Agenda - Council - 11/12/2013 - Laserfiche WebLink

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The City will provide the Developer with a Certificate of Completion indicating that all of the Developer's obligations under this Agreement, except for the Developer's obligations under Article 13, have been satisfied and, except for Article 13, this Master Agreement is teiunnated Six years after the date the City issues the Certificate of Completion referenced in the preceding sentence, the Developei's obligations under Article 13 terminate and are of no further force and effect ARTICLE 15 REMEDIES UPON DEFAULT 15 1 CITY'S REMEDIES Except as set forth m this Section 15 1 or m Section 15 6, if the Developer fails to perfonu one or more of its obligations under this Master Agreement of 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 peilriits 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 Foinial 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 in Sections 4 12, 7 6, 7 7, 7 12, 7 13, 9 6, 9 7, 12 3, 12 4, 13 1, 13 2, and 15 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 within the required period or such longer penod as may be necessary if the default may not reasonably be cured within such penod, provided the Developer pursues the cure with reasonable diligence, then the City may avail itself of any remedy afforded by law and any of the following cumulative, non-exclusive remedies (a) the City may specifically enforce this Master Agreement, including without limitation, the use of temporary restraining orders, temporary injunctions and permanent injunctions, (b) the City may suspend any work, improvement or obligation to be perfoniied by the City until the City receives assurances from the Developer, deemed adequate by the City, that the Developer will cure its default and continue its performance under the Master Agreement, (c) the City may collect on any security provided by the Developer pursuant to Article 12, to the extent necessary to cure the default and, if the security is a Letter of Credit, the City may draw on the Letter of Credit for any amount up to the full amount of the Letter of Credit If the City draws on a Letter of Credit, the City must deposit the proceeds of the Letter of Credit in a bank account in the City's name If the City elects to perform (or to engage third parties to perform) obligations of the Developer pursuant to subsection 15(e) below, the City may withdraw from said account and retain an amount equal to the total amount of the costs and expenses which the City incurs in connection with the performance of such obligations If the City elects to perform obligations of the Developer under this Master Agreement, Developer is entitled to recover from the City any balance of the proceeds of the Letter of Credit remaining after the City has reimbursed 1555730v13 37