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commence. or :complete. construction of the Minimum' Improvements • <br /> as requ,ired:, under this. Agreement;: then. the HRA may give •written <br /> -notice .to, Rede:ve-loper of the - occurrence of such event. If• <br /> Redeveloper .has not cured such failure or -f-ai-lures within 30 <br /> days (or .such -shorter period as may remain prior to expiration <br /> of the Letter .of Credit) after- delivery of such notice, (or, if <br /> the fai.lure _is by its nature incurable within 30 days, has - not <br /> f.urni:shed to the HRA assurances acceptable to . the HRA that the <br /> Redeveloper can and will cure such failure or- failures) then <br /> the HRA- may .(i) draw .on the Letter of Credit, (ii) take <br /> possession of and utilize in completion of the work such <br /> materials and .equipment- as may be on the site of the work and <br /> necessary therefor, (iii) sell all or any part of the <br /> Redevelopment. P,roperty to another redeveloper,, and (iv) dispose <br /> of all or any part-- of the Redevelopment Property as the HRA <br /> deems to be in the public interest . <br /> (b) As security for performance by Redeveloper of all <br /> of its obligations under this Agreement, Redeveloper has <br /> delivered the Letter of Credit to the HRA concurrently with the <br /> execution. of this Agreement . <br /> (c) Redeveloper acknowledges that defaults by it with <br /> respect to certain obligations under this Agreement may give <br /> rise to - losses and damages to the HRA .which are difficult or <br /> impossible to measure or determine. - For this reason, • <br /> Redeveloper agrees that the damages to the HRA in no event <br /> shall be deemed to be less than the amount of the Letter of <br /> Credit . If the HRA draws on the Letter of Credit, it may <br /> retain the full amount thereof in compensation for its minimum <br /> damages resulting from Redeveloper ' s defaults under this <br /> Agreement . <br /> ARTICLE .V <br /> Insurance and Condemnation <br /> Section -5 . 1 Defense of Claims . Redeveloper shall <br /> indemnify and hold harmless the HRA and the City and their <br /> respective officers , employees and agents for any loss, damages <br /> and expenses ( including attorneys ' fees) in connection with any <br /> claims or proceedings arising from damages or injuries received <br /> or sustained. .by any person or property by reason of any actions <br /> or omissions of Redeveloper or its contractors, agents , <br /> officers or employees -under this Agreement, but excluding <br /> damages: or injuries caused by the acts or omissions of the HRA <br /> or City. . <br /> • <br /> -12- <br />