7.5 SR 06-17-2024 - Laserfiche WebLink

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(a) The City may suspend its performance under this Agreement until it receives assurances from the Developer and the Company, deemed adequate by the City, that the Developer or the Company, as applicable, will cure the default and continue its performance under this Agreement. (b) The City may cancel and rescind this Agreement, in whole or in part. (c) The City may require the Developer to repay the Purchase Price Note plus accrued interest thereon in full or in part and exercise its remedies available under the Security Documents. (d) If the Event of Default constitutes a breach of the condition subsequent set forth in the Right of Re-entry the City reserves in a deed conveying the Development Property to the Developer, the City may exercise its Right of Re-entry. (e) The City may seek specific performance of the obligations of the Developer, the Company or any of the Guarantors pursuant to this Agreement, the Purchase Agreement, the Purchase Price Note and the Security Documents or damages to the extent otherwise set forth herein as to any obligation, agreement, or covenant of the Developer, the Company or any of the Guarantors under this Agreement, the Purchase Agreement, the Purchase Price Note or the Security Documents. (f) (f) The City may take any action at law, including legal or administrative action, in law or equity, which may appear necessary or desirable to enforce the performance or observance of any obligation, agreement, or covenant of the Developer or the Company under this Agreement. Section 6.3 No Remedy Exclusive. No remedy herein conferred upon or reserved to the City is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute to the extent provided herein. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. Section 6.4 No Implied Waiver. In the event any agreement contained in this Agreement should be breached by any party and thereafter waived by any other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. Section 6.5 Agreement to Pay Attorney's Fees and Expenses. Whenever any Event of Default occurs and the City shall employ attorneys or incur other expenses for the collection of payments due or to become due or for the enforcement of performance or observance of any obligation or agreement on the part of the Developer or the Company herein contained, the Developer and the Company agree, jointly and severally, that they shall, on demand therefor, pay to City the reasonable fees of such attorneys and such other expenses so incurred by it. In addition, the Developer and the Company agree, jointly and severally, to pay the total amount of any actual costs, charges, expenses and attorneys fees reasonably incurred or paid at any time by the City because of any Event of Default by the Developer or the Company as to any stipulation, agreement, and covenant of this Agreement, the Purchase Agreement, the Purchase Price Note or the Security Documents, resulting in any suit or proceeding at law or in equity to which the City shall become a party in reference to the Developer's or the Company's interest in the Development Property or the Project. 21 EL185\77\951254.v6 Page 317 of 372