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2015_0817_CCpacket
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2015_0817_CCpacket
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Attachment A <br />(a) Redeveloper, subject to Unavoidable Delays, shall fail to begin construction of the <br />Minimum Improvements in conformity with this Agreement and such failure to begin construction <br />is not cured within 90 days after written notice from the City to Redeveloper to do so; or <br />(b) Redeveloper fails to pay real estate taxes or assessments on the parcel or any part <br />thereof when due, or creates, suffers, assumes, or agrees to any encumbrance or lien on the parcel <br />(except to the extent permitted by this Agreement), or shall suffer any levy or attachment to be <br />made, or any materialmen's or mechanics' lien, or any other unautharized encumbrance or lien to <br />attach, and such taxes or assessments shall not have been paid, or the encumbrance or lien removed <br />or discharged or provision satisfactory to the City made for such payment, removal, or discharge, <br />within thirty (30) days after written demand by the City to do so; provided, that if Redeveloper <br />first notifies the City of its intention to do so, it may in good faith contest any mechanics' or other <br />lien filed or established and in such event the City shall permit such mechanics' or other lien to <br />remain undischarged and unsatisfied during the period of such contest and any appeal and during <br />the course of such contest Redeveloper shall keep the City informed respecting the status of such <br />defense; or <br />(c) there is, in violation of the Agreement, any Transfer of the parcel in violation of the <br />terms of Section 8.2, and such violation is not cured within sixty (60) days after written demand by <br />the City to Redeveloper, or if the event is by its nature incurable within 30 days, Redeveloper does <br />not, within such 30-day period, provide assurances reasonably satisfactory to the City that the <br />event will be cured as soon as reasonably possible; or <br />(d) Redeveloper fails to comply with any of its other covenants under this Agreement <br />related to the Minimum Improvements and fails to cure any such noncompliance or breach within <br />thirty (30) days after written demand from the City to Redeveloper to do so, or if the event is by its <br />nature incurable within 30 days, Redeveloper does not, within such 30-day period, provide <br />assurances reasonably satisfactory to the City that the event will be cured as soon as reasonably <br />possible; or <br />(e) the Holder of any Mortgage secured by the subject property exercises any remedy <br />provided by the Mortgage documents or exercises any remedy provided by law or equity in the <br />event of a default in any of the terms or conditions of the Mortgage, in either case which would <br />materially adversely affect the rights and obligations of the City hereunder; <br />Then the City shall have the right to re-enter and take possession of the parcel to which the <br />default relates and to terminate (and revest in the City) the estate conveyed by the deed to <br />Redeveloper as to that parcel, subject to all intervening matters, it being the intent of this <br />provision, together with other provisions of the Agreement, that the conveyance of the parcel to <br />Redeveloper shall be made upon, and that the deed shall contain a condition subsequent to the <br />effect that in the event of any default on the part of Redeveloper and failure on the part of <br />Redeveloper to remedy, end, or abrogate such default within the period and in the manner stated in <br />such subdivisions, the City at its option may declare a termination in favor of the City of the title, <br />and of all the rights and interests in and to the parcel conveyed to Redeveloper, and that such title <br />and all rights and interests of Redeveloper, and any assigns or successors in interest to and in the <br />parcel, shall revert to the City , but only if the events stated in Section 9.3(a)-(e) have not been <br />cured within the time periods provided above. Notwithstanding anything to the contrary herein, in <br />22 <br />7174856v3 <br />
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