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<br />e <br /> <br />e <br /> <br />e <br /> <br />MAR-t9~2002 13:36 <br /> <br />6129242663 <br /> <br />P.14 <br /> <br />COMMUNITY DE\) <br /> <br />vacation, subdivision, rezoning or other zoning or planning approval process of the Authority <br />relative to the development of real estate or condition ofreceiving grant funds. <br /> <br />Section 7. Modifications. This Agreement may be modified and the term thereof may be <br />extended only through written amendments hereto signed by all parties to this Agreement. Staff <br />of the Authority shall have the authority to agree to written extensions of time to perform <br />activities hereunder if staff believe that such extensions are reasonable and necessary. <br /> <br />Section 8. Term of A~eernent. <br /> <br />(a) This Agreement shall be effective through December 31,2000. If for any reason a <br />Contract has not been entered into by the parties within the term of this Agreement <br />or any mutually approved extension thereof, this Agreement shall be null and void <br />and neither party thereafter shall have any liability or obligations to the other except <br />as otherwise provided in Section 4 hereof. <br /> <br />(b) This Agreement may be terminated by either party upon 30 days' written notice to <br />the other if: <br /> <br />(i) A party fails to perform any of its obligations hereunder, and fails to cure the <br />default within 30 days after receipt of written notice thereof; or <br /> <br />(ii) An impasse has been reached in the negotiation of any material term of the <br />Contract. <br /> <br />Upon termination under this Section 8(b), neither party thereafter shall have any liability <br />or obligations to the other except as otherwise provided in Section 4 hereof. <br /> <br />(c) Notwithstanding anything to the contrary in this Section, upon expiration of the <br />term of this Agreement or upon delivery by either party of a notice of termination <br />under Section 8(b), in lieu of termination of the Agreement, the Authority may <br />direct the Developer to assign its rights and obligations under this Agreement to any <br />other person or entity selected by the Authority. The Developer shall deliver a <br />written assigrunent in a form reasonably acceptable to the Authority within 30 days <br />after receipt of a written request from the Authority. Upon the Authority's receipt <br />of such assigrunent, neither the Authority nor Meridian Properties Real Estate <br />Development LLC shall have liability or obligations to the other except as <br />otherwise provided in Section 4 (treating assigrunent as the equivalent of <br />termination or expiration for the purposes of that Section). If the Developer fails to <br />provide such assigrunent, the Authority reserves the right to accept asswnption by <br />another entity of the rights and obligations of the Developer under this Agreement, <br />and the Authority may withhold any payments otherwise due to Meridian Properties <br />Real Estate Development LLC under Section 4 hereof until receipt of the <br />assignment. Nothing in this paragraph will be construed to require that the <br />Developer assign its rights to receive any payments under Section 4 to a third party. <br /> <br />sm.IUl72vl <br />SAlg5~ <br /> <br />7 <br />