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CC PACKET 05231989
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CC PACKET 05231989
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Last modified
12/30/2015 4:36:50 PM
Creation date
12/30/2015 4:36:27 PM
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SP Box #
18
SP Folder Name
CC PACKETS 1987-1989
SP Name
CC PACKET 05231989
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(g) If Redeveloper , on a petition in bankruptcy filed • <br /> against it, be adjudicated a bankrupt , or a court of competent <br /> jurisdiction shall enter an order or decree appointing, without <br /> the consent of the Redeveloper, a receiver of all or <br /> substantially all of its property, or approve a petition <br /> seeking reorganization or arrangement under the federal <br /> bankruptcy laws , and such adjudication, order or decree shall <br /> not be vacated or set aside or stayed within 60 days from the <br /> date of entry thereof . <br /> (h) If Redeveloper is in default under any Mortgage <br /> and fails to cure any such default within the time period <br /> provided for in the Mortgage . <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 receives 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) Withhold the Certificate of Completion. <br /> (d) Withhold the issuance of the Note. <br /> (e) Take whatever -action at law or in equity may <br /> appear necessary or desirable to the HRA to enforce performance <br /> and observance of any obligation, agreement , or covenant of the <br /> Redeveloper under this Agreement . <br /> Section 9 .3 . No Remedy Exclusive. No remedy herein <br /> conferred upon or reserved to the HRA is intended to be <br /> exclusive of any other available remedy or remedies, but each <br /> and every such remedy shall be cumulative and shall be in <br /> addition to every other remedy given under this Agreement or <br /> now or hereafter existing at law or in equity or by statute. <br /> No delay or omission to exercise any right or power accruing <br /> upon any default shall impair any such right or power or shall <br /> be construed to be a waiver thereof , but any such right and <br /> power may be exercised from time to time and as often as may be <br /> deemed expedient . In order to entitle the HRA or Redeveloper <br /> to exercise any remedy reserved to it, it shall not be <br /> necessary ,to give notice, other than such notice as may be <br /> required under this Agreement . <br /> • <br /> -15- <br />
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