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1/13/2014 12:26:52 PM
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construction of the Parking Garage, subject to the parking rights of the Developer as set forth in <br />Section 6.4 hereof. <br />6.4 Parking Access. In the event of construction of a Parking Garage on the Support <br />Parcel, the Commission agrees that the Developer will have access to parking in the Parking <br />Garage for the LaSalle Property and further agrees that it will modify the lease described in <br />Section 5.3(b) hereof to provide the Developer parking spaces in the Parking Garage for the <br />benefit of the LaSalle Property. <br />SECTION 7. COOPERATION IN THE EVENT OF LEGAL CHALLENGE. <br />7.1 Cooperation. In the event of any administrative, legal or equitable action or <br />other proceeding instituted by any person not a party to this Agreement challenging the validity <br />of any provision of this Agreement, the Parties shall cooperate in defending such action or <br />proceeding to settlement or final judgment including all appeals. Each Party shall select its own <br />legal counsel and retain such counsel at its own expense, and in no event shall the Commission <br />be required to bear the fees and costs of Developer's attorneys nor shall Developer be required to <br />bear the fees and costs of the Commission's attorneys. The Parties agree that this Section 7.1 <br />shall constitute a separate agreement entered into concurrently with this Agreement, and that if <br />any other provision of this Agreement, or this Agreement as a whole, is invalidated, rendered <br />null, or set aside by a court of competent jurisdiction, the Parties agree to be bound by the terms <br />of this Section 7. 1, which shall survive such invalidation, nullification, or setting aside. <br />SECTION 8. DEFAULT. <br />8.1 Default. Except as provided in Section 8.2 and Section 8.3 hereof, any material <br />failure by either Party to perform any term or provision of this Agreement, which failure <br />continues uncured for a period of 30 days following written notice of such failure from the other <br />Party, unless such period is extended by written mutual consent, shall constitute a default under <br />this Agreement. Any notice given pursuant to the preceding sentence shall specify the nature of <br />the alleged failure and, where appropriate, the manner in which said failure satisfactorily may be <br />cured. If the nature of the alleged failure is such that it cannot reasonably be cured within such <br />30 -day period, then the commencement of the cure within such time period, and the diligent <br />prosecution to completion of the cure thereafter, shall be deemed to be a cure within such 30 -day <br />period. Upon the occurrence of a default under this Agreement, the non - defaulting Party may <br />institute legal proceedings at law or in equity (including any action to compel specific <br />performance); provided, that in no event shall any Party have the right to terminate this <br />Agreement. If the default is cured, then no default shall exist and the noticing Party shall take no <br />further action. If Developer provides the Commission with notice of the contact information for <br />Developer's Project lender, then such lender shall be provided any notice of default of Developer <br />hereunder and the opportunity to cure such default. <br />8.2 Termination of Benefits and Reversion. If Developer fails to meet Substantial <br />Completion of the Project within thirty -six (36) months following Closing, the Commission may: <br />(a) Recommend termination of any economic revitalization area created, and <br />associated property tax abatement granted, in connection with the Project. <br />-12- <br />dms.us.52637413.08 <br />
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