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CC PACKET 10131987
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CC PACKET 10131987
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Last modified
12/30/2015 4:25:06 PM
Creation date
12/30/2015 4:24:27 PM
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SP Box #
18
SP Folder Name
CC PACKETS 1987-1989
SP Name
CC PACKET 10131987
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(f) :If Redeveloper or Guarahtor-.shall. admit in • <br /> Writing •its ,inability �to :.pay its- debts generally as they become <br /> .due, or ' shall file "a petition in .bankruptcy,- or shall make -an <br /> assignment for- the benefit .-of its creditors, or shall consent <br /> to. the appointment of, a receiver of itself or of the who-le.'-or <br /> any substantial part of -the Redevelopment Property: <br /> (g)- If Redeveloper .or _Guarantor: ,shall file a petition <br /> or answer :seeking reorganization or arrangement under the - <br /> federal 'bankruptcy laws . <br /> (h) If Redeveloper, or Guarantor, on a petition in <br /> *bankruptcy. filed , against it, be adjudicated a bankrupt, or .a <br /> court of competent jurisdiction shall enter an order or decree <br /> appointing, without the consent of the Redeveloper or the <br /> Partner; a receiver of all or substantially al.l . of its <br /> property, or approve a petition seeking reorganization or <br /> arrangement under the federal bankruptcy laws, and such <br /> adjudication, order or decree shall not be vacated or set aside <br /> or stayed within 60 days from the date . of entry -thereof . <br /> ( i) If Redeveloper is in default under any Mortgage <br /> and fails to cure any such default within 30 days after written <br /> demand -from the HRA to do so . <br /> Section 9 . 2 Remedies on Default . Whenever any Event • <br /> of Default referred to in Section 9 . 1 occurs , the HRA may take <br /> any one or more of the following actions : <br /> (a) Suspend its performance under this Agreement <br /> until it .ieceives assurances from Redeveloper, deemed adequate <br /> by the HRA, that Redeveloper will cure its default and continue <br /> its performance under this Agreement . <br /> (b) Terminate all rights of Redeveloper under this <br /> Agreement . <br /> (c) Draw upon the Letter of Credit . <br /> (d) Withhold the Certificate of Completion. <br /> (e) Withhold Net Proceeds . <br /> (f) Take whatever action at law or in equity may <br /> appear necessary or desirable to the HRA to collect any <br /> payments due under this Agreement , or to enforce performance <br /> and observance of any obligation, agreement, or covenant of the <br /> Redeveloper under this- Agreement . <br /> -20- <br />
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