ORIENT CORPORATION OF AMERICA, INC. (2)

Home Browse Search

(b) The City shall be deemed to be in default under this Agreement, upon the occurrence of one or more of the following events: (i) The imposition by the city upon Developer of any ordinance, rule, regulation, policy or moratorium in conflict with Existing Development Regulations or the terms of this Development Agreement. The City shall not be deemed to be in default by reason of subsequent change of laws, rules, regulations, or policies of another local agency or governmen- tal entity not created or controlled by City which prevents or precludes compliance by City or Developer with this Develop- ment Agreement; the City agrees not to initiate or promote any such changes without Developer's express written consent. (ii) The failure by the City to perform any covenant or obligation required by this Development Agreement in the time and manner set forth herein, including, without limita- tion, completing the public improvements required to be constructed by the City as set forth above in Section 11(a). (c.) Subject to extensions of time by mutual consent in writing or as set forth in Section 18 above, if a default as defined in subsection (a) or (b) .above, is not cured by the defaulting party within ninety'(90) days of service of a notice of default, or with respect to defaults which cannot be cured within such period, the defaulting party. fails to commence to cure the default within thirty (30) days after service of the notice of default, or thereafter fails to diligently pursue the cure of such default until completion, the non -defaulting party may terminate the defaulting party's rights under this Development Agreement. In the event of a default by either party which is not cured within the time prescribed hereinabove, the non -defaulting party may undertake one or more of the following remedies: (i) Terminate this Development Agreement by written notice stating the grounds for such action; or (ii) Institute an action for specific performance of this Development Agreement, it being expressly agreed that, in the event of a breach of this Development Agreement, irrepara- ble harm is likely to occur to the nonbreaching party and damages are not an available remedy. (d) In no event shall either party be entitled to damages against the other party based on the other party's default under this Agreement. 21. Estoppel Certificate. Either, party may, at any time, and from time to time, deliver written notice to the other party requesting such party to 25