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09-04-01
10.0.0.9
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09-04-01
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10/4/2021 9:18:27 AM
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2/1/2008 10:41:02 AM
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City Council
City Council - Type
CC Packets
Date
2/1/2008
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ARTICLE IX <br /> Events of Default <br /> Section 9.1. Events of Default Defined. The following shall be "Events of Default" under <br /> this Agreement and the term "Event of Default" shall mean, whenever it is used in this <br /> Agreement (unless the context otherwise provides), any one or more of the following events: <br /> (a) Failure by the Developer to pay when due any payments required to be paid under <br /> this Agreement or to pay real estate taxes or special assessments when due. <br /> (b) Failure by the Developer to reconstruct the Improvements when required pursuant <br /> to Section 5.1 of this Agreement. <br /> (c) Failure by the Developer to obtain financing, if required, for construction of the <br /> Improvements pursuant to the terms and conditions of Section 7.1 of this Agreement. <br /> (d) Failure by the Developer to commence and complete construction of the <br /> Improvements and any site improvements as shown on the Developer's site and building plans <br /> approved by the City Council of the City or specified as conditions of the City's approval <br /> pursuant to the terms, conditions and limitations of Article IV of this Agreement. <br /> (e) Failure by Developer to provide any documentation or information required to be <br /> provided under the terms of this Agreement. <br /> (f) Failure by Developer to observe or perform any other covenant, condition, <br /> obligation or agreement on its part to be observed or performed hereunder. <br /> (g) The Developer does any of the following : (i) files any petition in bankruptcy or <br /> for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or <br /> similar relief under United States Bankruptcy Laws or any similar Federal or State Laws; or (ii) <br /> make an assignment for the benefit of its creditors; or (iii) admits, in writing, its inability to pay <br /> his debts generally as they become due; or (iv) be adjudicated, bankrupt or insolvent; or (v) if a <br /> petition or answer proposing the adjudication of the Developer, as a bankrupt under any present <br /> or future federal bankruptcy act or any similar federal or State law shall be filed in any court and <br /> such petition or answer shall not be discharged or denied within sixty (60) days after the filing <br /> thereof; or (vi) a receiver, trustee or liquidator of the Developer, or of the. Property and <br /> Improvements, shall be appointed in any proceeding brought against the Developer and shall not <br /> be discharged within sixty(60) days of such appointment, or if the Developer shall consent to or <br /> acquiesce in such appointment. <br /> Section 9.2. Remedies on Default. Whenever any Event of Default occurs, the City may <br /> immediately suspend its performance under this Agreement and may take any one or more of the <br /> following actions after providing thirty (30) days written notice to the Developer of the Event of <br /> Default,but only if the Event of Default has not been cured within said thirty(30)days: <br /> 16 <br />
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