CCP 07-20-1993 - Laserfiche WebLink

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4,06. Prorress Renons. Until the Public Development Activities have been completed in . accordance with the Plans and the Minimum Improvements have been completed in accordance with the plans and specification~ therefor, the Partnershi~ shall make, in such ~tail ~ may reasonably be required by the City, and forward to the City, on a monthly basiS, a wntten repon as to the actual progress of such work. 4.07. Access to Pmnertv. The Partnership agrees to pennit the City and any of its officers. employees or agents access to the Property for the purpose of inspection of all work being .....fo.,n.:d in connection with the Public Development Activities; provided, however, that the City shall have no obligation to inspect such work. 4.08. Events of Default: Remedies. Each or any of the following occurrences shall constinne an Event of Default for purposes of this Agreement: (a) failure by the Partnership to commence or complete the Public Development Activities at the times and in the manner set forth in Section 4 hereof; (b) failure by the Partnership tocommencc or complete the Minimum ,.. Improvements at the times and in the manner set fonh in Section 4 hereof; (c) failure by the Partnership to observe and perform, or breach by the Partnmhip of, any other covenant. agreement. condition or obligation on its pan to be observed and performed under this Agreement; or (d) filing of any voluntary petition in bankruptcy or similar proceedings by the Partnership or any of its general partners; general assignment for the benefit of creditors . made by the Partnership or any of its general partners or admission in writing by the Partnership or any of its general partners of inability to pay its debts generally as they become due; or filing of any involuntary petition in bankruptcy or similar proceedings against the Partnership or any general partner which are nor dismissed or stayed within 60 days. Upon the occurrence of an Event of Default which has not been cured within 30 days after written notice thereof delivered to the Partnership, the City may llIke anyone or more of the following remedial steps: (i) terminate this Agreement; (ii) suspend the City's perfonnance under the Agreement until it receives assurances from the Partnership satisfactory to the City that the Parmership will cure such Event of Default and perform its obligations under the Agreement; (iii) withhold the Certificate of Completion; or (iv) llIke any other actions deemed necessary or desirable by the City, including legal or administtative proceedings for the collection of any amounts due hereunder or the enforcement of any covenant. agreement or obligation on the pan of the Parmership. In the event the City should fail to observe or perform any covenant, agreement or obligation of the City on its pan to be observed and performed under this Agreement, the Parmership may (i) terminate this Agreement; (ii) suspend the Pannership's performance under the Agreement until it receives assurances from the City satisfactory to the Pannership that the City will perform its obligations under the Agreement; or (iii) llIke any other actions deemed necessary or desirable by the Partnership, including legal or administtative proceedings for the collection of any amounts due hereunder or the enforcement of any covenant. agreement or obligation on the pan of the City, . -8- .