Laserfiche WebLink
City Draf� <br /> 6/28113 <br /> ARTICLE 7 <br /> DEFAULTS, REMEDIES AND TERMINATION <br /> 7.1 Application of Remedies <br /> This Article 7 shall govern the Parties' remedies for breach ar failure under this <br /> Agreement. <br /> 7.2 No Fault of Parties <br /> 7.2.1 Events of Termination. The following events constitute a basis for a <br /> Party to terminate this Agreement as provided herein without the fault of the ather: <br /> (a) By the party for whose benefit th� conditions exists: despite t13e <br /> Parties' good faith efforts, the conditions as set for�h in Article 3 cannot be met within the time <br /> and in the manner specified in the applicable sections of Article 3. <br /> {b) By Developer or the City: The Developer, despite good faith <br /> efforts, is unable to obtain the Project Approvals necessary for the Project. <br /> (c) By Developer or the City: the Gity, despite good faith efforts, is <br /> unable to convey the City Property to the Developer due to an inability to remove a disapproved <br /> title condition as specifed in Developer's Title Notice, as set forth in Section 2.3.4. <br /> 7.2.2 Notice. Upon the occurrence of an everit described in Section 7.2.1, <br /> and at the election of either Party, this Agreement may be terminated by wxitten notice to the <br /> other Party, provided, that notwitk�standing the foregoing, prior to the termina�ion of this <br /> Agreement pursuant to this Section 7.2, the Parties shall meet in good faith to discuss alternative <br /> approaches to satisfying tl�e Developer precondi�ion or accornplishing t�e City conveyance, as <br /> the case may be. <br /> 7.2.3 Effect of Termination. After a termination pursuant to this Section <br /> 7.2, and payment of any remaining costs of City entitled to be reimbursed out of the Deposit, the <br /> remainder of the Deposit held by City and the Escrow Deposit shall be returned to Developer. <br /> The Parties sha12 each pay one-half of any costs to terminate the Escrow, and the Escrow Agent <br /> shall return the funds and documents in accorc�ance with the provisions of Section 3.10 of this <br /> Agreement. Thereafter neither Party shall have any rights against or liability to the other under <br /> tlus Agreement. <br /> 7.3 Fault of the Citv <br /> 7.31 City Events of Default. Except as to events constituting a basis for <br /> termination under Section 7.2, each of the following events, if uncured after expiration of the <br /> applicable cure period, shall constitu�e a"City Event of Default": <br /> {a) Except as provided in Section 7.2, the City does not tender <br /> conveyance of the City Property or possession in the manner and condition or by the date <br /> 82483.0000917571312.10 47 <br />