Agenda - Council - 03/24/1998 - Laserfiche WebLink

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DRAFT 3/18/98 ARTICLE X JEVENT$ OF DEFAULT Section 10.1 Events of Default Defined. The following shall be deemed Events of Default under this Agreement and the term shall mean, whenever it is used in this Agreement, unless the context otherwise provides, any one or more of the following events: (a) Failure by the Developer to pay, when due, the payments required to be paid or secured under any provision of this Agreement, the Assessment Agreement, or the Agreement to Pay Deficiencies; (b) Failure by the Developer to observe and substantially perform any covenant, condit/on, obligation or agreement on its part to be observed or performed hereunder, after written notice to the Developer as provided; (c) If the Developer shall admit, in writing, its inability to pay its debts, generally, as they become due, shall file a petition in bankruptcy, shall make an assignment for the benefit of its creditors, shall consent to the appointment of a receiver of itself, or of the whole or any substantial part of the Development Property; (d) If the Developer shall file a petition under the federal bankruptcy laws; (e) If the Developer, on a petition in bankruptcy filed against it, be adjudicated a bankrupt, or a court of competent jurisdiction, shall enter an order of decree appointing, without the consent of the Developer, a receiver of the Developer, or of the whole or substantially all of its property; or approve a petition filed against the Developer seeking reorganization or arrangement of the Developer under the federal bankruptcy laws, and such adjudication, order or decree shall not be vacated or set aside or stayed within 60 days from the date of entry thereof; or (f) If the Developer is in default under any Mortgage and has not entered into a work-out agreement with the Mortgagee. Section 10.2 Remedies_on Default. Whenever any Event of Default occurs, the City may, in addition to any other remedies or fights given the City under this Agreement, but only after the Developer's failure to cure within 30 days of written notice of default (33 days for notice delivered by mail), take one or more of the following actions: (a) suspend its performance under this Agreement until it receives assurances from the Developer, deemed reasonably adequate by the City, that the Developer will cure the default and continue its performance under this Agreement; (b) cancel and rescind or terminate this Agreement; (c) withhold the Certificate of Completion; or (d) take whatever action at law or in equity may appear necessary or desirable to the City to collect any payments due under this Agreement, or to enforce performance and observance of any obligation, agreement, or covenant of the Developer under this Agreement. Section 10.3 No RemedyExclusive. No remedy herein conferred upon or reserved to the City or Developer 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 fight or power accruing upon any default shall impair any such fight, and power may be exercised as often as may be deemed expedient. Page 18 I I I I i ! I I