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RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
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RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
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3/25/2021 2:41:48 PM
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<br />(c) Failure of the Developer to pay to the HRA any amounts required to be paid by <br />the Developer hereunder. <br />(d) Subject to Cure Rights, failure of the Developer or the HRA to observe and <br />perform any other covenant, condition, obligation or agreement on its part to be observed <br />or performed hereunder. <br />(e) Failure of the Developer to pay any taxes on the Development Property as they <br />become due. <br />(f) Filing of any voluntary petition in bankruptcy or similar proceedings by the <br />Developer; general assignment for the benefit of creditors made by the Developer or <br />admission in writing by the Developer of inability to pay its debts generally as they become <br />due; or filing of any involuntary petition in bankruptcy or similar proceedings against the <br />Developer which are not dismissed or stayed within sixty (60) days. <br /> City and Authority Events of Default. Subject to Cure Rights and Unavoidable <br />Delays, the failure of the City or the Authority to observe or perform any covenant, condition, <br />obligation or agreement on its part to be observed or performed under this Agreement, and the <br />continuation of such failure for a period of 30 days after written notice of such failure from any <br />party hereto shall be an Event of Default for the City or the Authority. <br /> Cure Rights. If a Default occurs under Section 7.01 (a) or (d) or Section 7.02, which <br />reasonably requires more than 30 days to cure, such Default shall not constitute an Event of <br />Default, provided that the curing of the Default is promptly commenced upon receipt by the <br />defaulting party of the notice of the Default, and with due diligence is thereafter continuously <br />prosecuted to completion and is completed within a reasonable period of time, and provided that <br />the defaulting party keeps the non-defaulting party well informed at all times of its progress in <br />curing the Default. <br /> Remedies on Default. In the event the HRA or the City desires to exercise any of <br />its rights or remedies as provided herein or otherwise available to the HRA or the City at law or in <br />equity, the HRA or the City shall first provide written notice to Developer setting forth with <br />specific particularity the Event of Default and the action required to cure or remedy the same (the <br />“Default Notice”). Developer or any transferee or assignee under Section 6.01 hereof, shall have <br />thirty (30) days from receipt of a Default Notice to cure or remedy the Event of Default specified <br />in the Default Notice, subject to Cure Rights for such longer period as may be reasonably required <br />to complete the cure as soon as reasonably possible under the circumstances. If, following <br />Developer’s receipt of a Default Notice, Developer does not cure or remedy the Event of Default <br />therein specified within the time provided above, subject to Cure Rights, the HRA or the City may <br />take any one or more of the following actions at any time prior to Developer’s curing or remedying <br />the Event of Default: <br />(a) Suspend its performance under this Agreement until it receives assurances from <br />Developer, deemed adequate by the HRA or the City, that Developer will cure its default <br />and continue its performance under this Agreement. <br />18 <br /> <br />
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