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AgdaPkt 2015-03-23 Closed and Joint SA PFA
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AgdaPkt 2015-03-23 Closed and Joint SA PFA
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Last modified
3/24/2015 9:22:13 AM
Creation date
3/19/2015 4:55:14 PM
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
3/23/2015
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8.A. - Page 44 <br /> f) The sequestration or attachment of or execution or other levy by a Governmental <br /> Authority on a Party's interest in this Agreement or the Project Site or any <br /> improvements located thereon shall have occurred and such Party shall have failed to <br /> obtain a return or release of such property within thirty (30) days thereafter, or prior <br /> to sale pursuant to such levy, whichever first occurs; or <br /> g) The occurrence of any act or omission on the part of a Party which operates to <br /> suspend, revoke or terminate any certificate, permit, franchise, approval, <br /> authorization or power necessary for a Party to lawfully conduct the operations which <br /> a Party is required or permitted to conduct on the Project Site and the defaulting Party <br /> fails to cure such breach within thirty (30) days after the non-defaulting Party's <br /> written notice or (B) fails to commence and pursue a cure within such thirty (30) day <br /> period if a longer cure period is needed; or <br /> h) A mechanics lien is filed against the Facility because of any act or omission of the <br /> Seller, that has not been discharged, bonded or contested by the Seller in good faith <br /> by proper legal proceedings within twenty (20) calendar days after receipt of notice; <br /> or <br /> i) Seller fails to achieve Substantial Completion by the Expected Commercial Operation <br /> Date as such deadline is established pursuant to Article 3 and the delay is not <br /> otherwise excused as provided herein; or <br /> j) Seller fails to maintain operations at the Project Site for three hundred and sixty-five <br /> (365) consecutive days, or has been dispossessed by process of law or otherwise, or <br /> has otherwise abandoned the Project Site. <br /> 10.2 Seller Defaults and Buyer Remedies <br /> (a) Seller Defaults. The following events shall be defaults with respect to Seller (each, a <br /> "Seller Default"): <br /> (i) A Bankruptcy Event shall have occurred with respect to Seller; <br /> (ii) Seller fails to pay Buyer any undisputed amount owed under this Agreement <br /> within sixty (60) days after receipt of notice from Buyer of such past due amount; <br /> (iii) Seller breaches any material term of this Agreement, (including,where applicable <br /> to Seller, the circumstances listed in Section 10.1), and (A) if such breach can be <br /> cured within thirty(30) days after Buyer's written notice of such breach and Seller <br /> fails to so cure, or(B)Seller fails to commence and pursue a cure within such thirty <br /> (30) day period if a longer cure period is needed; and <br /> (iv) Any material representation or warranty made by Seller hereunder is false or <br /> misleading in any material respect. <br /> ATTIC/AGR/2015.012/POWER PURCHASE AGREEMENT-CEI SOLAR ONE LLC <br /> REV:01-21-15 MLG <br /> Page 36 of 55 <br />
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