2016-01-06_EDA_Agenda_Packet - Laserfiche WebLink

Home

Item 10c Attachment A MHFA Programs:The Consultant shall receive compensation for administering the MHFA Programs directly from the Minnesota Housing Finance Agency and not from the REDA. Termination 4.. Notwithstanding any other provision hereof to the contrary, this Agreement may be terminated as follows: a.The parties, by mutual written agreement, may terminate this Agreement at any time in which case the parties shall agree to the amount of fees payable to Consultant. b.REDA may terminate this Agreement upon the breach by Consultant of any of its material covenants contained herein, where such breach shall have continued for a period of thirty (30) days following the receipt by Consultant of a written notice from REDA, specifying the alleged breach; provided, however, if the nature of a non-monetary breach is such that Consultant cannot reasonably cure same in the thirty (30) day period, Consultant shall not be deemed to be in breach if it commences to cure within the thirty (30) day period, and diligently pursues same to completion within ninety (90) days following receipt by Consultant of such written notice. In the event of termination by REDA hereunder, Consultant shall be entitled to fees due to the date the notice of breach is sent by the REDA. c.If Consultant or REDA (as applicable) (i)filesa voluntary petition in bankruptcy (ii)files a voluntary petition for reorganization under any bankruptcy law, statute or regulation or other similar statute or regulation, (iii)is adjudicated a bankrupt, (iv)makes an assignment for the benefit of creditors or applies for or consents to the appointment of a receiver or trustee as part of or in conjunction with a “creditor plan” with respect to any substantial part of its assets, or (v)a receiver or trustee is appointed, or an attachment or execution levied with respect to any substantial part of its assets, and said appointment is not vacated, or the attachment or execution not released, within sixty (60) days, then this Agreement shall, effective as of such date, without notice or further action by either party, immediately terminate. d.Cons ultant may terminate this Agreement upon the breach by REDA of any of its material covenants contained herein, where such breach shall have continued for a period of thirty (30) days following the receipt by REDA of a written notice from Consultant, specifying the alleged breach; provided, however, if the nature of a non-monetary breach is such that REDA cannot reasonably cure same in the thirty (30)day period, REDA shall not be deemed to be in breach if it commences to cure within the thirty (30) day period, and diligently pursues same to completion within ninety (90) days following receipt by REDA of such written notice. In the event of termination by Consultant hereunder. Consultant shall be entitled to retain the entire fee under this Agreement.