1992-10-02 Resolution 69 - Laserfiche WebLink

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or elsewhere herein have been satisfied or waived, within the time period therein required, and subject to .Section 18 herein, the • Closing shall take place at such time. and date within fifteen (15) days thereafter as agreed between Redevelopment and Airport, unless extended in writing by mutual agreement of the parties hereto. The Closing shall. occur at the offices. of Redevelopment`s. counsel, or at such other place as agreed by Redevelopment and Airport. In the event all the conditions precedent to be performed by Airport have not been satisfied by October 15, 1992, this Agreement may be cancelled, at the option of Redevelopment, without obligation or liability to either party hereto. In the event all conditions precedent to be performed by Redevelopment have not been satisfied by October 30, 1992, this Agreement may be cancelled at the option of the Airport, without obligation or liability to either party hereto. (b) Each party shall be responsible for its costs and expenses in accordance with the obligations or conditions to be performed by each respective party hereto, except as expressly set forth herein. 9. REMEDIES UPON DEFAULT In the event Redevelopment or Airport. breaches or defaults under any of the terms of this. Agreement, the. rights of the. party not in default shall be limited to the right to recover costs- and expenses incurred in the performance. of the Agreement to the time of breach, and shall not include the right. to compel specific • performance of this Agreement. 10. MANAGEMENT OF BLACKTHORN, (ao overseeltheemanagementpand operationtoflBlackthorn,nas Committee t provided herein. (b) Redevelopment and Airport acknowledofession,lefficientt Blackthorn be managed and ope~ofessionalslexperienced and qualif ied and businesslike manner, by p in the operation of a first class, full service. golf facility. It is the intent of Redevelopment and Airport to retain the services of Contractor, through the Management Agreement, to provide for the professional operation and management. of Blackthorn. (c) Joint Committee,. The membership of the Joint. Committee. shall be composed of a total. of two (2) members selected. annually by Redevelopment from their membership; a total. of two (2) members selected annually by Airport from its membership; the Executive Director of the Department of Economic Development for the, City of South Bend; and the Executive Director of the Michiana Regional Airport. The staff of the City of South Bend, Department of Redevelopment shall serve as staff to the Joint Committee. The responsibilities and authority of the Joint Committee shall. commence immediately. -10-