My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
04-26-2021 EDA
MoundsView
>
City Council
>
EDA
>
Packets
>
2020-2029
>
2021
>
04-26-2021 EDA
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
4/23/2021 9:56:05 AM
Creation date
4/23/2021 9:55:41 AM
Metadata
Fields
Template:
MV EDA
EDA Document Type
Packets
Date
4/26/2021
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
43
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
16 <br />DOCSOPEN\MU205\50\716385.v4-4/22/21 <br />(f) If the Developer shall file a petition in bankruptcy, or shall make an assignment for <br />the benefit of its creditors or shall consent to the appointment of a receiver; or <br /> <br /> (g) Failure by either party to observe or perform any material covenant, condition, <br />obligation or agreement on its part to be observed or performed under this Agreement. <br /> <br /> Section 8.2. Remedies on Default. Whenever any Event of Default referred to in section 8.1 <br />of this Agreement occurs, the non-defaulting party may take any one or more of the following actions <br />after providing 30 days’ written notice to the defaulting party of the Event of Default, but only if the <br />Event of Default has not been cured within said thirty days or, if the Event of Default is by its nature <br />incurable within 30 days, the defaulting party does not provide assurances to the non-defaulting party <br />reasonably satisfactory to the non-defaulting party that the Event of Default will be cured and will be <br />cured as soon as reasonably possible: <br /> <br /> (a) Suspend its performance under this Agreement, including refusing to close on the <br />Development Property, until it receives assurances from the defaulting party, deemed adequate by the <br />non-defaulting party, that the defaulting party will cure its default and continue its performance under <br />this Agreement; <br /> <br /> (b) Terminate or rescind this Agreement; <br /> <br /> (c) If the default occurs prior to completion of the Minimum Improvements, the EDA <br />may withhold the Certificate of Completion and Release of Forfeiture; <br /> <br /> (d) If the default occurs prior to issuance of the Certificate of Completion and Release of <br />Forfeiture, revest title in the name of the EDA pursuant to Section 8.3 of this Agreement; and <br /> <br /> (e) Take whatever action, including legal or administrative action, which may appear <br />necessary or desirable to the non-defaulting party to collect any payments due under this Agreement, <br />or to enforce performance and observance of any obligation, agreement, or covenant of the defaulting <br />party under this Agreement. <br /> <br /> (f) If the Developer’s default occurs prior to the Date of Closing, the EDA may retain <br />any and all Earnest Money paid by the Developer, and if the EDA’s default occurs prior to the Date <br />of Closing, the EDA shall return any and all Earnest Money to Developer. <br /> <br /> Section 8.3. Revesting Interest in the EDA Upon Happening of Event of Default Subsequent <br />to Conveyance to Developer. In the event that subsequent to conveyance of the Development <br />Property to the Developer and prior to the issuance of a Certificate of Completion and Release of <br />Forfeiture for the Minimum Improvements the Developer, subject to Unavoidable Delays, fails to <br />begin construction of the Minimum Improvements in conformity with this Agreement and such <br />failure to begin construction is not cured within 30 days after written notice from the EDA to the <br />Developer to do so, then the EDA shall have the right to re-enter and take possession of the <br />Development Property and to terminate and revest in the EDA the interest of the Developer in the <br />Development Property; provided, however, that any exercise by the EDA of its rights or remedies <br />hereunder shall always be subject to and limited by, and shall not defeat, render invalid or limit in any
The URL can be used to link to this page
Your browser does not support the video tag.