Laserfiche WebLink
J <br /> • : Section 9 . 3 . - Reverting of Title-. In the event that <br /> subsequent to conveyance of the- Redevelopment Property to <br /> Redeveloper : <br /> (a) Redeveloper (or successor im interest) shall fail- <br /> to. begin construction of: . the Minimum Improvements i,n :conformity <br /> with . this Agreement; --such failure is not- due'- to Unavoidable <br /> Delays, and such failure is not cured within 30 days after <br /> written notice to do so; or <br /> (b) Redeveloper (or successor in interest) shall , <br /> after commencement of the construction of the Minimum <br /> Improvements, default in or violate its o.bligat.ions with <br /> respect to the -construction of the- Minimum- Improvements <br /> ( including the nature thereof or date for completion thereof) , <br /> or shall abandon or substantially suspend construction work, <br /> such act or actions is not due to Unavoidable Delays and- the <br /> same is not cured within 30 days .after written demand by the <br /> HRA so to do; or <br /> (c) Redeveloper (or successor in interest) .shall fail <br /> to pay real estate taxes or assessments on the Redevelopment <br /> Property when due, or shall -place thereon any encumbrance or <br /> lien unauthorized by -this Agreement, or -shall suffer any .levy <br /> or attachment to be made, or -any materialmen' s or mechanics" <br /> • lien, or any other unauthorized encumbrance or lien to attach, <br /> and such taxes or assessments shall not -have been paid, or the <br /> encumbrance .o r- lien removed -or discharged or provision ' <br /> satisfactory to the HRA made for such payment, removal , or. <br /> discharge, within 30 days after written demand by the HRA so to <br /> do; provided, that if Redeveloper shall first notify the .HRA of <br /> its intention to do so, . it may in good faith contest any <br /> mechanics ' or other lien• filed or established and in such event <br /> the HRA shall permit such mechanics ' or other lien to remain <br /> undischarged and unsatisfied during the period of such contest <br /> and any appeal , .but only if Redeveloper provides the HRA with a <br /> bank letter of- credit in the amount of the lien, in a form - <br /> satisfactory to the HRA pursuant to which the bank will pay to <br /> the HRA the amount of any lien in the event that the lien is <br /> finally determined to be valid and du-ring the course 'of such <br /> contest .Redeveloper shall keep the HRA informed respecting the <br /> status of such- defense; or <br /> (d) there is , in violation of this Agreement , any <br /> - transfer of any part of the Redevelopment Property or any <br /> interest therein, or any change. in the ownership of <br /> Redeveloper, or with respect to the identity of the parties in <br /> control of. Redeveloper. or 'the degree thereof , and - such . <br /> violation shall . not be cured within 60 days after written <br /> demand by the HRA to Redeve.loper; or <br /> • <br /> -21- <br />