2000-266C - Laserfiche WebLink

Home Browse Search

C._] p a ARTICLE XIII EVENTS OF DEFAULT AND REMEDIES 13.1 Default b theDodeers, The following events shall be considered Events of Default by the Dodgers: (a) A material failure to keep, observe, perform, meet or comply with any covenant, agreement. tern] or provision of this Agreement. or of any of the Project Documents, which are to be kept, observed, met, performed or complied with by Dodgers, subject to Section 13.2. (b) If the Dodgers shall (i) be unable to pay its debts as they come due; (ii) make a general assignment for the benefit of creditors: (iii) suffer a decree or order appointing a receiver or trustee for it or substantially all of its property to be entered and, if entered without its consent, not to be stayed or discharged within 180 calendar days: (iv) suffer proceedings under any law relating to bankruptcy, insolvency, or the reorganization of relief of debtors to be instituted by or against it and, if contested by it, not to be dismissed or stayed within 180 calendar days; or (v) suffer any judgment, writ of attachment or execution. or any similar process to be issued or levied against a substantial pan of its property which is not released, stayed, bonded. or vacated within 180 calendar days after issue or levy. 13.2 o nly's Remedies. Upon an Event of Default by the Dodgers, the County, without prejudice to its other rights and remedies hereunder, shall be entitled to terminate this Agreement for cause and the procedure outlined in the performance bond for completion of the construction work shall be followed: provided, however, that no default by the Dodgers shall constitute an Event of Default unless and until: a) The {County has given at least thim (30) dans' prior written notice thereof to the Dodgers specifying that a default(s) has occurred that will, unless corrected, constitute a material breach and cause Termination hereof: and (b) The Dodgers either (i) have not corrected such default or have not initiated reasonable steps to do so within said thirty (30) day period, or (ii) if such reasonable steps have been initiated within such period. do not thereafter continue to take reasonable steps to correct such default within a reasonable time penod. (c) All contracts held by the Dodgers, contemplated by this Agreement. shaft be assignable to the County at the County's option. Upon Termination or expiration of this Agreement, the County may use all funds remaining in the Construction. Fund or Capital Reserve Account for completion. 13.3 Default Will: County. The following shall ccnsdrute an Event of Default by the County: Failure by the County to observe and perform any covenant, condition, or agreement on its part 28 d71