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, the occurrence of an Unavoidable Delay. Any Party claiming an Unavoidable Delay shall Notify <br /> the other Party: (a)within ten(10) days after such Party knows of any such Unavoidable Delay; <br /> and (b)within five (5) days after such Unavoidable Delay ceases to exist. To be effective, any <br /> Notice of an Unavoidable Delay must describe the Unavoidable Delay in reasonable detail. The <br /> extension of time for an Unavoidable Delay shall commence on the date of receipt of wzitten <br /> Notice of the occurrence of the Unavoidable Delay by the Party not claiming an extension of <br /> time to perfonm due to such Unavoidable Delay and shall continue until the end of the condition <br /> causing the Unavoidable Delay. The Party claiming an extension of time to perform due to an <br /> Unavoidable Delay shall exercise its commercially reasonable best efforts to cure the condition <br /> . causing the Unavoidabie Delay,within a reasonable time. <br /> 8.15.2 ASSUMPTION OF ECONOMIC RISKS. EACH PARTY <br /> EXPRESSLY AGREES THAT ADVERSE CHANGES IN ECONOMIC CONDITIONS, OF <br /> EITHER PARTY SPECIFICALLY OR THE ECONOMY GENERALLY, OR CHANGES IN <br /> MARKET CONDITIONS OR DEMAND OR CHANGES IN THE ECONOMIC <br /> ASSUMPTIONS OF EITHER PARTY THAT MAY HAVE PROVIDED A BASIS FOR <br /> ENTERING INTO THIS AGREEMENT SHALL NOT OPERATE TO EXCUSE OR DELAY <br /> THE PERFORMANCE OF EACH AND EVERY ONE OF EACH PARTY'S OBLIGATIONS <br /> AND COVENANTS ARISING UNDER THIS AGREEMENT. ANYTHING IN THIS <br /> AGREEMENT TO THE CONTRARY NOTWITHSTANDING, THE PARTIES EXPRESSLY <br /> ASSUME THE RISK OF UNFORESEE.ABLE CHANGES IN ECONOMIC <br /> CIRCUMSTANCES AND/OR MA.RKET DEMAND/CONDTTIONS AND WANE, TO THE <br /> ' GREATEST LEGAL EXTENT, ANY DEFENSE, CLAIM, OR CAUSE OF ACTION BASED <br /> ' IN WHOLE OR IN PART QN ECONOMIC NECESSTTY, IMPRACTICABILITY, CHANGED <br /> , ECONOMIC CIl2CUMSTANCES, FRUSTRATION OF PURPOSE, OR SIMILAR <br /> THEORIES. THE PARTIES AGREE THAT ADVERSE CHANGES IN ECONOMIC <br /> ' CONDTTIONS, ETI'HER OF THE PARTY SPECIFICALLY OR THE ECONOMY <br /> : GENERALLY, OR CHANGES IN MARKET CONDTTIONS OR DEMANDS, SHALL NOT <br /> ! OPERATE TO EXCUSE OR DELAY THE STRICT OBSERVANCE OF EACH AND EVERY <br /> ' ONE OF THE OBLIGATIONS, COVENANTS, CONDITIONS AND REQUIREMENTS OF <br /> ;: THIS AGREEMENT. THE PARTIES EXPRESSLY ASSUME THE RISK OF SUCH <br /> ' ADVERSE ECONOMIC OR MARKET CHANGES, WHETHER OR NOT FORESEEABLE <br /> AS OF THE EFFECTIVE DATE. NOTHING CONTAINED IN THIS SECTION 8.15.2 <br /> SHALL BE DEEMED TO PRECLUDE THE GOVERNING BODY OF THE CITY, IN ITS <br /> DISCRETION AND UPON WRITTEN REQUEST OF THE DEVELOPER, TO AMEND THIS <br /> AGREEMENT OR THE SCHEDULE OF PERFORMANCE TO ADDRESS PROJECT <br /> ' DELAYS CAUSED BY CHANGES IN THE ECONOMY GENERALLY OR CHANGES IN <br /> MARKET CONDITIONS OR DEMANDS. THE PARTIES AGREE TO WORK <br /> ' COOPERATIVELY WITH EACH OTHER IN SUCH CIRCUMSTANCES, PROVIDED <br /> HOWEVER, THE P.ARTIES ACKNOWLEDGE THAT THE GOVERNIlVG BODY OF THE <br /> CITY SHALL RETAIN FULL DISCRETION TO CONSIDER ANY SUCH AMENDMENT <br /> TO THE AGREEMENT OR THE SCHEDULE OF P ORMANCE. <br /> � <br /> Initials of Authorized Initi s of Authorized <br /> Representative(s)of City R resentative(s)of Developer <br /> 61 <br /> 2013.118/BLOCK 2 HUNTEA STORM <br /> REV:07-2&13 PT <br />