Remedies Upon Default; Termination Clause Samples

Remedies Upon Default; Termination. (a) Upon an Event of Default by the City which is continuing and remains uncured beyond any applicable notice and cure dates, Redeveloper may take whatever action at law or in equity, as may appear necessary or desirable to enforce the performance or observance of any rights under this Redevelopment Agreement, including an action for specific performance. No claim for damages may be brought against the City. Further, in these circumstances, Redeveloper shall have the right to terminate this Redevelopment Agreement upon sixty (60) days written notice to the City. (b) Upon an Event of Default by Redeveloper which is continuing and remains uncured beyond applicable notice and cure dates, the City may terminate this Redevelopment Agreement upon sixty (60) days’ written notice to Redeveloper and/or, except as set forth below, take whatever action at law or in equity, as may appear necessary or desirable to enforce the performance or observance of any rights under this Redevelopment Agreement, including an action for specific performance. No claim for damages may be brought against Redeveloper. Notwithstanding the foregoing and anything to the contrary in this Agreement, the sole and exclusive remedy of the City for a default caused by Redeveloper’s failure to commence, prosecute or complete the Project within the target timeframe contemplated by the Project Schedule, or for Redeveloper’s failure to obtain debt and/or equity financing for the Project, shall be that the City shall have the right to terminate this Redevelopment Agreement upon sixty (60) days written notice to Redeveloper as to the Project which Redeveloper has failed to substantially complete within such sixty (60) day period. Following such termination the City shall return to Redeveloper any funds held in the Escrow Account, pursuant to Section 5.1(b). If such termination occurs, the City retains the right to exercise any of its powers under the Redevelopment Law to effect the redevelopment of the Project. (c) In the event that either Party exercises its right to termination pursuant to Section 4.1(d) and (e) and/or Section 6.3, the terminating Party shall provide the other Party with written notice of such election not less than thirty (30) days prior to exercise. Within thirty (30) days of such termination: (i) Redeveloper shall pay to the City all outstanding City Costs; and (ii) upon full payment of all City Costs, the City shall return the balance of the amounts, if any, in the Escrow Accou...