10-25-01 6. DEVELOPMENT AGREEMENT

Home Browse Search

ARTICLE VII. EVENTS OF DEFAULT Section 7.1 Events of Default Defined. The following shall be deemed Events of Default under this Agreement and the term shall mean, whenever it is used in this Agreement, unless the context otherwise provides, the failure by the Developer to observe and substantially perform any covenant, condition, obligation or agreement on its part to be observed or performed hereunder, after written notice to the Developer as provided in this Agreement. Section 7.2 Remedies on Default. Whenever any Event of Default occurs, the HRA and the City may, in addition to any other remedies or rights given the HRA and the City under this Agreement, (1)without notice suspend their performance under this Agreement until they receive assurances from the Developer, deemed adequate by the HRA and the City, that the Developer has cured its default(or will do so within a reasonably acceptable period) and will continue its performance under this Agreement, and(2) after provision of 60 days written notice to the Developer of the Event of Default, but only if the Event of Default has not been cured within said 60 days, or if the Event of Default cannot be cured within 60 days, the Developer does not provide assurances reasonably satisfactory to the City and the HRA that the Event of Default will be cured as soon as reasonably possible, take any one or more of the following actions: (a) cancel or rescind this Agreement or the TIF Note, or both; (b) withhold the Ccrtificatc of Complction; or f e) take whatever action at law or in equity as may appear necessary or desirable to the HRA or the City to enforce performance and observance of any obligation, agreement, or covenant of Dunbar or the Developer under this Agreement. Section 7.3 No Remedy Exclusive. No remedy herein conferred upon or reserved to the HRA or the City is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the HRA, the City or the Developer to exercise any remedy reserved to it, it shall not be necessary to give notice, other than such notice as may be required in this Article VII. 18