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2015-07-21_HRA_Agenda_Packet
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2015-07-21_HRA_Agenda_Packet
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8/4/2015 8:49:04 AM
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Housing Redevelopment Authority
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9a. Attachment A <br /> <br /> (a) Suspend its performance under this Agreement until it receives assurances from <br />the Buyer, deemed reasonably adequate by the Authority, that the Buyer will cure its default and <br />continue its performance under this Agreement; <br /> (b) Cancel or rescind this Agreement; <br /> (c) Draw down the Letter of Credit or escrowed funds in full or in part; <br /> (d) Withhold the Certificate of Completion; or <br /> (e) Take whatever action at law or in equity may appear necessary or desirable to the <br />Authority to enforce performance and observance of any obligation, agreement, or covenant of <br />the Buyer under this Agreement; provided, however, that any exercise by the Authority of its <br />rights or remedies hereunder shall always be subject to and limited by, and shall not defeat, <br />render invalid or limit in any way (a) the lien of any Mortgage authorized by this Agreement and <br />(b) any rights or interest provided in this Agreement for the protection of the holders of a <br />Mortgage; and provided further that should any Mortgagee succeed by foreclosure of the <br />Mortgage or deed in lieu thereof to the Buyers interest in the Property, it shall, notwithstanding <br />the foregoing, be obligated to perform the obligations of the Buyer under this Agreement to the <br />extent that the same have not therefore been performed by the Buyer. <br />Section 8.3. Revesting Interest in Authority Upon Happening of Event of Default <br />. In the event that subsequent to the closing <br />Subsequent to Conveyance of Property to Buyer <br />or the sale of the Property to the Buyer and prior to the issuance of the Certificate of Completion: <br /> (a) The Buyer fails to begin or cause to begin construction of the Improvements in <br />conformity with this Agreement, and such failure is not due to Unavoidable Delays; <br /> (b) The Buyer, after commencement of the construction of the Improvements, <br />defaults in or violates obligations with respect to the construction of the Improvements, including <br />the nature and the date for the completion thereof, or abandons or substantially suspends <br />construction work, and such act or actions is not due to Unavoidable Delays; <br /> (c) The Buyer or its successor in interest fails to pay real estate taxes or assessments <br />on the Property or any part thereof when due, or places thereon any encumbrance or lien <br />unauthorized by this Agreement, or suffers any levy or attachment to be made, or any suppliers <br />or mechanics lien, or any other unauthorized encumbrance or lien to attach; <br /> (d) There is, in violation of Article VII of this Agreement, any transfer of the Property <br />or any part thereof; or <br /> (e) The Buyer fails to comply with any of its covenants under this Agreement, <br />then the Authority shall have the right upon 30 days written notice to Buyer and the Buyers <br />failure to cure within such 30 days period, to re-enter and take possession of the Property and to <br />terminate and revest in the Authority the interest of the Buyer in the Property; provided, however, <br />441549v2 MNI RS275-1 <br />9 <br /> <br />
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