Laserfiche WebLink
<br />default under the OTP (the "OTP Default Notice"), the City shall within one (I) business day <br />thereafter forward a copy of the OTP Default Notice to the Developer. The City shall provide <br />Developer with reasonable updates of the action being taken by the City to cure such default. If at <br />any time the Developer reasonably believes that the City is not proceeding diligently to cure the <br />default within the time period provided under the OTP, the Developer may take such actions on <br />behalf of the City as it reasonably deems necessary to cure the City's default pursuant to the OTP <br />Default Notice. <br /> <br />Section 1 I. Term of Agreement. (a) This Agreement shall be effective through <br />March 31, 2008, subject to earlier termination in accordance with Section 12. If for any reason an <br />MDA has not been entered into by the parties within the term of this Agreement or any other <br />mutually approved extension thereof, this Agreement shall be null and void and neither party <br />thereafter shall have any liability or obligations to the other except as otherwise provided in Section <br />12( c) in this Agreement. <br /> <br />Section 12. <br /> <br />Defau1t1Remedies. <br /> <br />(a) This Agreement may be terminated by the City or the Developer, only upon thirty <br />(30) days' written notice to the other if: <br /> <br />(i) The other party fails to perform any of its obligations hereunder or fails to <br />agree to proposed changes to the then existing Budget, and fails to cure such <br />default or agree upon such changes to the Budget within thirty (30) days <br />after receipt of written notice thereof from the party wanting to terminate this <br />Agreement which notice cxplains the nature of the default or the change to <br />the Budget, and the OTP is terminated in accordance with Section lO <br />thereof; or <br /> <br />(ii) The OTP is terminated, including the rescission of the offer, in accordance <br />with Section 10 hereof. <br /> <br />Upon termination under this Section 12(a), neither party thereafter shall have any liability or <br />obligations to the other party except as otherwise provided in Section 12(b) and (c) of this <br />Agreement. <br /> <br />(b) Upon the termination ofthis Agreement pursuant to Section 12(a) above: <br /> <br />(i) If either party terminates this Agreement, then (I) the City shall give prompt <br />notice to its consultants and its staff, and to any other parties performing <br />work or services the cost of which qualify as City Reimbursable Costs, to <br />promptly cease providing any further work or services on or related to the <br />Development, unless City agrees to be responsible for such costs; and (2) <br />notwithstanding the provisions of Section 5, City Reimbursable Costs will <br />not include any such costs or expenses incurred from and after two (2) <br />business days following the City's receipt of the Developer's written notice <br /> <br />13 <br />