Agenda Packets - 1987/12/14 - Laserfiche WebLink

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(iv) be adjudicated a bankrupt or insolvent; or if a petition or answer proposing the adjudication of the Redeveloper as a bankrupt or its similar federal or state ization under law Shan. be filedresent or rIn any court eral end such petitio oct Or r answer shall not be discharged or denied within ninety (90) days after the fDing thereof; or a receiver, trustee or liquidator of the Redeveloper any or of the Redevelopment Property, or part thereof shall be appointed proceed!,.; brought against the Redeveloper and shall not be discharged within ninety (90) days after such appointment, or if the Redeveloper shall consent to or acquiesce in such appointment. Section 9.2. henever any Event of to In Section 9.1 of this Agreement curs,emedies on Default. Vthe City may take any one �or more of the following actions after providing thirty days written notice to the Redeveloper of the Event of Default, but only if the Event of Default has not been cured within said thirty days, or if the Event*of Default is incapable of beicg cured iwithin said thirty day period, the Redeveloper falls to provide the City assurances, &emed satisfactory In the reasonable Event of Default will be cured as soon as reasonably possible; th written n of the City, that the (a) Suspend Its performcnce under the Agreement until It receives assur- ances from' the Redeveloper, deemed adequate by the City, that the .Redeveloper will cure its default and continue its performance under the Agreement. (b) Terminate the Agreement. (c) Draw upon the letters of credit provided to the City pursuant to Sections 4.6 and 6.1 of this Agreement in accordance with the terms of Sections 4.6 and 6.1 of this Agreement. (d) Withhold the Certificate of Completion. (a) Withhold the Net Proceeds from the Insurance policies provided to the City pursuant to Section 5.1 of this Agreement 1n a^cordance with the term: policies. (f) Take whatever action, including legal, equitable or administrative ons action, which ayappear necessary or desirae to the ments due under this Agreement, or to etntorce performancey, inuding any and o collect any payments y observance of any obligation, agreement, or covenant of the Redeveloper under this Agreement. Section 9.3. Revestin Title in t„ — -•_ nce oft e C__e•.ance to Redeveloper. In the event that subsequent to conveya .. Redevelopment Property or any part thereof to the Redeveloper and prior to receipt by the Redeveloper of the Certificate of Completion, to begin construction oftsubject (a) the Redeveloper, he Minimum i provemen spin ci nfolDelays, rmittywith this llAgrelement and such failure to begin construction is not cured within thirty (30) days after written notice from the City to the Redeveloper to do so; or 36