Agenda - Council - 09/27/2011 - Special

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(b) The City or the HRA may terminate this Development Agreement; (d) If the Event of Default is an Event of Default under Section 13.1 (a), (b), (c), (d), (e), (f) or (g), the City may refuse to issue or cancel and rescind the TIF Note. (ii) receive assurance from the holder of a Project Mortgage, deemed adequate by the City and the HRA, that the holder of the Project Mortgage will cure the default or, if the holder of the Project Mortgage cannot cure the default without first obtaining possession of the Development Property, will foreclose the Project Mortgage, elect, pursuant to Section 11.3, to treat this Development Agreement as having priority over the Project Mortgage and, upon the completion of the foreclosure proceedings and the expiration of all applicable redemption periods, cure the default and perform the obligations of Developer under this Agreement, the Loan Agreement, Note No. 1 and Note No. 2; (c) The HRA may terminate the Loan Agreement and declare the entire amount of the outstanding principal due and payable under Loan No. 1 and Loan No. 2 immediately due and payable, in full; or 2695614v12 ARTICLE XIV ADDITIONAL PROVISIONS Section 14.1 Conflicts of Interest. No member of the governing body or other official of the City shall participate in any decision relating to the Agreement which affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is directly or indirectly interested. No member, official or employee of the City shall be personally liable to the City in the event of any default or breach by Developer or successor or on any obligations under the terms of this Agreement. Section 14.2 No Remedy Exclusive. No remedy herein conferred upon or reserved to any party 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 Development 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 14.3 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 14.4 Titles of Articles and Sections. Any titles of the several parts, articles and sections of this Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions. 21