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To CITY: City of Ramsey <br />15153 Nowthen Blvd. <br />Ramsey, MN 55303 <br />Attn.: City Administrator <br />To the ACHRA: Anoka County Housing and Redevelopment Authority <br />2100 Third Avenue <br />Anoka, MN 55303 <br />Attn.: Executive Director <br />14. Events of Default <br />a. Events of Default Defined <br />The following shall be AEvents of Default@ under this Agreement and the term <br />AEvent of Default@ shall mean whenever it is used in this Agreement any one or <br />more of the following events: <br />i. Failure by CITY to use the Program Funds for the purchase of the <br />Property. <br />ii. Failure by CITY to substantially observe or perform any other covenant, <br />condition, obligation or agreement on its part to be observed or performed <br />under this Agreement, including, without limitation, the obligation to <br />record the restrictions on the use of the Property as set forth in Exhibit B. <br />b. Remedies on Default. Whenever any Event of Default referred to in Section 14a <br />occurs and is continuing, the ACHRA, as specified below, may take any one or <br />more of the following actions after providing thirty. (30) days= written notice to <br />CITY, but only if the Event of Default has not been cured within said thirty (30) <br />days. <br />i. The ACHRA may cancel and rescind the Agreement and require CITY to <br />repay the grant funds in full or in a portion determined in the sole <br />discretion of the he ACHRA. Accordingly, the ACHRA may pursue any <br />and all other legal remedies to recover payment of the Program Funds <br />from CITY. <br />5 <br />