HRA PACKET 11242020 - Laserfiche WebLink

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5 Development Agreement if an Event of Default (as defined in the Development Agreement) occurs, as provided in Section 9.2 of the Development Agreement. 11. The Authority and the City agree that, contemporaneously with any notice of default given under the Development Agreement to the Redeveloper or the Phase II Land Owner, the Authority and the City shall also provide the Lender with a copy of such notice of default, and the Lender shall have the right, but not the obligation, to cure any such default on behalf of the Developer within any applicable cure period provided for in the Development Agreement. 12. The Lender agrees to use commercially reasonable efforts to provide the Authority with all default notices sent to the Borrower pursuant to the Loan Documents but only to the extent the default described therein is reasonably likely to have a material adverse effect on Borrower’s ability to perform its obligations under the Development Agreement, and the Borrower agrees that it shall cause the Authority to receive copies of any notice of default received by the Borrower from the Lender but only to the extent the default described therein is reasonably likely to have a material adverse effect on Borrower’s ability to perform its obligations under the Development Agreement. 13. The parties hereto agree that no change or amendment shall be made to the terms of the Development Agreement without the prior written consent of the Lender, such consent not to be unreasonably withheld, condition or delayed. 14. This Agreement can be waived, modified, amended, terminated or discharged only explicitly in a writing signed by all parties hereto. A waiver by the Lender shall be effective only in a specific instance and for the specific purpose given. Mere delay or failure to act shall not preclude the exercise or enforcement of any of the Lender’s rights or remedies hereunder. All rights and remedies of the parties hereunder shall be cumulative and shall be exercised singularly or concurrently, at such party’s option, and any exercise or enforcement of any one such right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other. 15. No provision of this Agreement shall be deemed or construed to alter, amend or modify, in any way, the rights and obligations of the Authority and the City with respect to the Redeveloper and the Phase II Land Owner, as applicable, with respect to the Development Agreement. Nothing herein shall be construed to limit the Authority’s or the City’s remedies under Section 9.2 of the Development Agreement upon the occurrence and during the continuance of an Event of Default under the Development Agreement. 16. Any notice, request, demand or other communication hereunder shall be deemed duly given if delivered or postage prepaid, certified or registered, addressed to the party as set forth below: