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3B Public Hearing 2012 0521
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3B Public Hearing 2012 0521
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5/30/2012 11:46:42 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
5/21/2012
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_CC Agenda 2012 0521 CS+RG
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0521
SA Reso 2012-007
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\City Clerk\City Council\Resolutions\2012
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0) Developer shall have assigned its assets for the benefit of its creditors <br />(other than pursuant to a mortgage loan) or suffered a sequestration or attachment of or execution <br />on any substantial part of its property, unless the property so assigned, sequestered, attached or <br />executed upon shall have been returned or released within sixty (60) days after such event <br />(unless a lesser time period is permitted for cure under any other mortgage on the Property, in <br />which event such lesser time period shall apply under this subsection as well) or prior to any <br />sooner sale pursuant to such sequestration, attachment, or execution; <br />(k) The Developer shall have voluntarily suspended its business for a period <br />of 90 days or longer, or Developer shall have been dissolved or terminated; <br />(1) An event of default arises under any City Document and remains uncured <br />beyond any applicable cure period; or <br />(m) Developer defaults in the performance of any term, provision, covenant or <br />agreement contained in this Agreement other than an obligation enumerated in this Section 9.1 <br />and unless a shorter cure period is specified for such default, the default continues for ten (10) <br />days in the event of a monetary default or thirty (3 0) days in the event of a nonmonetary default <br />after the date upon which City shall have given written notice of the default to Developer; <br />provided however, if the default is of a nature that it cannot be cured within thirty (30) days, a <br />Developer Event of Default shall not arise hereunder if Developer commences to cure the default <br />within thirty (30) days and thereafter prosecutes the curing of such default with due diligence <br />and in good faith to completion and in no event later than ninety (90) days after receipt of notice <br />of the default. <br />9.2 City Default. An event of default on the part of City ( "Event of City Default ") <br />shall arise hereunder if City fails to keep, observe, or perform any of its covenants, duties, or <br />obligations under this Agreement, and the default continues for a period of thirty (30) days after <br />written notice thereof from Developer to City, or in the case of a default which cannot with due <br />diligence be cured within thirty (30) days, City fails to commence to cure the default within <br />thirty (30) days of such notice and thereafter fails to prosecute the curing of such default with <br />due diligence and in good faith to completion. <br />9.3 City's Right to Terminate Agreement. If prior to the Closing Date, an Event of <br />Developer Default described in paragraphs (g), (h), (i), 0) or (k) of Section 9.1 shall occur and be <br />continuing beyond any applicable cure period, then City shall, in addition to other rights <br />available to it under law or this Agreement, have the right to terminate this Agreement and retain <br />the Deposit. If City makes such election, City shall give written notice to Developer stating that <br />this Agreement shall expire and terminate on the date specified in such notice, and upon such <br />date, this Agreement and all rights of Developer under this Agreement, shall expire and <br />terminate. <br />9.4 City's Remedies and Rights Upon an Event of Developer Default. Subject to the <br />provisions of Section 9.0 upon the occurrence of an Event of Developer Default and the <br />expiration of any applicable cure period, City shall have all remedies available to it under this <br />Agreement or under law or equity, including, but not limited to the following, and City may, at <br />its election, without notice to or demand upon Developer, except for notices or demands required <br />1875524.3 28 <br />
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