8809-15 Authorizing agreement with Rockport Square LLC

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offered. In the event a party commences to cure any Event of Default of other breach or default of this Agreement within such 30 -day period or other specified period, and diligently prosecutes necessary remedies or cures, but such remedy or cure cannot be completed for reasons beyond such party's control, the cure period shall be extended for such reasonable time as is necessary to effect a complete remedy or cure of the breach or default; provided that no such extension shall be for a period beyond one hundred twenty (120) days from the notice of default unless the delay in completing the remedy or cure results directly from an Event of Default by the other party. If the delay in timely completing the remedy or cure results directly from an Event of Default by the other party, the cure period shall be extended for the number of days of actual delay caused by the default of the other party. In case such action is not -taken within such time or not diligently pursued, or the default or breach shall not be cured or= remedied within such time, the party asserting breach may institute such proceedings at law or in equity as may be necessary or desirable in its opinion to remedy such breach, includiii, but not limited to, proceedings to compel specific performance by the party in default or breach of its obligations, or proceedings to recover damages suffered as the result of such default. (B) Pursuit of any of the remedies in this Section shall not preclude pursuit of any of the other remedies herein provided, or any other remedies provided by law or equity, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any damages accruing to a party by reason of the vlolation,of any of the other party's obligations hereunder. Forbearance by a party to enforce one or -more of the remedies herein provided upon the occurrence of an event of default shall not be construed to constitute a waiver of such default. Section 16. Force Maj cure. Except as otherwise provided herein�nettlrer the city nor the Developer shall be considered in default in its obligations to be peformed hereunder, if delay in the performance of such obligations is due to unforeseeable causes beyond its control and without its fault, including but not limited to, acts._of God or of the public enemy, acts of the Federal or state government, acts (including but not limited to governmental directives, changes in laws or regulations, or unusual -delays in inspections or issuing approvals or permits, but not as a result of an act of delay on the part of the Devel oper) or delays of the other party (not the result of an act of delay by the Developer or the City, asapplicable), fires, floods, unusually severe weather, epidemics, freight embargoes,_unavailability =of materials, strikes or delays of contractors, subcontractors or materialmen due to-any of suclaauses, but not including lack of financing or financial capacity by the Developer or the City, irbeng the purpose and intent of this Paragraph that in the event of the occurrence of any such enforced delay, the time or times for performance of such obligations shall be extended for the petiod of the enforced delay; provided, however, that the party seeking the benefit of the provisions of this Paragraph shall within fourteen (14) days after the beginning of such enforced delay, notify the other party in writing thereof and of the cause thereof and of the duration thereof, or, if a continuing delay and cause, the estimated duration thereof, and if the delay is continuing on the date of notification, within thirty (30) days after the end of the delay, notify the other party in writing of the duration of the delay. (03163827.DOCx;6 ) 11727136.4 (2026928x2) 17