5.0. 6.0. 7.0. 8.0. 9.0. 10.0. EDSR 09-21-1998

Home Browse Search

acquisition, construction, installation, ownership, and operation of the Minimum 110 Improvements. (c) The Authority, and the governing body members, officers, agents, servants and employees thereof, shall not be liable for any damage or injury to the persons or property of the company, or its officers, agents, servants or employees, or any other person who may be about the Development Property or Minimum Improvements due to any act of negligence of any person other than the Authority or its governing body members, officers, agents, servants and employees. (d) All covenants, stipulations, promises, agreements and obligations of the Authority contained herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the Authority, and not of any governing body member, officer, agent, servant or employee of the Authority in the individual capacity thereof. ARTICLE IX. Events of Default Section IX.1 Events of Default Defined. The term "Event of Default" shall mean, whenever it is used in this Agreement (unless the context otherwise • provides), subject to Unavoidable Delays, any failure by Developer to substantially observe or perform any covenant, condition, obligation or agreement on its part to be observed or performed hereunder or under the Job Performance Agreement. Section IX.2 Authority's Remedies on Default. Whenever any Event of Default by Developer referred to in Section 9.1 of this Agreement occurs, the Authority may suspend its performance under the Agreement until it receives assurances from the Developer, deemed reasonably adequate by the Authority, that the Developer will cure its default and continue its performance under the Agreement and the Job Performance Agreement, and may take any one or more of the following actions after providing thirty (30) days written notice to the Developer of the Event of Default, but only if the Event of Default has not been cured within said thirty (30) days: (a) Terminate the Agreement. (b) Reenter and take possession of the Development Property and the Minimum Improvements, or whatever portion thereof has been constructed, and terminate (and revest in the Authority) the estate conveyed by the Warranty Deed to the Developer, it being the intent of this provision, together with other provisions of this Agreement, that the conveyance or transfer of the Development Property to • the Developer shall be made upon, and that the Warranty Deed shall contain a condition subsequent to the effect that, in the event of any Event of Default 16 BeckP 548540.1