Agenda - Council - 03/24/2015 - Laserfiche WebLink

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actions or inactions of Developer or Borrower (or if other persons acting on its behalf or under its direction or control) (i) pursuant to this Development Agreement or (ii) in connection with the transactions contemplated hereby or the acquisition, construction, installation, ownership, and operation of the Development Property. The provisions of this Section 12.1 are intended to survive the termination of this Agreement. ARTICLE XIII DEVELOPER AND BORROWER EVENTS OF DEFAULT Section 13.1 Events of Default Defined. The following shall each be an "Event of Default" under this Agreement: (a) Developer's default in the performance of one or more of Developer's obligations under the Purchase Agreement if the HRA gives any notice of default provided for in the Purchase Agreement and Developer fails to cure the default within any applicable cure period provided for in the Purchase Agreement. (b) Developer's failure to commence or to substantially complete the construction of the Minimum Improvements pursuant to the terms and conditions of and within the time frame set forth in Section 5.5 of this Development Agreement, as the same may be extended pursuant to Section 11.3 of this Agreement. (c) Borrower's default in the performance of one or more of Borrower's obligations under the Loan Agreement, Note No. 1 or Note No. 2, if the City gives Borrower any notice of default provided for in the Loan Agreement and Borrower fails to cure the default within any applicable cure period provided for in the Loan Agreement. (d) Developer's default in the timely payment of any amounts due under Article IX within thirty (30) days after the City notifies Developer that Developer is delinquent in the payment thereof. (e) Developer's failure to pay any ad valorem real property taxes or installments of special assessments due and payable with respect to the Development Property within thirty (30) business days after the City or the HRA notifies Developer that Developer is delinquent in the payment thereof. (f) Developer's or Borrower's breach of one or more of the restrictions set forth in Section 11.1; (g) Developer's failure to perform Developer's obligations under Section 11.4 or Developer's or Borrower's failure to perform their obligations under Section 12.1 or Section 14.14 if the City or the HRA gives Developer notice of the default and Developer fails to cure the default within thirty (30) days after the effective date of the notice. (h) The holder of any mortgage on the Development Property, or any portion thereof, commencing foreclosure proceedings. 21 2695614v16