8.1 SR 05-17-2021 - Laserfiche WebLink

Home Browse Search

principal amount of the TIF Note, such adjustment will date back to the date any such legislative change affects Pledged Tax Increments. ARTICLE IV EVENTS OF DEFAULT Section 4.1. Events of Default Defined. The following shall be "Events of Default" under this Agreement and the term "Event of Default" shall mean whenever it is used in this Agreement any one or more of the following events: (1) Failure by the Developer to timely pay any ad valorem real property taxes assessed with respect to the Development Property. (2) Subject to Unavoidable Delays, failure by the Developer to construct the Project in accordance with the timelines set forth in Section 3.6 hereof. (3) Failure of the Developer to observe or perform any other material covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement, or if any certification, representation, or warranty by the Developer to the City is untrue or misrepresented. (4) If, prior to the Completion Date, the Developer shall (a) file any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or (b) be adjudicated as bankrupt or insolvent; or if a petition or answer proposing the adjudication of the Developer, as bankrupt or its reorganization under any present or future federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within 90 days after the filing thereof; or a receiver, trustee or liquidator of the Developer, or of the Project, or part thereof, shall be appointed in any proceeding brought against the Developer, and shall not be discharged within 90 days after such appointment, or if the Developer, shall consent to or acquiesce in such appointment. Notwithstanding anything to the contrary set forth in this Agreement the lenders providing construction or permanent financing for the Project shall have the right, but not the obligation, to cure an Event of Default during the cure period provided for the Developer. Section 4.2. Remedies on Default. Whenever any Event of Default referred to in Section 4.1 occurs and is continuing, the City, as specified below, may take any one or more of the following actions after the giving of 3060 days' written notice to the Developer, but only if the Event of Default has not been cured within said 3060 days; provided that if such Event of Default cannot be reasonably cured within the 3-060 day period, and the Developer has provided assurances reasonably satisfactory to the City that it is proceeding with due diligence to cure 15 EL185-50-718703.v2