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CCP 08-18-1997
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CCP 08-18-1997
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<br /> . <br /> AfTICLE lX <br /> E'Y~j)t~ 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 providcs), anyone or more of the following events: <br /> (a) Failme by the Redeveloper to pay when due any payments required to be paid <br /> under this Agreement. <br /> (b) Failure by the Redeveloper to reconstruct the Minimum Improvements or to <br /> exercise its option to repay the Authority's investment when required pursuant to Sections 5.1 <br /> and 5.2 of this Agrcement. <br /> (c) Failure by the Redeveloper to obtain financing for construction of the Minimum <br /> Improvements or provide evidence that the Rcdeveloper has sufficient funds committed for such <br /> purpose pursuant to the terms and conditions of Section 7.1 of this Agreement. <br /> (d) Failure by the Redeveloper to commence and complete construction of the <br /> Minimum Improvements, or portions thereof, pursuant to the terms, conditions and limitations of . <br /> Article IV of this Agreement. <br /> (e) Failure by Redeveloper to observe or perform any other covenant, condition, <br /> obligation or agreement on its part to be observed or performed hereunder. <br /> ~ <br /> (f) The Redeveloper does any of the following: <i) file any petition in banlauptcy or <br /> for any reorganization, arrangement, composition, readjustmcnt, liquidation, dissolution, or - <br /> similar relief under United States Bankruptcy Laws or any similar Federal or State Laws; or eii) - <br /> make an assignment for the benefit of its creditors; or (iii) admit, in writing, it inability to pay its <br /> debts generally as they become due; or (iv) be adjudicated, bankrupt or insolvent. - <br /> - <br /> (g) There occurs a default by the Redeveloper under a Mortgage or other instrument <br /> securing Redeveloper's financing permitted under this Agreement, tne Holder of such Mortgage - <br /> exercises its remedies as a result of such default, such exercise of remedies adversely affects the I <br /> Redeveloper's interest in the Redevelopment Property, and the Redeveloper does not cure the <br /> basis for the default. <br /> Section 9.2. Authority's Remedies on Default Whenever any Event of Default by I <br /> Redeveloper referred to in Section 9.1 of this Agreement occurs, the Authority may suspend its <br /> performance under this Agreement until it receives a~SUTances from the Redeveloper, deemed I <br /> adequate by the Authority, that the Redeveloper will cure its default and continue its <br /> performance under this Agreement, and may take anyone or more of the following actions after -I <br /> providing thirty (30) days written notice to the Redeveloper of the Event of Default, but only if <br /> the Event ofDefau1t has not been cured within said thirty (30) days: <br /> 28 <br /> I <br /> 60/90'd 61'0.'. .'.c6 ct9 '~'d '3~t3a ~ ^3Ia~~a cS:9t .'.66t-n-m~ <br />
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