7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 13:04; Jetfx #801 ;Page 33/39 Section 2.3. Monitoring. The Developer agrees that it will provide, upon request by the Authority, documentation reasonably required by the Authority to document Developer's compliance with the provisions of this Agreement. Section 2.4. Continuing Obligation. The Developer's obligations under this Agreement shall be continuing, and the Developer shall cause the employment and wage levels to be maintained for a period of at least one (1) year from the date that the Developer is first obligated to achieve the employment and wage levels. ARTICLE III Default Section 3.1. Defaults Defined. It shall be a default under this Agreement if the Developer 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 Developer of the default, but only if the default has not been cured within said sixty (60) days, or the Developer does not provide to the Authority assurances, satisfactory to the Authority in its reasonable discretion, that the default will be 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 Developer 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 Developer under this Agreement,the Developer 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 Developer 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 Developer'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 Developer's non-compliance shall be excused for the period of delay or interruption if the Developer 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 Developer's performance. • BcckP 545664.2 C-4