Laserfiche WebLink
cash which shall be pledged to the Affordable Development. Upon the issuance of a certificate of <br />occupancy of Building Three, the Letter of Credit shall be released and returned to the Developer <br />Party. <br />ARTICLE 3. <br />DEFAULTS AND REMEDIES <br />Section 3.1 Default and Remedies. <br />(a) Failure of the Developer or Affordable Developer to cure any default in the <br />Developer's or Affordable Developer's obligations under the terms of this Agreement. the <br />applicable Conditions of Approval, or the Ordinance within thirty (30) days after the delivery of <br />a notice of default from the City and a failure to cure such default will constitute a default under <br />this Agreement; provided however that if Developer or Affordable Developer commences cure <br />within such thirty (30) period and demonstrates progress towards such cure, Developer or <br />Affordable Developer shall have ninety (90) additional days or such longer period of time to <br />effectuate such cure as determined by the City. A cure by Developer of any default by <br />Affordable Developer shall be deemed a cure by Affordable Developer, and a cure by Affordable <br />Developer of any default by Developer shall be deemed a cure by Developer. In addition to <br />remedies for breach of this Agreement, the City may exercise any and all remedies available to <br />it, including but not limited to: <br />(1) withholding, conditioning, suspending or revoking any permit, license, <br />or other entitlement for the Residential Component of the Project, including without limitation <br />final inspections for occupancy and/or certificates of occupancy, in accordance with the <br />requirements of the City's Municipal and Zoning Code, it being understood that nothing herein is <br />intended to limit the City's rights to exercise its police powers; <br />(2) instituting against the Developer, Affordable Developer, or other <br />parties a civil action for declaratory relief, injunction or any other equitable relief, or relief at <br />law, including without limitation an action to rescind a transaction and/or to require repayment <br />of any funds received in connection with such a violation; <br />(3) where one or more persons have received financial benefit as a result <br />of violation of this Agreement or of any requirement imposed under the Ordinance, the City may <br />assess, and institute legal action to recover as necessary, a penalty in any amount up to and <br />including the amount of financial benefit received, in addition to recovery of the benefit <br />received; and <br />(4) any other means authorized under the City's Municipal Code. <br />Section 3.2 Remedies Cumulative. <br />No right, power or remedy given to the City by the terms of this Agreement, or the <br />Ordinance is intended to be exclusive of any other right, power or remedy; and each and every <br />such right, power or remedy shall be cumulative and in addition to every other right, power or <br />remedy given to the City by the terms of any such document, the Ordinance, or by any statutes or <br />otherwise against Developer, Affordable Developer, and any other person. Neither the failure <br />11 <br />1199\10\3609857.1 <br />REV: 10-18-23 SK <br />