Agenda Packets - 1997/12/08 - Laserfiche WebLink

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DRAFT #1 • 15.0. Taxes and Special Assessments. Authority shall pay the real estate taxes and special assessments relating to the Property which are due and payable in all years prior to the year of closing, and any and all deferred real estate taxes and all levied and pending special assessments at the closing of the sale . Real estate taxes payable in the year of closing shall be prorated to the Date of Closing. The parties agree and understand that, as of the date of this Agreement, there are no outstanding deferred real estate taxes or levied or pending special assessments. 16.0. Brokerage. Developer and Authority each represent and warrant to the other that they have not engaged the services of any broker in connection with the purchase contemplated by this Agreement. Each party hereby agrees to indemnify and hold the other harmless of any claim made by a broker or sales agent or similar party for a commission due or alleged to be due on this transaction. 17.0 Default. The following default provisions govern this Agreement. 17.1. Events of Default Defined. The following shall be "Events of Default" under this Agreement and the term "Event of Default" shall mean, whenever it is used in this Agreement (unless the context otherwise provides), any failure by any party to observe or perform any other covenant, condition, obligation or agreement on its part to • be observed or performed hereunder, but only if such failure has not been cured within thirty days after receipt by the defaulting party of written notice of such failure or, if the failure is by its nature incurable within thirty days, the defaulting party does not provide assurances reasonably satisfactory to the non-defaulting party within such thirty-day period that the failure will be cured and will be cured as soon as reasonably possible. Subject to the foregoing notice and cure periods, nothing in this Section shall limit the Authority's right to exercise any remedy to which it is entitled under any other provision of this Agreement. 17.2. Remedies on Default. Whenever any Event of Default referred to in Paragraph 17.1 of this Agreement occurs, the non-defaulting party may: (a) Suspend its performance under this Agreement until it receives assurances that the defaulting party will cure its default and continue its performance under this Agreement. (b) Cancel and rescind or terminate this Agreement. In the event that Authority should fail to consummate the transaction contemplated by this Agreement for any reason except for Developer's default or the failure of Developer to satisfy any conditions to Authority's obligation hereunder, and Developer elects to cancel and terminate this Agreement in the manner provided by applicable law and be relieved of its obligations hereunder, Developer shall be 11111 immediately entitled to the return of the Earnest Money heretofore paid in exchange for a quit claim deed for the Property. In the event that Developer shall fail to consummate the transaction contemplated herein for any reason, except the SJR133725 M0205-9 10