No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters

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in the manner and condition and by the date provided in the Agreement, and any such failure is not cured within forty -five (45) days after the date of written demand by the Developer, the Agreement shall be terminated at the option of the Developer, by written notice to the Commission, and, except for return of the Deposit, neither the Commission nor the Developer shall have any further rights against or liability to the other under the Agreement: 2. If the Developer furnishes evidence reasonably satisfactory to the Commission that, after and despite reasonably diligent effort for a period of sixty (60) days after the date of this Agreement, it has been unable to obtain mortgage financing for the Project on a basis and on terms that would generally be considered satisfactory by builders or contractors for construction of the nature and type of the Project, the Developer shall, after having submitted such evidence and if so requested by the Commission, continue to make diligent efforts to obtain such financing for a period of sixty (60) days after such request. If the Developer fails to obtain financing after efforts listed above, then the Agreement shall, at the option of the Commission or the Developer, be terminated by written notice thereof to the other party, and neither the Commission nor the Developer shall have any further rights against or liability to the other under the Agreement excepting that (i) the Commission will retain the performance guarantee (Deposit) as provided under Section III herein and (ii) the Developer shall reimburse the Commission for the Utility Improvements provided for in Section XI. C. Termination by Commission Prior to Conveyance. In the event that: a. prior to conveyance of the Property to the Developer and in violation of the Agreement: i. the Developer (or successor in interest) assigns or attempts to assign the Agreement or any rights therein or the Property, or ii. there is any change in the ownership of the Developer or with respect to the identity of the parties holding an ownership interest in the Developer or the degree thereof, which the Commission reasonably has refused to approve; or b. the Developer does not submit reasonably satisfactory architectural and site plans, or evidence of necessary equity capital and mortgage financing, in satisfactory form and in the manner and by the dates respectively provided in the Agreement therefor; or C. the Developer does not pay the Purchase Price and take title to the Property upon tender of conveyance by the Commission pursuant to the Agreement, then the Agreement and any rights of the Developer in the Agreement and the Property shall, at the option of the Commission, without need of the consent of the Developer, be terminated: Provided, however, that with respect to any default or failure referred to in subdivisions (a), (b), or (c) of this Section X.C. a period ofthirty (3 0) days shall be given to cure such failure or default after the date of . written demand by the Commission shall be given to cure such failure or default.