|
Draft 9/8/94
<br />
<br />ARTICLE X
<br />
<br />EVENTS OF DEFAULT
<br />
<br /> Section 10.] Events of Defg!ull D.efined. The following shall be deemed Events of Default
<br />under this Agreement and the term shall mean, whenever it is used in this Agreement, unless the
<br />context otherwise provides, an), one or more of tile following events:
<br />
<br /> (a) Failure by tile Developer to pay, ,,,,,hen due, tile payments required to be paid or
<br />secured under an), provision of this Agreement, the Assessment Agreement, or the A~eement to
<br />Pay Deficiencies;
<br />
<br /> (b) Failure by the Developer to observe and substantially perform any covenant,
<br />condition, obligation or agreement on its p~u't to be observed or performed hereunder, after written
<br />notice to the Developer as provided in this Agreement;
<br />
<br /> (c) If the Developer shall admit, in writing, its inability to pay its debts, generally, as
<br />they become due, or shall file a petition in bankruptcy, or shall m~e an assignment for the benefit
<br />of its creditors, or shall consent to the appointment of a receiver of itself or of the whole or any
<br />substantial part of the Development Property;
<br />
<br />(d) If the Developer shall file a petition under the federal bankruptcy laws;
<br />
<br /> ' (e) If the Developer, on a petition in bankruptcy filed against it, be adjudicated a
<br />bank. rupt, or a court of competent jurisdiction, shall enter an order of decree appointing, without
<br />the consent of the Developer, a receiver of the Developer, or of the whole or substantially all of its
<br />property; or approve a petition filed against the Developer seeking reorganization or arrangement of
<br />the Developer under tile federal bankruptcy laws, and such adjudication, order or decree shall not
<br />be vacated or set aside or stayed v,,ithin 60 days from the date of entry thereof; or
<br />
<br /> (0 If the Developer is in default under any Mortgage and has not entered into a work-
<br />out a~eement with the Mortgagee.
<br />
<br /> Section 10.2 Remedies on Default. Whenever any Event of Default occurs, the City
<br />may, in addition to any other remedies or rights given the City under this A~eement but only after
<br />the Developer's failure to cure within 30 days of written notice of default, take may one or more of
<br />the following actions:
<br />
<br /> (a) suspend its performance under this Agreement until it receives assurances from the
<br />Developer, deemed reasonably adequate by the City, that the Developer will cure the default and
<br />continue its performance under this Agreement;
<br />
<br />(b) Cancel and rescind or terminate this Agreement;
<br />
<br />(c) withhold the Certificate of Completion; or
<br />
<br /> (d) rake whatever action at lay,, or in equit) ma3' appear necessary or desirable to the
<br />City to collect any payments due under this Agreement, or to 'enforce performance and observance
<br />of any obligation, a~eement, or covenant of the Developer under this Agreement.
<br />
<br /> Section 10.3 No Remedy Exclusive. No remedy herein conferred upon or reserved to
<br />the City is intended to be exclusive of any other available remedy or remedies, but each and every
<br />such remedy shall be ctmqutative and shall be in addition to every other remedy given uhder this
<br />A~eement, or nov,, or hereafter, existing at law or in equity or by statute. No delay or omission to
<br />
<br />[72.
<br />
<br />Page 18
<br />
<br />
<br />
|