Agenda - Council - 07/28/2015 - Laserfiche WebLink

Home

e. Subgrantee or the Owner uses any of the Grants funds contrary to this Agreement, and fails to correct such error within thirty (30) days. f. The Owner shall fail to obtain and/or keep in force insurance of the types and in the amounts as specified within this Agreement. g. Subgrantee violates any term or provision of the Grant Agreements as imposed upon the City or otherwise makes compliance by the City with the terms and provisions thereof impossible or impractical, and such violation is not cured within any applicable cure period set forth in the Grant Agreements. Notwithstanding anything to the contrary herein, Wincopin Circle LLLP, the expected limited partner of Owner ("Investor Limited Partner"), shall have the right, but not the obligation, to cure any Event of Default under this Agreement and the City shall accept performance by Investor Limited Partner of any obligation of Subgrantee or the Owner as though tendered by Subgrantee or the Owner itself, as applicable, provided such performance has occurred during the applicable cure period, if any, provided to Subgrantee or the Owner under this Agreement. IX. REMEDIES Upon the occurrence of an Event of Default, any one or more of the following remedial steps may be taken by the City: a. The City may terminate this Agreement; b. The City may suspend or terminate any further disbursements to be made under this Agreement; c. The City may suspend its performance under this Agreement during the continuance of the Event of Default; or d. The City may take whatever action at law or in equity may appear necessary or appropriate to seek repayment or reimbursement of the Grants funds disbursed to Subgrantee to the extent required under the Grant Agreements, to enforce performance and observance of any obligation, agreement, covenant, representation or warranty of the Subgrantee under this Agreement; or to otherwise compensate the City for any damages on account of such Event of Default. 6