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

Home

itself for all costs and expenses which the City incurs in connection with the full perfoiiiiance of the Developer's obligations and Developer is personally liable to the City for the amount by which the costs and expenses which the City incurs in connection with the perfoiinance of the Developer's obligations under this Master Agreement exceed the proceeds of the Letter of Credit If the City elects to commence a civil action to recover its damages (to the extent such an action for damages is permitted under Section 15(f), the City must hold the proceeds of the Letter of Credit, less amounts the City deducts therefrom to reimburse the City for costs and expenses the City incurs in performing Developer's obhgations, until a court enters a judgment against Developer at which time the City must apply the proceeds of the Letter of Credit, less amounts the City has deducted therefrom to reimburse the City for costs and expenses the City incurred in performing the Developer's obligations, towards the satisfaction of the judgment If the proceeds of the Letter of Credit exceed the amount necessary for the satisfaction of any judgment the City obtains against Developer and the reimbursement of costs and expenses the City incurs in performing Developer's obligations, the City must remit the remaining balance of the Letter of Credit proceeds to the Developer, (d) the City may deny building penults for buildings within any Phase that is not subject to a Secondary Development Agreement and may withhold approval of Final Plans for any new Phase proposed by the Developer, until the default is cured, (e) the City may, at its sole option, perform the work or improvements to be performed by the Developer, in which case the Developer shall within thirty (30) days after written billing by the City reimburse the City for any costs and expenses incurred by the City In the alternative, the City may, in whole or in part, specially assess any of the costs and expenses incurred by the City against any or all of the Subject Property then owned by the Developer, and the Developei hereby waives any and all procedural and substantive objections to the installation and construction of the work and improvements and the special assessments resulting therefrom, including but not limited to notice and heanng requirements and any claim that the special assessments exceed benefit, (f) If the Developer's default is the failure to perform one or more of its monetary obligations under Section 4 12, 7 6, 7 7, 7 12, 7 13, 9 6, 9 7, 12 3, 13 1, 13 2, 15 1(c) or 15 1(e), the City may commence an action against the Developer for monetary damages Notwithstanding anything else in this Section 15, if the Developer's default is the failure to obtain an extension or renewal of a Letter of Credit or a replacement Letter of Credit within 30 days of the date an existing Lettei of Credit will expire or if applicable law prevents the City from giving the notice of default descnbed in this Section 15 1, the City may exercise the remedies described in Sections 15(b), 15(c), 15(d) or 15(e) without prior notice to the Developer and without the Developer having an opportunity to cure the Developer's default If the City draws on a Letter of Credit as a result of the Developer's failure to provide an extension or renewal of a Letter of Ci edit or a replacement Letter of Credit, the City must hold the proceeds 15557301,13 38