8923-17 Economic Development Grant to University Tees

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default shall remain unremedied for thirty (30) days whether such other indebtedness is in existence at the Execution Date or incurred after such date; (3) Incorrect Representations or Warranties -- If any representation or warranty contained in or made in connection with the execution and delivery of this Agreement or in any certificate furnished pursuant hereto shall prove to have been incorrect or untrue in any material respect when made; (4) Default in Covenants -- If Grantee defaults in the performance of any other term, covenant, or agreement contained in the Gramt Documents and such default shall continue unremedied for thirty (30) days after the earlier of either: (1) the default becoming known to an executive officer of Grantee; or (2) written notice thereof was given to Grantee by City; (5) Voluntary Insolvency -- If Grantee becomes insolvent, ceases to pay its debts as they mature, voluntarily files a petition seeking reorganization of, or the appointment of a receiver, trustee, or liquidator, for itself or a substantial portion of its assets, with the purpose of effecting a plan or other arrangements with creditors, is adjudicated bankrupt, or makes a voluntary assignment for the benefit of creditors; (6) Involuntary Insolvency -- If an involuntary petition is filed against Grantee under any bankruptcy, insolvency, or similar law seeking the reorganization of, or the appointment of any receiver, trustee, or liquidator, for Grantee or a substantial part of its assets, or a writ or warrant of attachment or similar process is issued against a substantial part of Grantee's assets, and such petition is not dismissed, or such writ or warrant is not released or bonded, within thirty (30) days after the filing or levy; and (7) Judgments -- If final judgment is entered against Grantee for the payment of money and such judgment is not fully covered by liability insurance and is in excess of Ten Thousand Dollars ($10,000.00) and is not discharged or appealed with execution of said judgment stayed pending appeal, or, if such judgment be affirmed on appeal and not discharged within thirty (30) days. Section 6.02 Remedies If the Grantee defaults and fails to cure as set forth in Article VI of this Agreement, then the City shall have the right to exercise concurrently or successively any one or more of the following rights and remedies: Wholly or partially terminate this Grant Agreement and the rights given to the Grantee in it; II. Temporarily or permanently withhold or reduce Grant funds not yet paid to the Grantee; III. Disallow all or part of the cost of a noncompliant activity; IV. Wholly or partially suspend the Agreement; V. Exercise any and all additional rights the City may have in law or equity. Page 10 of 22