Agenda Packets - 1997/12/08 - Laserfiche WebLink

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DRAFT #1 • default by Authority or the failure of Authority to satisfy any of the conditions to the Developer's obligations set forth herein, and the Authority elects to cancel and terminate this Agreement in the manner provided by applicable law and be relieved of its obligations hereunder, the Authority shall be entitled to retain the Earnest Money as liquidated damages. (c) In the case of an Event of Default by the Developer, the Authority may demand reimbursement by the Developer to the Authority in the amount of any costs paid by the Authority pursuant to this Agreement. (d) Take whatever action, including legal, equitable, or administrative action,which may appear necessary or desirable to collect any payments due under this Agreement, or to enforce performance and observance of any obligation, agreement, or covenant under this Agreement. (e) Enforce the specific performance of this Agreement, which action must be commenced within one (1) year of the date of failure of a party to consummate the transactions contemplated herein. 17.3. Revesting Title in Authority Upon Happening of Event Subsequent to Conveyance to Developer. In the event that, subsequent to conveyance of the Property • to the Developer and prior to the issuance of the Certificate of Completion: (a) subject to Unavoidable Delays, the Developer fails to carry out its obligations with respect to the construction of the Minimum Improvements (including the nature and the date for the completion thereof), or abandons or substantially suspends construction work, and any such failure, abandonment, or suspension shall not be cured, ended, or remedied within thirty (30) days after written demand from the Authority to the Developer to do so; or (b) subject to Unavoidable Delays the Developer fails to cure any default under this Agreement within 30 days after receipt of notice of Event of Default. Then the Authority shall have the right to re-enter and take possession of the Property and to terminate and revert in the Authority the estate conveyed pursuant to the Deed to the Developer, it being the intent of this provision, together with other provisions of the Agreement, that the conveyance of the Property to the Developer shall be made upon, and that any instrument conveying title from the Authority to the Developer of the Property shall contain a condition subsequent to the effect that in the event of any default on the part of the Developer and failure on the part of the Developer to remedy, end, or abrogate such default within the period and in the manner stated in such subdivisions, the Authority at its option may declare a termination in favor of the Authority of the title, and of all the rights and interests in and to the Property conveyed to the SJR133725 MU205-9 1 1