Agenda - Council - 11/09/2004 - Laserfiche WebLink

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1.7. Master Development Agreement Default. In the event of any default under the Master Development Agreement, the City shall solely look to the Master Developer to enforce the remedies available to the City. The City shall not be able to enforce any remedies under the Master Development Agreement against the Secondary Developer. Further, the City is precluded from exercising any remedies available under the Master Development Agreement that would delay, suspend or otherwise interfere with the City's approval of the development of the Property, construction of the City Phase I Roadways Improvements and the City Phase I Utility Improvements, and the obligations of the City under this Agreement, the Development Contract or the Escrow Agreement. The City's remedies under Section 15.1 of the Master Development Agreement are hereby modified as follows with respect to the Property (so long as Secondary Developer has purchaser rights or fee ownership in the Property): (a) The City shall provide Secondary Developer with Formal Notice of default by Master Developer under the terms of the Master Development Agreement at the same time the City gives notice to Master Developer, and Secondary Developer shall have the same cure rights (but not the obligation) as Master Developer has under the Master Development Agreement. (b) Under Section 15.1(b) of the Master Development Agreement, Secondary Developer may (but is not required) also provide assurances deemed adequate by the City that the Secondary Developer will cure Master Developer's default under the terms of the Master Development Agreement, if the default specifically relates to the construction of improvements necessary for the Property, and continue performance of Master Developer's obligations under the Master Development Agreement that specifically relate to the construction of improvements necessary for the Property. If Secondary Developer provides such written assurances deemed adequate to the City, the Secondary Developer will cure Master Developer's default under the terms of the Master Development Agreement that specifically relate to the construction of improvements necessary for the Property, and continues performance of Master Developer's obligations under the Master Development Agreement that specifically relate to the construction of improvements necessary for the Property, the City agrees not to suspend any work, improvement or obligation to be performed by the City that is necessary for the development of the Property. (c) Under Section 15.1(d) of the Master Development Agreement, the City will not deny building permits for buildings within the Property, will not withhold approval of Final Plans for any commercial buildings or site work within the Property and will not deny certificates of occupancy, if the default under the terms of the Master Development Agreement does not specifically relate to the construction of improvements necessary for the Property or,. if the default does specifically relate to the construction of improvements necessary for the Property, until Secondary Developer has received notice and had an opportunity to cure as provided above. 11