Agenda Packets - 1987/12/14 - Laserfiche WebLink

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,e) subject to Unavoldable Delayro, the Redeveloper after commencement of the construction of the Minimum Improvements, fails to carry out Its obligations with respect to the ccnatruction 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 City to the Redeveloper to do so; or (c) the Redeveloper fails to pay real estate taxes or assessments on the Redevelopment Property or any part thereof when due, or creates, suffers, assumes, or agrees to any encumbrance or lien on the Redevelopment Property unauthorized by the Agreement, or shall suffer any Ievy or attachment to be made, or any materialmen's or mechanics' lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessments shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to the City made for such payment, removal, or discharge, within thirty (30) days after written demand by the City to do so; provided, that if the Redeveloper shall first notify the City of its intention to do so, it may In good faith contest any mechanic&' or other lien filed or established and in such event the City shall permit such mechanical or other lien to remain undischarged and tmsatisfled during the period of such contest and any appeal, but only If the Redeveloper prc-tides the City with a bank letter of credit or other security In the amount of the lien, in a form satisfactory to the City pursuant to which the bank or other obligor will pay to the City the amount of any lien in the event that the lien is finally determined to be valid and during the course of such contest the Redeveloper shell keep the City Informed respecting the status of such defense; or (d) there is, in violation of the Agreement, any transfer of the Redevelop- ment Property or any part thereof, or any ehange in the ownership or distribution thereof )f the Redeveloper, or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, and such violation shall not be cured within sixty (60) days after written demand by the City to the Redeveloper, or (e) the Redeveloper falls to comply with any of its covenants under this Agreement and fails to cure any such noncompliance or breach within thirty (30) days after written demand from the City to the Redeveloper to do so; or (f) the Holder of any Mortgage exercises any remedy provided by the Mortgage documents or exercises any remedy provided by law or equity In the event of a default In any of the terms or conditions of the Mortgage, Then the City shall have the right to re-enter and take possession of the Redevelopment Property and to terminate (and revest In the City) the estate conveyed by the Redevelopment Property Deed to the. Redeveloper, It being the intent of this provision, together with other provisions of the Agreement, that the conveyance of the Redevelopment Property to the Redeveloper shall be made upon; and that the Redevelopment Property Deed shall contain a condition subsequent to the effect that In the event of any default on the part of the Redeveloper and failure on the part of the Redeveloper to remedy, end, or abrogate such default within the period and in the manner stated in such subdivisions, the City at Its option may declare a termination in favor of the City of the title, and of all the rights and interests in and to the Redevelopment Property convey. ' to the Redeveloper, and that such title and all rights and Interests of the Redeveloper, 37