Remedies of the City. (a) Subject to § 9.3(b), upon an Event of Default (or upon any act or failure to act by the Company, or the occurrence of a set of circumstances relating to the Company or its activities, which under common law principles would constitute an anticipatory breach of this Agreement), DoITT may at its option take any one or more of the following actions: cause a withdrawal from the Security Fund; seek money damages (and if such damages are awarded collect such) from the Company as compensation for the breach of this Agreement; seek to restrain by injunction the Event of Default (or in the case of anticipatory breach the anticipated Event of Default); terminate this Agreement pursuant to § 9.3(b); and/or invoke any other available remedy that would be permitted by law. DoITT will give the Company notice in writing when it determines to pursue one or more such remedies, but nothing herein will prevent DoITT from electing more than one remedy, simultaneously or consecutively, for any breach.
Remedies of the City. If an Event of Default occurs, the City may thereafter take any one or more of the following actions:
Remedies of the City. The City hereby retains all remedies in law and equity, including but not limited to, the right to deduct the cost of any substitute contract or performance for expenses, losses, and all damages and the right to withhold from payment, any amounts for expenses, losses, and damages from sums due, or which become due.
Remedies of the City. Upon the occurrence of an Event of Default-Developer, the City shall have, as the City’s sole and exclusive remedies, the remedies set forth below:
Remedies of the City. In the event of default by the Developer, the City may do any or all of the following:
Remedies of the City. (a) Upon an Event of Default, DoITT may:
Remedies of the City. (a) Upon an Event of Default, DTE may:
Remedies of the City. The City’s exclusive remedies for an Event of Non- Performance by Developer shall consist of, and shall be limited to the following:
Remedies of the City. Upon an Event of Default by Redeveloper, the City may terminate the RDA and/or take whatever action at law or in equity, as may appear necessary or desirable to enforce the performance or observance of any rights under the RDA, including an action for specific performance. No claim for damages may be brought against Redeveloper. LONG TERM TAX EXEMPTION The primary purpose of the FA is to set forth the Annual Service Charge to be paid by the Redeveloper in lieu of conventional real estate taxes. The main terms of the FA are as follows: • The Redeveloper will begin paying the Annual Service Charge, on the date of Substantial Completion of the Project. • The profits of the Redeveloper will be limited to the greater of twelve (12%) percent or one and a half (1 1/2 %) percent above the annual interest rate paid on the entity’s initial permanent mortgage financing. • The FA will require approval of the City by way of ordinance based on an application filed by the Redeveloper for the tax exemption. Prior to that approval, the Redeveloper must be formed pursuant to state law and approved by the Commissioner of the Department of Community Affairs. • The term of the FA will be the later of thirty-five (35) years from the date of execution or thirty (30) years from Substantial Completion of the Project. • The Annual Service Charge shall be 10% of the annual gross revenue for the first ten (10) years of the FA, and 15% of the annual gross revenue for years 11 through 30 of the FA. • An annual administrative fee of two percent (2%) of the Annual Service Charge shall be paid to the City. • Five percent (5%) of the Annual Service Charge will be paid to the County of Hunterdon. • The City would receive approximately $4,532,457 over the 30-year term of the FA, which is approximately $2,751,776 more than the City would receive through conventional taxation. • While Redeveloper initially requested a term of twenty-five years for the FA, adding the additional five years, as permitted by statute, produces an additional net revenue to the City of approximately $801,000. • The Annual Service Charge will begin on the first day of the month following Substantial Completion of the Project. The Redeveloper has an obligation to make a good faith effort to apply for a Certificate of Occupancy leading to Substantial Completion in a timely fashion. • A change in the ownership of the Redeveloper requires notice to the City. Sale of the Project to another urban renewal entity requires a w...
Remedies of the City a. If the City, in its sole discretion, is of the opinion that the owner has neglected or refused to perform any of its obligations set out in these Easement Terms, the City may in addition to any of its other legal or equitable remedies serve on the owner a notice setting out particulars of the breach and of the City's estimated maximum costs of remedying the breach. The owner shall have thirty (30) days from receipt of such notice to remedy the breach or make arrangements satisfactory to the City for remedying the breach.
