Agenda - Council Work Session - 09/02/2003

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[DRAFT] the authority of the City to pursue its rights under any outstanding security, exercise remedies otherwise available under this Master A~eement or suspend the performance of its obligations under this Master Agreement as otherwise allowed. 14.4 ESTOPPEL CERTIFICATES. Within twenty (20) days after the City's receipt of Formal Notice requesting an estoppel certificate, the City will cause an appropriate representative of the City to execute, acknowledge and deliver to the Developer an estoppel certificate certifying: (a) Either (i) that this Master Agreement is unmodified and in full force and effect; that this Master Agreement is in full force and effect as modified, and stating the modifications; or (ii) that this Master Agreement has terminated; and (b) Either that, to the best of City's actual knowledge, (i) neither the City nor the Developer is in default under this Master Agreement or (ii) stating that neither the City nor the Developer is in default under this Master Agreement except as stated in the Estoppel Certificate and setting forth, and specifying, the nature and extent of the default. 14.5 CERTIFICATE OF COMPLETION. -Upon the Developer's completion of all of the Developer Public Improvements or a discrete portion of the Developer Public Improvements, the City will, upon the Developer's request, furnish the Developer with a recordable Certificate of Completion substantially in the form attached as Exhibit L, or will provide the Developer w/th a written statement indicating, in reasonable detail, in what respects the Developer has failed to complete the relevant Developer Public Improvement and the measures or acts that are required, in the opinion of the City, for the Developer to complete the Developer Public Improvement in question. The City will provide the Certificate of Completion or written statement described in this Section 14.5 within thirty (30) 'days after receipt of the Developer's request. ARTICLE 15 REMED1ES UPON DEFAULT 15.1 CITY'S REMEDIES. Except as set forth in this Section 15.1 or in Section 15.6, if the Developer fails to perform one or more of its obligations under this Master Agreement or fails to abide by one or more restrictions this Master Agreement imposes on the Developer, the City shall give the Developer Formal Notice of the default and the Developer shall have thirty (30) days to cure the default. If, however, the Developer undertakes or permits Development in violation of the restrictions set forth in Sections 3.3, 4.1, 4.2-or 4.3 of this Master Development Agreement, the City shall give the Developer Formal Notice of the default and the Developer shall have forty-eight (48) hours to cure the default. If the Developer fails to perform one or more of its obligations Sections 7.6, 7.7, 7.12, 7.13, 12.3, 12.4, 13.t, 13.2, and t5.1(e) the City shall give the Developer Formal Notice of the default and the Developer shall have five (5) days to cure the default.. If the Developer does not cure the default w/thin the required period Or such longer period as may be necessary if the default may not reasonably be cured w/thin such period, provided the Developer pursues the cure w/th reasonable diligence, then the City may avail itself of any remedy afforded by law and any of the following cumulative, non-exclusive remedies.