CC PACKET 04261983 - Laserfiche WebLink

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Improvements that .the Agency would have had, had there been no notice to. Redeveloper specifying such failure and requesting such transfer or :change. There -shall be submitted to the that it be-remedied (or within such other period as otherwise Agency for review all legal documents- relating to the transfer. expressly provided in this Agreement). In the absence of ,specific written agreement,by the. M. If Redeveloper or a Partner shall admit,in Agency to -the contrary, no such transfer or approval by the i writing its inability to pay its debts generally as they become Agency thereof shall be deemed to relieve Redeveloper, or any due, or shall file a petition, in,bankruptcy, or shall 'make an other party bound in any way by this Agreement or otherwise assignment for .the benefit of its creditors, or shall consent with respect to the construction.of. the Minimum improvements, to the appointment of a receiver of itself or of the whole or from any of its obligations with respect thereto. 5 :__ any substantial part of the Redevelopment Property. Section 8..4 . Information as to Partners..* Redeveloper (g) If Redeveloper or a Partner shall file a petition will promptly notify the Agency of any changes in the ownership or .answer seeking-reorganization or arrangement under the of Redeveloper, or with respect to the identity of the parties federal bankruptcy laws. in control of Redeveloper or the degree thereof, ,of which it has been notified or otherwise had knowledge. Redeveloper .(h) If Redeveloper, or a Partner., on a petition in shall, at such time or times as -the Agency may request, 'furnish bankruptcy filed against it, be adjudicated a bankrupt, or a the Agency with- a complete statement, subscribed and sworn to court. of 'competent jurisdiction shall enter an order or.decree by the President or other executive officer of each partner of - appointing, without the consent of the Redeveloper or the the Redeveloper, setting forth all of the owners •of ,Redeveloper Partner, a receiver of all or substantially all of its and the extent of their respective.holdings. property, or approve a petition seeking reorganization or arrangement under the federal bankruptcy laws, and such adjudication, order or decree shall not be vacated on set aside ARTICLE IX or stayed within 60 days from the date of entry thereof. Events of Default (i) If Redeveloper is in default under any Mortgage Section 9.1 Events of Default. The following shall be and fails to cure any such default, within 30 days after written "Events of Default" under this Agreement and the term "Event of demand from the Agency to do so. , Default" shall mean, whenever it is used in this Agreement (unless the context otherwise.provides), any one or more of the Section 9.2 Remedies on Default. whenever any Event following events (and the term "default" shall mean any event of Default referred to in Section 9.1 occurs, the Agency may which would.with the passage of time or giving of notice, or _ take any one or more of the following actions: both, be an "Event of Default" hereunder): (a) Suspend its performance under this Agreement (a) Failure of Redeveloper to deliver the Second I until it receives assurances from Redeveloper, deemed adequate Letter of Credit or pay when due the payments required by the Agency, that Redeveloper will cure its de£ault. and hereunder. continue its performance under this Agreement. (b) Failure of Redeveloper to construct or (b) Terminate all rights of Redeveloper under this reconstruct the-Minimum Improvements as required hereunder. Agreement. (c) Failure-of Redeveloper to furnish the (c) Draw upon any Letter of Credit which it holds. Construction Plans as required hereunder. (d) Withhold any Certificate of Completion.. (d) Failure of Redeveloper to pay real estate taxes as required hereunder. (e) Withhold Net Proceeds. (e) Failure of Redeveloper to observe and perform any (f) Take whatever action at law. or in equity may' covenant, condition, obligation or agreement on its part to be appear necessary or desirable to the Agency to collect any-- observed or performed hereunder, within 30 days after written -payments due under this Agreement, or to enforce.performance. -21- -22-