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CC_Minutes_2005_0718
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CC_Minutes_2005_0718
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7/17/2007 9:27:26 AM
Creation date
8/19/2005 3:22:44 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
7/18/2005
Meeting Type
Work Session
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<br />Friday, July 15, 2005 <br /> <br />cept that no notice to the Redeveloper is required on or after the occurrence of an event <br />described in Section 8. I (d)(i) or (iv)), but only if the Event of Default has not been cured <br />within said thirty (30) days, or if the Event of Default is not reasonably susceptible to be- <br />ing cured within said thirty (30)-day period (whether due to Unavoidable Delays or oth- <br />erwise), and the Redeveloper fails to provide the City with written assurances, deemed <br />satisfactory in the reasonable discretion of the City, that the Event of Default will be <br />cured as soon as reasonably possible: <br /> <br />(a) Suspend its performance under this Agreement until it receives assurances <br />from the Redeveloper, deemed adequate by the City, that the Redeveloper will cure its <br />default and continue its performance under this Agreement. <br /> <br />(b) Terminate tills Agreement and/or any Tax Increment Notes issued pursu- <br />ant to this Agreement. <br /> <br />(c) Withhold any Certificate of Completion. <br /> <br />(d) Suspend any payments due to the Redeveloper, including those due under <br />any Tax Increment Note issued in accordance with this Agreement. <br /> <br />(e) Utilize any payments otherwise due to the Redeveloper, including those <br />due under any Tax Increment Note, to cover the payment of any amounts due from the <br />Redeveloper. <br /> <br />(f) Take whatever action, including legal, equitable or administrative action, <br />which may appear necessary or desirable to the City, including any actions to collect any <br />payments due under this Agreement, or to enforce performance and observance of any <br />obligation, agreement, or covenant of the Redeveloper under tills Agreement. <br /> <br />6 <br />
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