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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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10/18/2012 1:33:20 PM
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• due to obligations, defaults, or acts of the Developer, its successors or <br />transferees; <br />d. any expenditures made or obligations incurred in making or <br />completing the construction or any part thereof on the Property or part <br />thereof; <br />e. and any amounts otherwise owing the Commission by the Developer <br />and its successor or transferee; and <br />2. Second, to reimburse the Developer, its successor or transferee, up to the <br />amount equal to: <br />a. the sum of the Purchase Price paid by it for the Property (or allocable <br />to the part thereof) and the cash actually invested by the Developer in <br />construction on the Property or part thereof, less <br />b. any gains or income withdrawn or made by the Developer from the <br />Contract or the Property. <br />Any balance remaining after such reimbursements shall be retained by the Commission as its <br />property. <br />F. Other Rights and Remedies of Commission; No Waiver by Delay. The Commission <br />shall have the right to institute such actions or proceedings as it may deem desirable for effectuating <br />the purposes of this Section X. This would include the right to execute and record or file among the <br />public land records in the office in which the Deed is recorded a written declaration of the <br />termination of all the right, title, and interest of the Developer, and (except for such individual parts <br />upon which construction has been completed under the Contract and for which a Project Certificate <br />of Completion as provided in Section VI is to be delivered, and subject to such mortgage liens and <br />leasehold interests as provided in Section X, paragraph D hereof) its successors in interest and <br />assigns, in the Property, and the revesting of title in the Commission. Any delay by the Commission <br />in instituting or prosecuting any such actions or proceedings or otherwise asserting its rights under <br />this Section X shall not operate as a waiver of such rights or to deprive it of or limit such rights in <br />any way. This provision intends that the Commission should not be constrained, so as to avoid the <br />risk of being deprived of or limited in the exercise of the remedy provided in this paragraph because <br />of concepts of waiver, laches, or otherwise, to exercise such remedy at a time when it may still hope <br />otherwise to resolve the problems created by the default involved; nor shall any waiver in fact made <br />by the Commission with respect to any specific default by the Developer under this paragraph be <br />considered or treated as a waiver of the Commission's rights to any other defaults by the Developer <br />under this paragraph or with respect to the particular default except to the extent specifically waived <br />in writing. <br />• <br />
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