Laserfiche WebLink
Section 13. Default. Developer's failure to keep, observe, or perform any of its duties <br /> or obligations under this Covenant shall be a default hereunder, including, without limitation, <br /> any of the following specific events: <br /> 13.1 The failure of Developer to substantially comply with the standards of <br /> performance for the Project as set forth in Section 2.1 of this Covenant. <br /> 13.2 The failure of Developer to comply with the terms of any Financing Obligations, <br /> and such failure is not cured within any time permitted by the lender holding such obligations. <br /> 13.3 The failure of Developer to submit and obtain approval as to any Material <br /> Modification of the Approved Plans and Specs in accordance with in Section 5. <br /> 13.4 The failure of Developer to construct the Project in accordance with the Approved <br /> Plans and Specs, as the same may be modified pursuant to Section 5.4. <br /> 13.5 The failure of Developer to diligently prosecute construction and complete the <br /> Project so that construction of the Project is commenced by the Project Commencement Date and <br /> is substantially complete by the Project Completion Date, subject to Force Majeure. <br /> 13.6 Conversion of any portion of the Property or the Improvements to any use other <br /> than the uses permitted in this Covenant. <br /> 13.7 The failure of Developer to comply with Section 6 or Section 10 or Section 11 of <br /> this Covenant or to satisfy the indemnities set out in this Covenant. <br /> 13.8 The making by Developer of an assignment for the benefit of creditors, contrary <br /> to the terms of this Covenant, or filing a petition in bankruptcy or of reorganization under any <br /> bankruptcy or insolvency law or filing a petition to effect a composition or extension of time to <br /> pay its debts. <br /> 13.9 The appointment of a receiver or trustee of the property of Developer, which <br /> appointment is not vacated or stayed within sixty (60) days, or the filing of a petition in <br /> bankruptcy against Developer or for its reorganization under any bankruptcy or insolvency law <br /> which not dismissed or stayed by the court within sixty(60) days after such filing. <br /> 13.10 Any transfer of Property in violation of Section 3.2 of this Covenant. <br /> 13.11 Any material breach by Developer of any City-Developer Agreement. <br /> 13.12 Any material breach by Developer of the Marriott Franchise Agreement. <br /> Upon the happening of any of the above described events,the City shall notify Developer <br /> in writing of its purported breach, failure or act above described. As to each event described in <br /> this Section 13, Developer's failure to cure such breach, failure or act, within thirty (30) days <br /> from receipt of such notice (or if such failure cannot reasonably cured within 30 days, if <br /> Developer fails to promptly commence and diligently pursue such cure to completion) shall be <br /> deemed an"Event of Default"hereunder. <br /> -17- <br /> 51083924.1 <br />