Authorizing the execution of a contract for the purchase of certain disposition parcels inthe Urban Renewal Central Downtown Project

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-10- ARTICLE VI . REMEDIES Sec. 1 . Notice of Default. In the event of any default under or breach of any of the terms or conditions of the Agreement by either party hereto, or any successor or assign of, or successor in interest to, the Property or any part thereof, such party or successor shall, upon written notice from the other, proceed to remedy or cure such default or breach within sixty days after receipt of such notice . In case such action is not taken or diligently pursued or the default or breach shall not be cured or remedied within a reasonable time, the aggrieved party may institute such proceedings as may be necessary or desirable in its opinion to cure or remedy such default or breach or to obtain damages therefor, including but not limited to proceedings to compel specific performance by the party in default or breach of its obligation . Sec. 2 . Termination by City. In the event that the Agency does not tender conveyance of any Parcel, or possession thereof, in the manner and condition provided in the Agreement, and, except as otherwise provided in Section 3 of Article I_ of the Agreement, by the take-down date provided in Schedule B of the Agreement, and any such failure shall not be cured within sixty days after written demand by the City, then the Agreement shall, at the option of the City, be terminated as to such Parcel, and neither the Agency nor the City shall have any further -rights against or liability to the other under the Agreement as to such Parcel . Sec. 3. Termination by the Agency. In the event that prior to conveyance of any Parcel to the City and in violation of the Agreement the City (or any successor in interest) assigns or attempts to assign the Agreement or any rights therein, or in the Property, or any Parcel, or the City does not pay the Parcel Price for and take title to any Parcel upon proper tender of conveyance by the Agency pursuant to the Agreement, then the Agreement, and any rights of the City, or any successor or assign of the City or transferee, in the Agreement or arising therefrom, with respect to the Agency or those Parcels not conveyed to the City at such time, shall, at the option of the Agency, be terminated by the Agency as to those Parcels not conveyed to the City. In such event, except for the right of the Agency to damages for such breach afforded by law, neither the City (or assignee or transferee) nor the Agency shall have any further rights against or liability to the other