CC PACKET 07121988 - Laserfiche WebLink

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• Section 4 . 5 Securitv for Performance. (a) If Redeveloper ( i) fails to submit Construction Plans which conform to the Proposal, or fails to submit proof that the Redeveloper has completed the Refunding, which Plans and proof are approved by the HRA, in the time periods required; (-ii) fails to accept the Deed and pay the Purchase Price as required under this Agreement; or (iii) fails to commence or substantially complete construction of the Minimum Improvements as required under this Agreement, subject to Unavoidable Delays; then the HRA may give written notice to Redeveloper of the occurrence of such event . If Redeveloper has not cured such failure or failures within 30 days (or such shorter period as may remain prior to expiration of the Letter of Credit) after delivery of such notice, (or, if the failure is by its nature incurable within 30 days , has not furnished to the HRA assurances acceptable to the HRA that the Redeveloper can and will cure such failure or failures) then the HRA may ( i ) draw on the Letter of Credit, ( ii) take possession of and utilize in completion of the work such materials and equipment as may be on the site of the work and necessary therefor, ( iii) sell all or any part of the Redevelopment Property to another redeveloper, and (iv) dispose of all or any part of the Redevelopment Property as the HRA deems to be in the public interest . • (b) As security for performance by Redeveloper of all of its obligations under this Agreement, Redeveloper has delivered the Letter of Credit to the HRA concurrently with the execution of this Agreement . (c) Redeveloper acknowledges that defaults by it with respect to its obligations under this Agreement may give rise to losses and damages to the HRA which are difficult or impossible to measure or determine. For this reason, Redeveloper agrees that the damages to the HRA in no event shall be deemed to be 'less than the amount of the Letter of Credit . If the HRA draws on the Letter of Credit, it may retain the full amount thereof in compensation for its minimum damages resulting from Redeveloper ' s defaults under this Agreement . (d) After the foundation of the final building of the Project has been completed, as certified by the Project architect, the Letter of Credit will be returned to Redeveloper if Redeveloper provides the HRA with evidence that Redeveloper ' s obligations to complete construction of all Minimum Improvements is secured by an appropriate performance and payment bond naming the HRA as an obligee. -12-