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Inst 2005388458
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Inst 2005388458
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Last modified
8/12/2009 4:02:01 PM
Creation date
5/12/2009 4:03:07 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
7/22/2005
Recorded Document Type
DDA
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PERM
Document Relationships
Inst 2005388457
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2005
RDA Reso 2005-013
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2005
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(c) Conditions imposed subsequent to execution of this Agreement by the City's <br />discretionary approvals makes development of Property in the manner contemplated by this Agreement <br />infeasible for Developer; <br />(d) Developer, despite good faith efforts on the part of both the Agency and <br />Developer, is unable to obtain approval of the Financing Plan. <br />Upon the happening of any of the above-described events prior to substantia- completion of <br />construction, at the election of Developer, this Agreement may be terminated by written notice to Agency. <br />Thereafter, neither Party shall have any rights against nor liability to the other, except as set forth in Article <br />Five and Part Two. <br />5.03 Fault of Agency. <br />Except as to events constituting a basis for termination under Section 5.02, the following events <br />each constitute a basis for Developer to take action against the Agency: <br />(a) Agency without good cause fails to convey Property within the manner and form <br />herein called for and the Developer is otherwise entitled by this Agreement to such action or conveyance; <br />(b) Agency breaches any other material provisions of this Agreement. <br />Upon the happening of any of the above-described events, the Developer shall first notify the <br />Agency in writing of its purported breach or failure, giving the Agency ten (10) days from receipt of such <br />notice to cure such breach or failure or if the nature of the breach or failure is such that it cannot reasonably <br />be cured in ten (10) days, then giving the Agency such longer period as reasonably may be required for <br />such cure provided that Agency commences action to cure the breach or default within said ten (10) day <br />period and thereafter diligently pursues the cure to completion. In the event Agency does not then so cure <br />or commence to cure within said ten (10) days, then the Developer thereafter shall have the right to <br />terminate this Agreement, and any other rights afforded it by law or in equity. Thereafter, neither Party <br />shall have any rights against nor liability to the other, except as set forth in Article Five and Part Two. <br />5.04 Fault of Developer , <br />Except as to events constituting a basis for termination under Section 5.02, the following events <br />each constitute a basis for the Agency to exercise its rights pursuant to Section Five of this Part, as <br />applicable: <br />(a) Developer does not meet its pre-disposition conditions within the relevant times <br />set forth in Article One above; <br />(b) Developer refuses to accept conveyance from the Agency of the Property within <br />the time periods, and under such terms as herein called for; <br />(c) Developer does not attempt in good faith to procure in a timely manner a building <br />permit or other approvals for the Improvements or abandons any further attempts when there is a <br />
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