CCP 09-22-1997 - Laserfiche WebLink

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--- .---..-- - --------- -------- . ARTICLE IX Events nrDefault Section 9.1. Events of Default Defined, The following shall be "Events of Default" under this Agreement and the term "Event of Default" shall mean. whenever it is used in this Agreement (unless the context otherwise provides), anyone or more of the following events: (a) Failure by the Redeveloper to pay when due any payments required .to be paid under this Agreement. (b) Failure by the Redeveloper to reconstruct the Minimum Improvements or to exercise its option to have the Assessments reassessed against a Partel as described in Sections 5.1 and 5.2 of this Agreement, (c) Failure by the Redeveloper to obtain financing for constIUction of the Minimum Improvements or provide evidence that the Redeveloper has sufficient funds committed for such purpose pursuant to the terms and conditions of Section 7.1 of this Agreement. (d) Failure by the Redeveloper to commence and complete construction of the . Minimum Improvements, or portions thereof, pursuant to the tem1S, conditions and limitations of Article IV of this Agreement. (e) F allure by Redeveloper to observe or perform any other covenant, condition, obligation or agreement on its part to be observed or performed hereunder. (f) The Redeveloper does any ofthe following: (i) file any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under United Stales Bankruptcy Laws or any similar Federal or State Laws; or (ii) make an assigmnenl for the benefit of its creditors; or (Hi) admit, in writing, it inability to pay its debts generally as they become due; or (iv) be adjudicated, bankrupt or insolvent. (g) There occurs a default by the Redeveloper under a Mortgage or other instrument securing Redeveloper's financing permitted under this Agreement, the Holder of such Mortgage exercises its remedies as a result of such default, such exercise of remedies adversely affects the Redeveloper's interest in the Redevelopment Property, and tbe Redeveloper does not cure the basis for the default. Section 9.2, Authority's Remedies on Default Whenever any Event of Default by Redeveloper referred to in Section 9.1 of this Agreement occurs, the Authority may suspend its performance under this Agreement until it receives assurances from the Redeveloper, deemed adequate by the Authority, that the Redeveloper will cure its default and continue its performance under this Agreement, and may take any one or more of the following actions after e providing thirty (30) days written notice to the Redeveloper of the Event of De faull, but only jf the Event of De fault has not been cured within said thirty (30) days, or if the Event of Dc fault is 29 t'>;'d 6Nll. lZ6 1:,9 'l;j"d '3)iI3