CCP 09-22-1997 - Laserfiche WebLink

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. ARTICLE VI Payment of Assessment.., Tax Jner"ment Section 6,1. Payment of Assessments (a) The Bonds will be sized and issued based on the assumption tbat the Redeveloper will construct the Minimum Improvements and the owner of the AmberJack Property has constructed the Prior Improvements and that such improvements will have Market Values equal to or greater than the Market Values sel forth in SectioD 3.6(c) of this Agreement. The Redeveloper agrccs thaI, subject to the limitations contained in this subsection (b) below, it will pay when due and prior to the imposition of penalty the-principal amount of and interest on the outstanding amount of the Assessments, Such obligation shall be a. personal obligation of the Redeveloper and shall be in addition to any other remedy available to the City under State law relative to the enforcement of the lien of the Assessments against the Redevelopment Property, subject to release of such persona1liability as set forth in section 8.2(b) hereof. In the evenl that the Redeveloper fails to pay when due any installment of the Assessments the Authority or the City may take any legal action deemed appropriate to collect the unpaid installment and shall be entitled to recover all of its costs of collection, including reasonable attorneys' fees. In addition, if the Redeveloper fails to pay an installment of the Assessments with respecl to any Parcel within sixty (60) days after written demand by the Authority, the Authority or City may declare the entire outstanding Assessments on such Parcel immediately due and payable upon which the Redeveloper shall be liable for the entire principal . amount of the outstanding Assessments, together with accrued interest until the same is paid in full. J"he obligation of the Redeveloper 10 pay the Assessments as provided in this Section 6.1 of this Agreement shall be absolule and unconditional irrespective of any defense or any rights of setoff, recoupment or counterclaim it might otherwise havc against the Authority or any other government body or other person. The Redeveloper shall not fail to make any required pa)'lllents for any cause or circumstances whatsoever, including any change in law, Unavoidable Delays, . or any other event even ifbeyond the control of the Redeveloper, subject 10 subsection (b) of this Section 6.1. (b) The Redeveloper's personal obligation to pay the Assessments as set forth in this Scctio"n 6.1 is predicated upon the Redeveloper's understanding and assumption that it will be able to construct the Minimum Improvements without delay due to certain types of causes beyond its control. Therefore, the Redeveloper's personal obligation to pay Assessments when due under this Section 6.1 shall be subject to suspension in the event that the Redeveloper is unable to construct in a timely manner a Phase due to the unanticipaled discovery of conditions affecting the Redevelopment Property which prevent or delay the construction of the Minimum Improvements, such as the discovery of adverse environmental conditions on the property that were not disclosed by the testing and assessments referenced in Section 3.3(a)(vi), The Redeveloper's personal obligation to pay Assessments may also be suspended in the event that the unanticipated actions of third parties directly render the Redeveloper unable to construct the Minimum Improvements in a timely manner or directly result in the prohibition of such construction. J"he Redeveloper's personal obligation to pay Assessments shall not be subject to suspension due to any other reason including, without limitation, adverse market conditions, . inability to oblain financing, acts of Redeveloper's lenders, prospective lenders, tenants, 21 9C:'d 6vel. 1.C:6 c:.9 '~'d '3~I3a ~ ^3la~a 6.:St 1.66t~6t-d3S