06-25-2018 - Laserfiche WebLink

Home Browse Search

21 516911v4 JAE MU205-47 (e) 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. The limited partner of the Developer shall have the right, but not the obligation, to cure any default of the Developer hereunder and such cure shall be deemed to have been made by the Developer. The Lender shall have the right, but not the obligation, to cure any default of the Developer hereunder and such cure shall be deemed to have been made by the Developer. All notices of an event of default sent to the Developer must also be sent to the Lender. Section 9.3. Termination or Suspension of TIF Note. After the Authority has issued its Certificate of Completion for the Minimum Improvements, the Authority may exercise its rights under Section 9.2(c) hereof only for the following Events of Default: (a) the Developer fails to pay real estate taxes or assessments on the Development Property or any part thereof when due, and the taxes or assessments have not been paid, or provision satisfactory to the Authority made for their payment, within sixty (60) days after written demand by the Authority to do so; or (b) the Developer fails to comply with their obligations to operate and maintain, preserve and keep the Minimum Improvements or cause the improvements to be maintained, preserved and kept with the appurtenances and every part and parcel thereof, in good repair and condition, pursuant to Sections 4.1 and 5.1(e) hereof; provided that, upon failure to comply with the obligations under Section 4.1 or 5.1(e) hereof, if uncured after sixty (60) days’ written notice to the Developer of the failure, the Authority may only suspend payments under the TIF Note until the Developer complies with said obligations. If the Developer fails to comply with said obligations for a period of eighteen months, the Authority may terminate the TIF Note and the TIF District; or (c) the Developer fails to comply with affordability covenants as provided in Section 4.5 hereof. Section 9.4. No Remedy Exclusive. No remedy herein conferred upon or reserved to the Authority, the Developer is intended to be exclusive of any other available remedy or remedies, but each and every remedy will be cumulative and will be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default will impair any right or power or will be construed to be a waiver thereof, but any right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Authority to exercise any remedy reserved to it, it will not be necessary to give notice, other than the notices already required in Sections 9.2 and 9.3 hereof. Section 9.5. No Additional Waiver Implied by One Waiver. In the event any agreement contained in this Agreement should be breached by either party and thereafter waived by the other party, the waiver will be limited to the particular breach so waived and will not be deemed to waive any other concurrent, previous or subsequent breach hereunder. Section 9.6. Attorney Fees. Whenever any Event of Default occurs (as determined by a final court or administrative order or Developer admissions) and if the Authority shall employ attorneys or incur other expenses for the collection of payments due or to become due or for the enforcement of performance or observance of any obligation or agreement on the part of the Developer under this