5.0. & 5.1. & 5.2. EDSR 04-14-2008

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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 EDA to cause the sale of the Tax Abatement Property to be completed pursuant to the terms, conditions and limitations of the Purchase Agreement. (2) Failure by the EDA to observe or perform any other covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement. Section 4.2 Remedies on Default. Whenever any Event of Default refei~ed to in Section 4.1 occurs and is continuing, the City, as specified below, may only take any one ormore of the following actions after the giving of thirty (30) days' written notice to the EDA citing with specificity the item or items of default and notifying the EDA that it has thirty (30) days within which to cure said Event of Default. The following remedies are the City's sole and exclusive remedies for an uncured default by the EDA under this Agreement. If the Event of Default has not been cured within said thirty (30) days: (a) The City may suspend its performance under this Agreement until it receives assurances from .the EDA, deemed adequate by the City, that the EDA will cure its default and continue its performance under this Agreement. (b) The City may cancel and rescind this Agreement and recover from the EDA amounts paid to the EDA under Section 3.8 plus Interest as defined in 3.7(2). Section 4.3 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. 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 maybe deemed expedient. Section 4.4 No`Implied Waiver. In the event any agreement contained in this Agreement should be breached by any party and thereafter waived by the 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. 2159586v2 S