RecDoc 2022-044650 CONF South Main Mixed-Use Project

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23.1 Developer refuses or fails to complete the Work within the time set forth herein or abandons the Work. 23.2 Developer fails to timely cure any defect in the Work in accordance with Section 24 of this Agreement. 23.3 Developer assigns this Agreement without the prior written consent of City. 23.4 Developer is adjudged bankrupt or makes a general assignment for the benefit of creditors, or a receiver is appointed in the event of Developer's insolvency. 23.5 Developer or Developer's contractors, subcontractors, agents or employees, fail to comply with any terms or conditions of this Agreement. 23.6 Any delay in the construction of any portion of the Work or repairs, which in the reasonable opinion of the City Engineer, endangers public or private property. City may serve written notice of breach and default upon Developer and the financial institution holding the securities. 24. Opportunity to Cure. If City gives Developer notice under Section 23 of breach and default of this Agreement, Developer will have thirty (30) days within which to correct, remedy or cure the default. If the written notification states that the problem is urgent and relates to the public health and safety, then Developer will have twenty four (24) hours to correct, remedy or cure the default. If Developer does not cure the default within the applicable timeframe, City may pursue the remedies set forth in Section 24 below. 25. Remedies. 25.1 City may proceed to complete the Work by contract or other method City considers advisable, at the sole expense of Developer. Developer, immediately upon demand, will pay the costs and charges related to the Work and any subsequent repairs. City, without liability for doing so, may take possession of and utilize in completing the Work and repairs, if any, such materials and other property belonging to Developer as may be on or about the Property and necessary for completion of the work. In the event of default, the financial institution holding the securities will be liable to City to pay the face amount of the security, as specified under Section 13. 25.2 City may bring legal action to compel performance of this Agreement and recover the costs of completing the Work and/or repairs, if any, including City's administrative and legal costs or pursue any other action at law or equity. REV: 04-07-2022 SK ATTY/AGR.2022.083/South Main SIA (Page 14 of 26)