Laserfiche WebLink
26 <br />(a) Failure by the Redeveloper to timely pay all real property taxes assessed with <br />respect to the Redevelopment Property after the Closing. <br /> <br />(b) Failure by the Redeveloper to complete construction of the Public Improvements, <br />Storm Water Ponding, Site Improvements, Model Home and Minimum Improvements pursuant <br />to the terms, conditions and limitations of Article V. <br /> <br /> (c) Failure by the Redeveloper to substantially observe or perform any material <br />covenant, condition, obligation or agreement on its part to be observed or performed under this <br />Agreement. <br /> <br />(d) The Redeveloper shall: <br /> <br />(1) file any petition in bankruptcy or for any reorganization, arrangement, <br />composition, readjustment, liquidation, dissolution, or similar relief under the United <br />States Bankruptcy Code or under any similar federal or state law; or <br /> <br />(2) make an assignment for the benefit of its creditors; or <br /> <br />(3) admit in writing its inability to pay its debts generally as they become due; <br />or <br />(4) be adjudicated as bankrupt or insolvent; or if a petition or answer <br />proposing the adjudication of the Redeveloper as bankrupt or its reorganization under any <br />present or future federal bankruptcy act or any similar federal or state law shall be filed in <br />any court and such petition or answer shall not be discharged or denied within ninety (90) <br />days after the filing thereof; or a receiver, trustee or liquidator of the Redeveloper, or of <br />the Project, or part thereof, shall be appointed in any proceeding brought against the <br />Redeveloper, and shall not be discharged within ninety (90) days after such appointment, <br />or if the Redeveloper shall consent to or acquiesce in such appointment. <br /> <br />Section 9.2. Remedies on Default. Whenever any Event of Default referred to in Section <br />9.1 occurs, the City shall provide written notice to the Redeveloper thereof as required herein, <br />specifying the nature of the default and the actions necessary to cure the default. If the Event of <br />Default is not cured within thirty (30) days after the Redeveloper’s receipt of such notice (except <br />with respect to an Event of Default referred to in Section 9.1(d), in which case the City may act <br />immediately), the City may take any one or more of the actions set forth below: <br /> <br />(a) The City may suspend its performance under this Agreement until it receives <br />assurances from the Redeveloper, deemed adequate by the City, that the Redeveloper will cure its <br />default and continue its performance under this Agreement. <br /> <br />(b) The City may withhold the Certificate of Completion. Upon cure of such Event <br />of Default, and provided that Redeveloper is in compliance with this Agreement, the City shall <br />release such Certificate of Completion. <br />