Agmt17 MP Bradford Associates, LP - DDA

Browse Search

9.4 City's Rights to Terminate Agreement; City's Remedies U on Default. 9.4.1 CitL's Right to Terminate Agreement. If an Event of Developer Default shall occur and be continuing beyond any applicable cure period, then City shall, in addition to other rights available to it under law or this Agreement, have the right to terminate this Agreement. If City makes such election, City shall give written notice to Developer and to any mortgagee entitled to such notice specifying the nature of the default and stating that this Agreement shall expire and terminate on the date specified in such notice, and upon the date specified in the notice, this Agreement and all rights of Developer under this Agreement, shall expire and terminate. 9.4.2 City's Remedies and Rights Upon an Event of Developer Default Upon the occurrence of an Event of Developer Default and the expiration of any applicable cure period, City shall have all remedies available to it under this Agreement or under law or equity, including, but not limited to the following, and City may, at its election, without notice to or demand upon Developer, except for notices or demands required by law or expressly required pursuant to the City Documents, exercise one or more of the following remedies: (a) Seek specific performance to enforce the terms of the City Documents; (b) Terminate this Agreement pursuant to Section 9.4.1; and (c) Pursue any and all other remedies available under this Agreement or under law or equity to enforce the terms of the City Documents and City's rights thereunder. 9.5 Developer's Rights to Terminate Agreement: Developer's Remedies Upon Default. 9.5.1 Developer's Right to Terminate Agreement. Developer shall have the right to terminate this Agreement under the following circumstances: (a) Following Developer's satisfaction of all of City's conditions to Closing set forth in this Agreement, the City does not convey the Property to Developer; (b) Developer fails to obtain financing commitments for the Project within the time specified in Section 2.5.1. (c) The title issues described in Section 3.6 are not resolved. (d) The Title Company refuses to provide the Owner's Title Policy in form reasonably required by Developer. (e) Developer discovers that Hazardous Materials that were not identified in the Environmental Reports adversely affect the Property, Developer reasonably determines that the cost to remediate such Hazardous Materials will make development of the Project ATY/AGR/2017.218/R W C — BRADFORD -- ODA REV: 09-18-17 VR Page 34 of 94