EVENTS OF DEFAULT Section 5 . 1 . Events of Default Defined. The following are Events of Default under this Agreement : . (a) Failureof„timely payment of any real,-property`..., taxes, special ,assessments, ; and-.similar..;impositions__�.assessed, :against_ or with respect to` the.'Development Property, subject to lawful rights to -contest the same. (b) Failure in the substantial observance or performance of any covenant, condition, obligation, or agreement on the part of the Developer to be observed or performed under this Agreement or under any other agreement between the Authority or the City and the Developer (including withoutlimitation the "development agreement" with`theCity respecting planning, zoning; drainage and other development issues) . An Event of Default shall also include any occurrence which would with the passage of time or giving of notice become an Event of Default as defined hereinabove. Section 5 .2 . Remedies on Default . Whenever any Event of Default occurs, in addition to all other remedies available to the Authority at law or in equity or elsewhere in this Agreement, (1) the Authority may suspend its performance under the Agreement until it receives assurances from the Developer, deemed adequate by the Authority, that the Developer has cured its default and will continue its performance under- the Agreement and (2) , after provision of 30 days written notice from the Authority to the Developer of the Event of Default, but only if the Event of Default has not been cured within said 30 days, or if the Event of Default cannot be cured within 30 days, the Developer does not provide assurances to the Authority reasonably satisfactory to the Authority that the Event of Default will be promptly cured, then the Authority may terminate this Agreement . Section 5 . 3 . No Remedy Exclusive. No remedy herein conferred upon or reserved to the Authority is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any default shall impair 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 . 298106.1 5-1