Agenda - Council - 11/14/2017 - Laserfiche WebLink

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provided above; provided, that a notice not given as provided above is, if it is in writing, deemed given if and when actually received by a party (2) The City hereby grants Purchaser the nght to provide the City with assurances that Purchaser will cure Seller's defaults under the Master Development Agreement that specifically relate to the construction of improvements necessary for the Development of all or any portion of the Property, and the right to perform Seller's obligations under the Master Development Agreement that specifically relate to the construction of improvements necessary for the Development of all or any portion of the Property as contemplated in Section 15,1(b) of the Master Development Agreement lithe City deems the assurances the Purchaser provides to be adequate and the Purchaser commences and continues performance of Seller's obligations under the Master Development Agreement in conformance with such assurances, the City agrees not to suspend any work, improvement or obligation to be performed by the City that is necessary for the Development of all or any portion of the Property as a result of such Seller default (3) Under Section 15 1(d) of the Master Development Agreement, the City will not deny building permits for buildings within a Phase of the Property and will not withhold approval of Final Plans for any residential units on any residential lots within a Phase of the Property if the default under the terms of the Master Development Agreement does not specifically relate to the construction of iniprovernents necessary for the Development of all or any portion of the Phase or, if the default does specifically relate to the construction of improvements necessary for the Development of all or any portion of the Phase, until Purchaser has received notice and had an opportunity to cure as provided above. The City agrees that Seller's default in the performance of one or more of the obligations the letters of credit described in Sections 7.2(c) and 7 8(d) of the Master Development Agreement secure do not specifically relate to the construction of improvements necessary for the development of all or any portion of a Phase, and the City agrees not to deny building permits for buildings within a Phase of the Property and not to withhold approval of Final Plans for any residential units on any residential lots within a Phase of the Property if the Seller defaults in the performance of one or more of the obligations the Letters of Credit described in Sections 7.2(c) and 7 8(d) of the Master Development Agreement secure (4) To the extent a default by Seller under the Master Development Agreement specifically relates to the constriction of improvements necessary for the Development or all or any portion of the Property, Purchaser's construction of the improvements that Seller is obligated to construct pursuant to the Master Development Agreement shall be deemed a cure of any default of Seller relating to the failure to construct such improvements, and the City agrees to accept Purchaser's performance as performance by Seller, For purposes of the vanous subsections of this Section 4(b), the question of whether a default relates to the construction of improvements necessary for the Development of all 1593168v2 5