6.B.(1)&(2) Staff report 118 N. Main St.

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the default or breach is not cured or remedial within a reasonable time, the a_~grie~~cd party may institute prucecdin~as necessary or desirable in it opinion to cure and remedy the dctiwlt or breach. includin~~. but n~~t limited tu. hr~~c~cdin~~s to cc~m~~el s~~ccific pcrt~~rtnance b~=the ~~arty in dcfiault or breach of its ohli~ations. B. Termination by De~~clo~~er Prior to Comevance. 11 the Commission does not tender am~eyance or possession ofthe Property in the manner and condition and by the date prodded in the Contract. and an~~ such failure is not cured ~~ithin lorty-ii~c (~5) da~~s alter the date of written demand by the Developer. the Contract shall be terminated at the option of the De~cluper, by ~rritten notice to the Commission. and. except for return of the Deposit, neither the <'ommission nor the De~elopcr shat I ha. e any further rights against or liability to the other under the Contract: Z. If the De~~cloper furnishes evidence reasonabh~ satisfactor}~ to the Commission that after and despite reasonably diligent effort for a period of sixty (60) days after the date of this Contract. it has been unable to obtain nun~tgage financing for the Project on a basis and on terms that ~rould generally be considered satisfactory by builders or contractors for amstruction of~the natm~e and type. of the Project. the De~~eloper shall, after hay ing submittal such e~~idence and if so requested by the Conunission. continue to make diligent eflorts to obtain such financing f~~ra period of sixty (60) days after such request. If the Dc~~cloper mails to obtain financing after efforts listed above. then the Contract shall, at the option of the Commission or the De~clopcr. be terminated hv~ ~~ritten notice thereof to the other party. and neither the Commission nor the Dc~ eloper shall have an_y further rights against or liahiliri~ to the other under the Contract. C. Termination by Commission Prior to Comes-ante. In the c~cnt that: (a). prior to con~~cy~ance of the Property [o the De~~eloper and in violation of the Contract: the Developer (or successor in interest} assigns or attempts to assign the Contract or any ri~~hts therein or the Property, or ii. there is any change in the ownership ofthc Developer or ~~ ith respect to the identity of the parties holding partnership interest in the Developer or the degree thercof_ ~~hich the Commission reasonably has refused to approve: or