6B(3) Dev Agr LaSalle Hotel - Laserfiche WebLink

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5.3(b) hereof to provide the Developer with the same number of parking spaces in the Parking Garage for the benefit of the LaSalle Property. The Commission will provide replacement parking with the same number of spaces within two blocks of The LaSalle during construction of the Parking Garage. SECTION 7. COOPERATION IN THE EVENT OF LEGAL CHALLENGE. 7.1 Cooperation. In the event of any administrative,legal or equitable action or other proceeding instituted by any person not a party to this Agreement challenging the validity of any provision of this Agreement, the Parties shall cooperate in defending such action or proceeding to settlement or final judgment including all appeals. Each Party shall select its own legal counsel and retain such counsel at its own expense, and in no event shall the Commission be required to bear the fees and costs of Developer's attorneys nor shall Developer be required to bear the fees and costs of the Commission's attorneys. The Parties agree that this Section 7.1 shall constitute a separate agreement entered into concurrently with this Agreement,and that if any other provision of this Agreement, or this Agreement as a whole, is invalidated, rendered null, or set aside by a court of competent jurisdiction, the Parties agree to be bound by the terms of this Section 7.1, which shall survive such invalidation, nullification, or setting aside. SECTION 8. DEFAULT. 8.1 Default. Except as provided in Section 8.2 and Section 8.3 hereof, any material failure by either Party to perform any term or provision of this Agreement,which failure continues uncured for a period of 30 days following written notice of such failure from the other Party,unless such period is extended by written mutual consent,shall constitute a default under this Agreement. Any notice given pursuant to the preceding sentence shall specify the nature of the alleged failure and,where appropriate,the manner in which said failure satisfactorily may be cured. If the nature of the alleged failure is such that it cannot reasonably be cured within such 30-day period,then the commencement of the cure within such time period, and the diligent prosecution to completion of the cure thereafter, shall be deemed to be a cure within such 30-day period. Upon the occurrence of a default under this Agreement, the non-defaulting Party may institute legal proceedings at law or in equity(including any action to compel specific performance);provided, that in no event shall any Party have the right to terminate this Agreement. If the default is cured, then no default shall exist and the noticing Party shall take no further action. If Developer provides the Commission with notice of the contact information for Developer's Project lender, then such lender shall be provided any notice of default of Developer hereunder and the opportunity to cure such default. 8.2 Termination of Benefits and Reversion. If Developer fails to meet Substantial Completion of the Project within thirty-six(36)months following Closing, the Commission may: I (a) Recommend termination of any economic revitalization area created, and associated property tax abatement granted, in connection with the Project. (h) Thereafter, unless construction work of a material nature has resumed and is continuing without interruption for prompt Substantial Completion, re-enter and take possession of the LaSalle Property and terminate and cause title to the LaSalle Property to be surrendered by Developer and revested in the Commission,provided any such revesting 1 ] - 12 - dins.us.52637 413.08 4