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Res17 15621
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Res17 15621
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Last modified
10/16/2017 9:54:24 AM
Creation date
10/16/2017 9:51:40 AM
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CC Index
CC Index - Document Type
Resolution
Agency Type
City Council
Date
9/25/2017
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infeasible, and the Parties are unable to identify or agree upon a <br /> source of funds for remediation. <br /> (0 Developer reasonably determines that development of the Project is <br /> economically infeasible due to Developer's inability to obtain <br /> financing for the Project despite Developer's good faith efforts, or <br /> due to mitigation measures required for the Project. <br /> 9.5 .2 Developer's Remedies Upon an Event of City Default. Upon the occurrence <br /> of an Event of City Default, in addition to pursuing any other remedy provided in this Agreement, <br /> Developer may bring an action for equitable relief seeking the specific performance of the terms <br /> and conditions of this Agreement, and/or enjoining, abating, or preventing any violation of such <br /> terms and conditions. <br /> 9.6 Remedies Cumulative; No Consequential Damages. Except as otherwise expressly <br /> stated in this Agreement, the rights and remedies of the Parties are cumulative, and the exercise by <br /> either Party of one or more of such rights or remedies shall not preclude the exercise by it, at the <br /> same or different time, of any other rights or remedies for the same or any other default by the <br /> other Party. <br /> 9.7 Inaction Not a Waiver of Default. No failure or delay by either Party in asserting <br /> any of its rights and remedies as to any default shall operate as a waiver of such default or of any <br /> such rights or remedies, nor deprive either Party of its rights to institute and maintain any action or <br /> proceeding which it may deem necessary to protect, assert or enforce any such rights or remedies <br /> in the same or any subsequent default. <br /> 9.8 Right of Reverter. If following conveyance of the Property to Developer, <br /> Developer (i) fails to begin construction of the Project within the time specified in Section 5. 1 as <br /> such date may be extended pursuant to the terms hereof, (ii) abandons or suspends construction <br /> work for a period of sixty (60) days after written notice from City, (iii) fails to complete <br /> construction of the Project by the time specified in Section 5. 1 as such date may be extended <br /> pursuant to the terms hereof, or (iv) directly or indirectly, voluntarily or involuntarily Transfers the <br /> Property or part thereof or this Agreement in violation of Article VII, the City may re-enter and <br /> take possession of the Property or any portion thereof with all improvements thereon without <br /> payment or compensation to Developer, and revest in the City the estate theretofore conveyed to <br /> the Developer. The interest created pursuant to this Section 9.8 shall be a "power of termination" <br /> as defined in California Civil Code Section 885.010, and shall be separate and distinct from the <br /> City's option to purchase the Property under the same or similar conditions specified in Section <br /> 9.9. City's rights pursuant to this Section 9.8 shall not defeat, render invalid or limit any mortgage <br /> or deed of trust permitted by this Agreement or any rights or interests provided in this Agreement <br /> for the protection of the holders of such mortgages or deeds of trust. <br /> Upon revesting in the City of title to the Property or any portion thereof as provided in this <br /> Section 9.8, the City shall use its best efforts to resell the Property or applicable portion thereof <br /> and as soon as possible, in a commercially reasonable manner to a qualified and responsible party <br /> or parties (as determined by the City) who will assume the obligation of completing and operating <br /> the Project in accordance with the uses specified for such property in this Agreement and in a <br /> ATY/AGR/2017.218/RWC — BRADFORD — DDA <br /> REV: 09-18-17 VR <br /> Page 35 of 94 <br />
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