Laserfiche WebLink
7.1.B. - Page 16 <br /> (3) Developer is adjudged bankrupt or makes a general assignment for the benefit of <br /> creditors,or a receiver is appointed in the event of Developer's insolvency. <br /> (4) Developer or Developer's contractors, subcontractors, agents or employees, fail <br /> to comply with any terms or conditions of this Agreement. <br /> (5) Any delay in the construction of any portion of the Work or repairs,which in the <br /> reasonable opinion of the City Engineer,endangers public or private property. <br /> City shall serve written notice of breach and default under this Agreement upon Developer and the <br /> financial institution holding the securities. <br /> 24. Opportunity to Cure. If City gives Developer notice under Section 23 of breach and <br /> default of this Agreement, Developer shall have 30 days within which to correct, remedy or cure the <br /> default. If the written notification states that the problem is urgent and relates to the public health and <br /> safety,then Developer shall have 24 hours to correct,remedy or cure the default. If Developer does not <br /> cure the default within the applicable timeframe, City may pursue the remedies set forth in Section 26 <br /> below. <br /> 25. Remedies. <br /> 251 City may proceed to complete the Work by contract or other method City <br /> considers advisable, at the sole expense of Developer. Developer, immediately upon demand, <br /> shall pay the costs and charges related to the Work and any subsequent repairs. City, without <br /> liability for doing so, may take possession of and utilize in completing the Work and repairs, if <br /> any,such materials and other property belonging to Developer as may be on or about the Property <br /> and necessary for completion of the work. In the event of default,the financial institution holding <br /> the securities shall be liable to City to pay the face amount of the security, as specified under <br /> Section 11 <br /> 25 2 City may bring legal action to compel performance of this Agreement and <br /> recover the costs of completing the Work and/or repairs, if any, including City's administrative <br /> and legal costs or pursue any other action at law or equity. <br /> 25 3 If legal action is brought by City under this section of the Agreement,and City is <br /> the prevailing party in such a proceeding,Developer shall pay all of the costs of suit,reasonable <br /> attorney fees, arbitration costs and such other costs as may be determined by the court or <br /> arbitrator. <br /> 25.4 No failure on the part of City to exercise any right or remedy hereunder shall <br /> operate as a waiver of any other right or remedy that City may have hereunder. <br /> 25 5 The rights and remedies of City are cumulative, and the exercise by City of one <br /> or more of such rights or remedies shall not preclude the exercise by it, at the same or different <br /> times,of any other rights or remedies for the same default or any other default. <br /> 26. Final Drawings. Upon completion of the Work and prior to final acceptance,Developer <br /> shall deliver to City a set of"as-built"drawings consistent with the Conditions. These drawings shall be <br /> in a form reasonably acceptable to the City Engineer,shall be certified as being"as-built"and shall reflect <br /> the Work as actually constructed, with any and all changes incorporated therein. Said drawings shall be <br /> signed and sealed as accurate by the engineer of record. <br /> REV:02-20-15 VR <br /> Page 10 of21 <br /> ATTY/AGR.2015.034/SunCap Redwood LLC(IA) <br />