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2013-01-15_HRA_Agenda_Packet
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2013-01-15_HRA_Agenda_Packet
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7/19/2013 3:21:07 PM
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2/21/2013 11:00:14 AM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
1/15/2013
Commission/Committee - Meeting Type
Regular
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MHFA Programs: <br />The Consultant shall receive compensation for administering the MHFA <br />Programs directly from the Minnesota Housing Finance Agency and not <br />from the HRA. <br />Termination <br />4.. Notwithstanding any other provision hereof to the contrary, this <br />Agreement may be terminated as follows: <br />a.The parties, by mutual written agreement, may terminate this Agreement at any <br />time in which case the parties shall agree to the amount of fees payable to <br />Consultant. <br />b.HRAmay terminate this Agreement upon the breach by Consultant of any of its <br />material covenants contained herein, where such breach shall have continued for a <br />period of thirty (30) days following the receipt by Consultant of a written notice <br />from HRA, specifying the alleged breach; provided, however, if the nature of a <br />non-monetary breach is such that Consultant cannot reasonably cure same in the <br />thirty (30) day period, Consultant shall not be deemed to be in breach if it <br />commences to cure within the thirty (30) day period, and diligently pursues same <br />to completion within ninety (90) days following receipt by Consultant of such <br />written notice. In the event of termination by HRAhereunder, Consultant shall be <br />entitled to fees due to the date the notice of breach is sent by the HRA. <br />c.If Consultant or HRA(as applicable) (i)filesa voluntary petition in bankruptcy <br />(ii)files a voluntary petition for reorganization under any bankruptcy law, statute <br />or regulation or other similar statute or regulation, (iii)is adjudicated a bankrupt, <br />(iv)makes an assignment for the benefit of creditors or applies for or consents to <br />the appointment of a receiver or trustee as part of or in conjunction with a <br />“creditor plan” with respect to any substantial part of its assets, or (v)a receiver or <br />trustee is appointed, or an attachment or execution levied with respect to any <br />substantial part of its assets, and said appointment is not vacated, or the <br />attachment or execution not released, within sixty (60) days, then this Agreement <br />shall, effective as of such date, without notice or further action by either party, <br />immediately terminate. <br />d.Consultant may terminate this Agreement upon the breach by HRAof any of its <br />material covenants contained herein, where such breach shall have continued for a <br />period of thirty (30) days following the receipt by HRAof a written notice from <br />Consultant, specifying the alleged breach;provided, however, if the nature of a <br />non-monetary breach is such that HRAcannot reasonably cure same in the thirty <br />(30) day period, HRAshall not be deemed to be in breach if it commences to cure <br />within the thirty (30) day period, and diligently pursuessame to completion <br />within ninety (90) days following receipt by HRAof such written notice. In the <br />3 <br />fb.us.3166730.04 <br /> <br />
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