Agenda - Economic Development Authority - 12/01/2003

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of the Letter of Credit in a separate account the City maintains w/th a state or national bank or - other financial institution acceptable to the City, may'use the proceeds of the Letter of Credit in the same mariner and to the same extent the City may use proceeds of a draw on a Letter of Credit pursuant to Section 15.1 (c) and wilt remit unused proceeds of the Letter oi' Crectit to the Developer upon the Developer's delivery to the City of a new Letter of Credit in the form and in the amount tkis Master Agreement requires. 15.2 obligations under this Master Agreement, the Developer shall g/ye the City Formal Notice of such defauk and the City shall have 30 days to cure the default. If the City, after the Formal Notice to it by the Developer, does not cure'the default within such 30 day per/od, or such longer perhod as may be necessary if the default may not reasonably be cured within such 30 day period, provided the City pursues the cure with reasonable diligence, then the Developer may avail itself of the. following non-exclusive remedies: DEVELOPER'S P~MEDIZS. tf the City defaults ha the performance of any.of/ts (a) the Developer may specifically enforce th.is Master Agreement; .. the Developer may suspend its performance under this Master Agreement until it receives assurances from the City., deemed adequate by the Developer, that the City will cure its default and continue performance 'under this Master Agreement; and (c) the Developer may terminate or cancel and rescind th/s Master Agreement. 15.3 MASTER AGREEMENT TERMINATION DEFAULTS. The following defaults by the Developer that have not been remedied after, notice and expiration of the cure period provided in Section 15.1 above shall perm/t the City to terminate the Master A~eement and repeal the RTC Ordinance: Failure by the Developer to convey to the City the City Hall Site, as required by Section 5.1; or (b) Failure by the Developer to convey the Parkland to the City, as required by Section 4.11; or Failure by the Developer to complete the Developer Public Improvements, but only to the extent the Developer is obligated to construct or install such Lmprovements pursuant to the terms of th/s Master A_m-eenaent and provided the City has not elected to complete such Developer Public Improvements pursuant to Section 15.1(e) above. (d) Failure by the Developer to perform the obhgation placed on it by Sections 3.3, Master Agreement. Defaults (a) through (d) are the only defaults for wtmch the remedies of this Section 15.3 are available to the City.