5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

Home Browse Search

FROM GRAY PLANT MOOTY MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:41/ST. 9:28/NO, 4261218754 P 27 (c) Failure to reimburse Authority for land acquisition costs as required by • Section 3.3 of this Agreement. (d) An Event of Default or material breach by or attributable to a Redeveloper occurs under any agreement or instrument executed by any Redeveloper: (i) which relates to the Shopping Center Property,the Business Park Property, the Improvements or any portion thereof; and (ii) which adversely affects the Authority's interest in the Improvements as set out in this Agreement or which would impair the ability of the Authority or the Redeveloper to perform any covenant, obligation or condition of this Agreement. (e) The holder of any security interest in any part of the Redevelopment Property takes action to enforce the same for satisfaction. (f) A petition in bankruptcy is filed naming any Redeveloper as debtor, and such petition is not dismissed within ninety(90)days of the date of filing thereof. An Event of Default shall also include any occurrence which would with the passage of time or giving of notice become an Event of Default as defined herein above. The enumeration of Events of Default by the Redeveloper is not intended and shall not be construed to exclude or limit any remedy, whether legal or equitable, available to Redeveloper upon breach by the Authority or the City of their respective obligations hereunder. • Section 8.2 Authority's Remedies on Default. Whenever any Event of Default by Redeveloper referred to in Section 9.1 of this Agreement occurs, the Authority may suspend its performance under the Agreement and the Note until it receives assurances from the Redeveloper, deemed reasonably adequate by the Authority, that the Redeveloper will cure its default and continue its performance under the Agreement, and may take any one or more of the following actions after providing thirty (30) days written notice to the Redeveloper of the Event of Default, but only if the Event of Default has not been cured within said thirty (30) days or Authority has not received assurances from Redeveloper that the default will be cured within an additional 30 days. (a) Terminate the Agreement and/or the Note. (b) Suspend payments on the Note. (c) Take whatever action, including legal, equitable or administrative action, which may appear necessary or desirable to the Authority to collect any payments due under this Agreement, the Shopping Center PUL) Agreement, the Business Park Developer Agreement, the Shopping Center Developer Agreement, or the Job Performance Agreement, or to enforce performance and observance of any obligation, agreement, or covenant of the Redeveloper under said Agreements. Section 8.3 No Remedy Exclusive. No remedy herein conferred upon or reserved to the Authority or Redeveloper is intended to be exclusive of any other available remedy or -23-