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<br /> <br />ARTICLE IV <br /> <br />EVENTS OF DEFAULT <br /> <br />Section 4.1 Events of Default Defined. The following shall be “Events of Default” <br />under this Agreement and the term “Event of Default” shall mean whenever it is used in this <br />Agreement any one or more of the following events: <br /> <br />(1)Failure by the Developer to timely pay any ad valorem real property taxes, special <br />assessments, utility charges or other governmental impositions with respect to the Project. <br /> <br />(2)Failure by the Developer to cause the construction of the Project to be completed <br />pursuant to the terms, conditions and limitations of this Agreement. <br /> <br />(3)Failure by the Developer to observe or perform any other covenant, condition, <br />obligation or agreement on its part to be observed or performed under this Agreement. <br /> <br />Section 4.2 Remedies on Default. Whenever any Event of Default referred to in Section <br />4.1 occurs and is continuing, the City, as specified below, may take any one or more of the <br />following actions after the giving of thirty (30) days’ written notice to the Developer citing with <br />specificity the item or items of default and notifying the Developer that it has thirty (30) days <br />within which to cure said Event of Default. If the Event of Default has not been cured within <br />said thirty (30) days: <br /> <br />(a)The City may suspend its performance under this Agreement until it <br />receives assurances from the Developer, deemed adequate by the City, that the Developer <br />will cure its default and continue its performance under this Agreement. <br /> <br />(b)The City may cancel and rescind this Agreement. <br /> <br />(c)The City may accelerate the Purchase Price Note and foreclose the <br />Mortgage. <br /> <br />(d)The City may take any action, including legal or administrative action, in <br />law or equity, which may appear necessary or desirable to enforce performance and <br />observance of any obligation, agreement, or covenant of the Developer under this <br />Agreement. <br />Notwithstanding the foregoing, upon any failure of the Developer or Sportech to satisfy <br />the requirements of Section 3.8, the City’s sole remedy shall be as provided in Section 3.8(2). <br /> <br /> <br />Section 4.3 No Remedy Exclusive. No remedy herein conferred upon or reserved to the <br />City is intended to be exclusive of any other available remedy or remedies, but each and every <br />such remedy shall be cumulative and shall be in addition to every other remedy given under this <br />Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to <br />exercise any right or power accruing upon any default shall impair any such right or power or <br />8 <br />459599v5 JSB EL185-31 <br />