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

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(b) The City or the HRA may terminate this Development Agreement and the HRA may terminate the Loan Agreement; (c) The HRA may declare the entire amount of the outstanding principal due and payable under Loan No. 1 and Loan No. 2 immediately due and payable, in full; and (d) If the Event of Default is an Event of Default under Section 13.1 (a), (b), (c), (d), (e), (f), (g) or (1) or, if the holder of a Project Mortgage forecloses the Project Mortgage and does not elect pursuant to Section 11.3 to treat this Development Agreement as having priority over the Project Mortgage, the City may refuse to execute and deliver the TIF Note as provided for in Section 6.1 or, if the City has already executed and delivered the TIF Note pursuant to Section 6.1, the City may cancel and rescind the TIF Note, in which case the City will be relieved of any further obligations under the TIF Note. ARTICLE XIV ADDITIONAL PROVISIONS Section 14.1 Conflicts of Interest. No member of the governing body or other official of the City shall participate in any decision relating to the Agreement which affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is directly or indirectly interested. No member, official or employee of the City shall be personally liable to the City in the event of any default or breach by Developer or Borrower or successor or on any obligations under the terms of this Agreement. Section 14.2 No Remedy Exclusive. No remedy herein conferred upon or reserved to any party 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 Development Agreement or now or hereafter existing at law or in equity or by statute to the extent provided herein. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. Section 14.3 No Implied Waiver. In the event any agreement contained in this Agreement should be breached by any party and thereafter waived by any other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. Section 14.4 Titles of Articles and Sections. Any titles of the several parts, articles and sections of this Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions. Section 14.5 Notices and Demands. Except as otherwise expressly provided in this Agreement, a notice, demand or other communication under this Agreement by any party to any other shall be sufficiently given or delivered the day following the day if it is dispatched by overnight courier; two business days after it is mailed, via registered or certified mail, postage prepaid, return receipt requested; or the day it is delivered personally, and 23 2695614v16