Common use of Additional Remedies of Agency Clause in Contracts

Additional Remedies of Agency. In the event that Developer, or its successor in interest, shall fail to commence the construction of the Project on or before January 1, 2022, such event shall be deemed a failure to perform under this Redevelopment Contract. In the event of such failure to perform, breach or default occurs and is not cured in the period herein provided, the parties agree that the damages caused to the Agency would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the unpaid portion of the principal of the TIF Indebtedness as of the date of declaration of default (the "Liquidated Damages Amount"). The Liquidated Damages Amount shall be paid by Developer to Agency within 30 days of demand from Agency and may be paid in full by transferring ownership of the TIF Indebtedness to the Agency. Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (1%) over the prime rate as published and modified in the Wall Street Journal from time to time and interest shall commence from the date that the Agency gives notice to the Developer demanding payment.

Additional Remedies of Agency. In the event that Developer, or its successor in interest, shall fail to commence the construction of the Project on or before January 1, 20222017, such event shall be deemed a failure to perform under this Redevelopment Contract. In the event of such failure to perform, breach or default occurs and is not cured in the period herein provided, the parties agree that the damages caused to the Agency would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the unpaid portion of the principal of the TIF Indebtedness Bond as of the date of declaration of default (the "Liquidated Damages Amount"). The Liquidated Damages Amount shall be paid by Developer to Agency within 30 days of demand from Agency and may be paid in full by transferring ownership of the TIF Indebtedness Bond to the Agency. Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (1%) over the prime rate as published and modified in the Wall Street Journal from time to time and interest shall commence from the date that the Agency gives notice to the Developer demanding payment.

Additional Remedies of Agency. In the event that Developer, or its successor in interest, shall fail to commence the construction of the Project on or before January 1, 20222016, such event shall be deemed a failure to perform under this Redevelopment Contract. In the event of such failure to perform, breach or default occurs and is not cured in the period herein provided, the parties agree that the damages caused to the Agency would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the unpaid portion of the principal of the TIF Indebtedness Bond as of the date of declaration of default (the "Liquidated Damages Amount"). The Liquidated Damages Amount shall be paid by Developer to Agency within 30 days of demand from Agency and may be paid in full by transferring ownership of the TIF Indebtedness Bond to the Agency. Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (1%) over the prime rate as published and modified in the Wall Street Journal from time to time and interest shall commence from the date that the Agency gives notice to the Developer demanding payment.

Additional Remedies of Agency. In the event that DeveloperCompany, or its successor in interest, shall fail to commence the construction of the Project on or before January 1, 20222015, such event shall be deemed a failure to perform under this Redevelopment Contract. In the event of such failure to perform, breach or default occurs and is not cured in the period herein provided, the parties agree that the damages caused to the Agency would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the unpaid portion of the principal of the TIF Indebtedness Bond as of the date of declaration of default (the "Liquidated Damages Amount"). The Liquidated Damages Amount shall be paid by Developer Company to Agency within 30 days of demand from Agency and may be paid in full by transferring ownership of the TIF Indebtedness Bond to the Agency. Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (1%) over the prime rate as published and modified in the Wall Street Journal from time to time and interest shall commence from the date that the Agency gives notice to the Developer Company demanding payment.

Additional Remedies of Agency. In the event that DeveloperCompany, or its successor in interest, shall fail to commence the construction of the Project on or before January December 1, 20222013, such event shall be deemed a failure to perform under this Redevelopment Contract. In the event of such failure to perform, breach or default occurs and is not cured in the period herein provided, the parties agree that the damages caused to the Agency would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the unpaid portion of the principal of the TIF Indebtedness Bond as of the date of declaration of default (the "Liquidated Damages Amount"). The Liquidated Damages Amount shall be paid by Developer Company to Agency within 30 days of demand from Agency and may be paid in full by transferring ownership of the TIF Indebtedness Bond to the Agency. Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (1%) over the prime rate as published and modified in the Wall Street Journal from time to time and interest shall commence from the date that the Agency gives notice to the Developer Company demanding payment.