CCP 07-27-2010 - Laserfiche WebLink

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ARTICLE M EV NTS OF DEFAULT Section 9.1 Default. The following shall be "Events of Default" order this Agreement and the term "Event of Default" shall mean, whenever it is used lo this Agreement (unless the context otherwise provides), any one or more of %a following events: (e) failure by Redeveloper or the City to pay when due any payments required to be paid; (b) subject to Unavoidable Delay, failure by Redeveloper or the City to observe and substantially perforin any covenanq conditions, obligation, or agreement on its Few to be observed or performed hereunder, except as provided in subparagraph "a"above; (c) if Redeveloper or the City shall file a petition in bankruptcy, or shall make an assignment for the benefit of creditors; (d) if Redeveloper or the City shall file a petition or answer seeking reorganization or arrangement under federal bavlrruptcy laws; or • (e) if Redeveloper or the City, on a petition in banluuptcy filed against it, shall be adjudicated a bankrupt, or a wort of competent jurisdiction shall enter an order of decree appoimtivg, without the consent of Redevelops or the City, as the case may be, a receives of Redeveloper or the City or of the whole or substantially all of its property, or approve a petition fled against Redevelops or Ne City, as the case may be, seeking reorganisation or arrangement of Redeveloper or the City, as the case may be, order baadoruptcy laws, and such adjudication, ordq or decree shall not be vacated or set aside or stayed within sixty (60) days from the daze of entry thereof. Section 9.2 Remedies on Default. Whatever any Event of Default referred to in Section 9.1 of this Agreement occurs, the von-defaulfug perry may, but only after at least sixty (60) days notice for a non monetary default and tan (10) days notice for a monetary default setting forth the name of the Event of Default fou Redeveloper to the City, or firm the City to Rodevelopeq as the case may be, and its failure to cure within said sixty (60) days or ten (10) days, as the case may be, or such longer cure period for a nou-monetary default if reasonably required and Ne actions to cure lave been taken and diligently pursued within such 60day Period, ford the other party in default (Default) and take any one or more of the following actions: (a) Take whatever action at law Nat is necessary or desirable to collect any payments due under this Agreement, including interest at the annual interest rate equal to to prime rate of U.S. Bahr National Association from time -to -time m effect plus