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

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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:47/ST. 9:28/NO, 4261218754 P 45 • ARTICLE III Default Section 3.1. Defaults Defined. It shall be a default under this Agreement if the Redeveloper fails to comply with any term or provision of this Agreement, and fails to cure such failure within sixty (60) days of written notice to the Redeveloper of the default, but only if the default has not been cured within said sixty (60)days, or the Redeveloper does not provide to the Authority assurances, satisfactory to the Authority in its reasonable discretion, that the default will he cured and will be cured as soon as reasonably possible. Section 3.2. Remedies in Default. Upon the occurrence of a default under this Agreement the Authority may declare immediately due and payable the entire amount of principal and interest paid by the Authority under the Note, as defined in the Contract, together with interest on such amount at the rate of eight and one-half percent (8.5%) from the date that the Authority makes such declaration. Within ten (10) days after the date that the Authority makes such declaration, the Redeveloper shall be liable for and shall repay the amount of the assistance plus interest. Section 3.3. Costs of Enforcement. Whenever any default occurs under this Agreement and the Authority shall employ attorneys or incur other expenses for the collection of payments due or for the enforcement of performance or observance of any obligation or agreement on the part of the Redeveloper under this Agreement, the Redeveloper shall be liable to the Authority • for the reasonable fees of such attorneys and such other expenses so incurred by the Authority; provided that the Redeveloper shall only be.obligated to make such reimbursement if Authority prevails in such collection or enforcement action. Section 3.4. Force Majeure. In the event that the Redeveloper's compliance with the terms of this Agreement is delayed or interrupted due to strikes, acts of God or acts of any federal, state of local governmental unit, the Redeveloper's non-compliance shall be excused for the period of delay or interruption if the Redeveloper gives the Authority written notice of the cause of the delay or interruption within thirty (30) days after its occurrence. General economic or market conditions shall not constitute cause for excusing Redeveloper's performance. ARTICLE IV Miscellaneous Section 4.1. Provisions of Agreement Not Affected. With the exception of the provisions of the Contract relative to the Redeveloper's employment and wage requirements,this Agreement is not intended to modify or limit in any way the terms of the Contract. Section 4.2. Titles of Articles and Sections. Any titles of the several parts, Articles, and Sections of the Agreement are inserted for convenience of reference only and shall be 411 disregarded in construing or interpreting any of its provisions. D-4