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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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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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10/18/2012 1:30:59 PM
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In the event of any default or failure referred to in subdivisions (a) (b) or (c) of this Section <br />X.C., which remains uncured by the Developer after notice and opportunity to cure have been <br />provided by the Commission, the Deposit shall be retained by the Commission as liquidated damages <br />and as its property without any deduction, offset, or recoupment whatsoever, and the Developer shall <br />be required to reimburse the Commission for the Utility Improvements made pursuant to Section XI <br />hereof. Other than the foregoing, neither the Developer (or successor in interest) nor the <br />Commission shall have any further rights against or liability to the other under the Agreement. <br />D. Revestina Title in Commission upon Happening of Event Subsequent to Convey <br />to Developer. If subsequent to conveying any part of the Property to the Developer and prior to the <br />issuance of a Certificate of Completion regarding the Project by the Commission: <br />1. the Developer (or successor in interest) shall default in or violate its <br />obligations with respect to the construction of the Project, including the <br />nature and the dates for the beginning and completion thereof, or shall <br />abandon or substantially suspend construction work, and any such default, <br />violation, abandonment, or suspension shall not be cured, ended, or remedied <br />within three (3) months (six (6) months, if the default is with respect to the <br />date of completion of the construction) after written demand by the <br />Commission so to do; or <br />2. the Developer (or successor in interest) shall fail to pay real estate taxes or <br />assessments on the Property when due, or shall place thereon any <br />encumbrance or lien unauthorized by the Agreement, or shall cause any levy <br />or attachment to be made, or any materialmen's or mechanics' lien, or any <br />other unauthorized encumbrance or lien to attach, and such taxes or <br />assessments are not paid, or the encumbrance or lien removed or discharged <br />or provision reasonably satisfactory to the Commission made for such <br />payment, removal, or discharge, within ninety (90) days after written demand <br />by the Commission so to do; or <br />3. there is, in violation of the Agreement, any transfer of any part of the <br />Property, or any change in the ownership or distribution of the stock or <br />controlling interest of the Developer, or with respect to the identity of the <br />parties in control of the Developer or the degree thereof as provided in <br />Section VIII, and such violation shall not be cured within sixty (60) days after <br />written demand by the Commission to the Developer, <br />then the Commission shall have the right to re -enter and take possession of the Property and to <br />terminate and revest in the Commission the estate conveyed by the Deed to the Developer. The <br />intent of this provision, together with other provisions of the Agreement, is that the conveyance of <br />the Property to the Developer shall be made upon, and that the Deed shall contain, a condition <br />subsequent to the effect that the event of any default, failure, violation, or other action or inaction by <br />the Developer specified in this paragraph D the Developer's failure to remedy, end, or abrogate such <br />
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