03-2024 - Authorize Development Agreement with LDC Warren LTD, LLC

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DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 negligence or willful misconduct, is false or misleading in any material respect as of the time made and has been relied upon by the recipient to its material detriment prior to correction by City. E. Remedies for City Default. At any time as of which a City Default exists, the Developer, at its option, may, but shall not be obligated to, exercise any one of more of the following remedies; 1. By written notice to the City, terminate this Agreement, provided that such termination shall not affect the obligations of the City that have then accrued; 2. (i) recover from the City any sum of money that are then due and payable by the City to or for the benefit of the Developer under this Agreement, and/or commence an action for specific performance or other equitable relief against City with respect to the defaulted obligations; and (ii) exercise the Developer' rights under Sections XVI(G) and (H) with respect to the City Default, provided that any City payment obligations shall be limited to the Incentives, as defined herein; and 3. Enforce, or avail itself of, any other remedies available to it at law or in equity. F. Default Notices. At any time when there exists a default by the Developer in the due and punctual payment, performance or observance of any obligation of the Developer under this Agreement or any other Project Agreement, City shall give the Developer a written notice, indicated as being a "Default Notice" under this Section, identifying the default and specifying a period of time for the cure of the default. At any time when there exists a default by City in the due and punctual payment, performance or observance of any obligation of City under this Agreement or any other Project Agreement, the Developer shall give the City a written notice, indicated as being a "Default Notice" under this Section, identifying such default and specifying a period of time for the cure of the default. Any notice given in accordance with this Section is called a "Default Notice." The period of time for cure to be set forth in any Default Notice may be not shorter than such period of time as is reasonable in light of the nature of the default and the time reasonably required to cure the default. Notwithstanding any provision hereof or in any other Project Agreement to the contrary, in no event will the cure period set forth in any Default Notice be less than (i) ten (10) business days to cure any monetary payment default, or (ii) thirty (30) days with respect to any non -monetary default, and, during the construction period, to the extent such non -monetary default cannot reasonably be cured in thirty (30) days, then the period for cure shall be extended for so long as is reasonable, provided that the Developer commences to cure within such initial thirty (30) day period and thereafter diligently continues to pursue such cure; provided, however, that in no event shall the cure period for non -monetary defaults be extended for longer than ninety (90) days total. G. Enforcement. As the remedy at law for the breach of any of the terms of this Agreement may be inadequate, each enforcing Party has a right of temporary and 14