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6B(1)
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08-06-10 Packet
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6B(1)
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13.1.5. An order, judgment or decree is entered, without the application, <br />approval or consent of the City, by any court of competent jurisdiction approving <br />the appointment of a receiver, trustee or liquidator of the Commission of all or a <br />substantial part of its assets, and such order, judgment or decree shall continue in <br />effect for a period of 60 days. <br />14. Remedies of the City. Upon the occurrence of an Event of Default, the City may <br />exercise, singly or in combination, any or all of the rights, powers and privileges set forth <br />in this Agreement, the Cooperative Agreement and any other agreements or instruments <br />to which the City is a party and which relate to the Project Loan Funds and the <br />Remediation Work, at law or in equity, at any time and from time to time. <br />15. Secure Site. In the event of Default, the Commission shall secure the Property. <br />Tlie cost of securing the Property is the responsibility of the Commission. If the <br />Commission fails to secure the Property within 24 hours of a Notice of Default, the City <br />may, but shall not be required to do so, at the Commission's sole cost. <br />16. Interpretation of Contract Documents. To the extent that it is determined that a <br />conflict exists between this Agreement and the Cooperative Agreement, all such <br />agreements and documents shall be construed in such manner as will give the maximum <br />effect to each but, as to any conflict which may not be so resolved, the terms and <br />conditions of the Cooperative Agreement shall control. <br />17. Miscellaneous. <br />17.1. No delay or failure of the City shall affect such right, power or privilege; <br />nor shall any single or partial exercise thereof or any abandonment or discontinuance of <br />steps to enforce such a right, power or privilege affect such right, power or privilege. <br />The rights and remedies of the City hereunder are cumulative and not exclusive. Any <br />waiver, permit, consent or approval of any kind of the City of any breach or default <br />hereunder, or any such waiver of any provisions or conditions hereof, must be in writing <br />and shall be effective only to the extent set forth in writing. <br />17.2. The Commission shall not assign or attempt to assign directly or <br />indirectly, any of its rights under this Agreement or under any instrument referred to <br />herein ~~ithout the prior written consent of the City. The Commission shall not assign all <br />or any portion of the Property made the subject of this Agreement without the prior <br />written consent of the City. <br />l 7.3. This Agreement is not intended to create or vest any rights in any third <br />party or to create any third party beneficiaries. <br />7.4. All amendments to this Agreement shall be in writing and signed by both <br />parties hereto. <br />17.5. It is expressly understood that a failure or delay on the part of the <br />Commission in the performance, in whole or in part, or any of the terms of this <br />Agreement, if such failure is attributable to an Act of God, fire, flood, riot, insurrection, <br />13 <br />
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