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2015-01-20_HRA_Agenda_Packet
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2015-01-20_HRA_Agenda_Packet
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1/22/2015 8:32:22 AM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
1/20/2015
Commission/Committee - Meeting Type
Regular
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Agenda 6f. <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.HRA may 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 HRA hereunder, 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 HRA 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 HRA of a written notice from <br />Consultant, specifying the alleged breach; provided, however, if the nature of a <br />non-monetary breach is such that HRA cannot reasonably cure same in the thirty <br />(30) day period, HRA shall not be deemed to be in breach if it commences to cure <br />within the thirty (30) day period, and diligently pursues same to completion <br />within ninety (90) days following receipt by HRA of such written notice. In the <br />event of termination by Consultant hereunder. Consultant shall be entitled to <br />retain the entire fee under this Agreement. <br />3 <br />fb.us.3166730.04 <br /> <br />
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