Agenda - Council - 12/13/1994 - Laserfiche WebLink

Home

Draft 12/8/94 ARTICLE VII EVENTS OF DEFAULT Section 7.,1 Events of Default Defined. The following shall be deemed Events of Default under thi~; 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 anyiprovision of this Agreement, or any subsequent agreement or amendment; (b) Failure by the Developer to observe and substantially perfom'~ any covenant, condition, obligan;on or agreement on its part to be observed or performed hereunder, after written notice to the Developer as provided in this Agreement; (c) If the Developer shall admit, in writing, its inability to pay its debts, generally, as they become due, Br shall file a petition in bankruptcy, or shall make an assignment for the benefit of its creditors, o~shall consent to the appointment of a receiver of itself or of the whole or any substantial part of ihe Development Property; (d) If the Developer shall file a petition under the federal bankruptcy laws; (e) If ~he Developer, on a petition in bankruptcy filed against it, be adjudicated a bankrupt, or a cotf~rt 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 approite a petition filed against the Developer seeking reorganization or arrangement of the Developer unc~ r the federal bankruptcy laws, and such adjudication, order or decree shall not be vacated or set a~ide 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 witti the Mortgagee. Section 7.2. Remedies on Default. Whenever any Event of Default occurs, the City may, in addition toany other remedies or rights given the City under this Agreement, but only after the Developer's fa}lure to cure within 30 days of written notice of default, take one or more of the following actions: [: ; (a) Sus. pend its. performance under this..Agreement until it receives assurances from the Developer, deeme~d reasonably adequate by the City, that the Developer will cure the default and continue its peffomh.' ance 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 ~ayments due under this Agreement, or to enforce performance and observance of any obligation, ~reement, or covenant of the Developer under this Agreement. Section 7.3 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 no'or hereafter, existing at law or in equity or by statute. No delay or omission to exercise any right 6~r power accruing upon any default shall impair any such right, and power may ,. Page 13