Common use of Additional Remedies of Authority Clause in Contracts

Additional Remedies of Authority. In the event that: (a) The Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or successor in interest, shall fail to complete the construction of the Project on or before July 1,2007, or shall abandon construction work for any period of 90 days; (c) The Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; or (d) There is, in violation of Section 4.08 of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “Liquidated Damages Amount”). The Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from Authority. 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 Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Project.

Additional Remedies of Authority. In the event that: (a) The Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or successor in interest, shall fail to complete the construction of the Project on or before July 1,2007December 31, 2010, or shall abandon construction work for any period of 90 days; (cb) The Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Premises or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from form Authority; or (dc) There is, in violation of Section 4.08 of this Redevelopment Contract, transfer of the Redevelopment Area Premises or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper unpaid TIF payment remaining pursuant to Section 3.05 3.03 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, Contract plus interest on such amounts as provided herein (the “Liquidated Damages Amount”). The Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from Authority. 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 Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Project.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007December 1, 2015, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, 11 T & S Land Development, LLC - Contract (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007May 1, 2018, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; or; (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following Xxxxxx Enterprises written notice from Authority, then the Redeveloper shall be in default of this Redevelopment Contract. ; and (d) the Redeveloper fails to complete Phase 1 and Phase 2 of the redevelopment Project, as fully described in the Redevelopment Plan pursuant to the plans and specifications provided to the Authority by June 1, 2020; 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project.. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law. Xxxxxx Enterprises

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the infrastructure improvements included in the Project Costs on or before July 1,2007, fail to complete moving Xxxxx’x Creek Drain Way by or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 45 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one nine percent (19.0%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that: (a) The Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or on successor in interest, shall fail to complete the construction of the Project on or before July 1,2007January 1, 2013, or shall abandon construction work for any period of 90 days;, (cb) The Redeveloper, or on successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area or on any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; or (dc) There is, in violation of Section 4.08 of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “Liquidated Damages Amount”). The Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from Authority. 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 Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Project.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the infrastructure improvements and rehabilitation of the commercial building on the Redevelopment Project Areas on or before July 1,2007November 30, 2022, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one seven percent (17%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such JNIK LLC Xxxxxxx CRA Area #1 Page 14 Redevelopment Contract contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the Project on or before July 1,2007May 1, 2022, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment Notes and performance Notes for each contract entered into by Redeveloper related to Project Costs. Each such Note shall show the Authority and the City as well as the Redeveloper as beneficiary of any such Note, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal Note with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and Procon Flex Industrial Area 5 Contract 13 will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007May 1, 2019, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In Paramount Development addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007September 1, 2022, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs as provided in Section 4.01. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that: (a) The Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure or binding commitments to incur expenditures) of an amount equal to at least ten percent (10%) of the total projected cost of the Project) Project by July 1, 2006September 1,2003; (b) The Redeveloper, or successor in interest, shall fail to complete the construction of the Project on or before July 1,2007June 30,2004, or shall abandon construction work for any period of 90 days; (c) The Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; or (d) There is, in violation of Section 4.08 of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, thereof and such failure or action by the Redeveloper has not been cured within 30 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “Liquidated Damages Amount”). The Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from Authority. Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (11 %) 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 Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Project.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,20071, 2019, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, Amur Real Estate 000 X. 0xx P a g e | 11 (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007August 10, 2017, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, Xxxxxxxx 523 E. Division/206 S. Plum (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that: (a) The Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or on successor in interest, shall fail to complete the construction of the Project on or before July 1,2007January 1, 2014, or shall abandon construction work for any period of 90 days;, (cb) The Redeveloper, or on successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area or on any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; or (dc) There is, in violation of Section 4.08 of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “Liquidated Damages Amount”). The Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from Authority. 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 Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Project.

Additional Remedies of Authority. In the event that: (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or on successor in interest, shall fail to complete the construction of the Project on or before July 1,2007January 1, 2011, or shall abandon construction work for any period of 90 days;, (cb) The the Redeveloper, or on successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area or on any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; or (dc) There is, in violation of Section 4.08 of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “Liquidated Damages Amount”). The Liquidated Damages Amount shall be paid by Redeveloper to the Authority within 30 days of demand from the Authority. 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 Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Project.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007December 1, 2016, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007September 1, 2023, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one nine percent (19%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs as provided in Section 4.01. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,20071, 2021, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs as provided in Section 4.01. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor Ebc Xxxxxxxxxx 722 N Xxxx (Xxxxxx Tire) 12 | P a g e or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007December 1, 2018, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, Hedde Building LLC (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,20071, 2020, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs as provided in Section 4.01. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all Paramount Development III Contract 000 X 0xx Xxxxxx times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007September 1, 2023, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days, excepting delays caused by inclement weather; (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus Prataria Ventures Hotel to MOB Amendment Page 11 interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs as provided in Section 4.01. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Public Infrastructure Costs for the first Phase of the Redevelopment Project on or before July 1,2007January 1, 201 , or shall abandon construction work related to the Public Infrastructure Costs and housing construction, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one seven percent (17%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Public Infrastructure Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Public Infrastructure Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Public Infrastructure Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.

Additional Remedies of Authority. In the event that:that (each such event an "event of default"): (a) The the Redeveloper, or successor in interest, fails to commence construction of the Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at least ten percent (10%) of the total projected cost of the Project) by July 1, 2006; (b) The Redeveloper, or its successor in interest, shall fail to complete commence the construction of the improvements included in the Project Costs on or before July 1,2007May 1, 2019, or shall abandon construction work related to the Project Costs, once commenced, for any period of 90 180 days;, excepting delays caused by inclement weather, (cb) The the Redeveloper, or successor in interest, shall fail to pay real estate taxes or assessments on the Redevelopment Area Project Property owned by the Redeveloper or any part thereof or payments in lieu of taxes pursuant to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not have been paid, or provisions satisfactory to the Authority made for such payment within 30 days following written notice from Authority; orand (dc) There is, in there is a violation of Section 4.08 any other provision of this Redevelopment Contract, transfer of the Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not been cured within 30 90 days following written notice from Authority, then the Redeveloper shall be in default of 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 Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus Paramount Development II interest on such amounts as provided herein (the “"Liquidated Damages Amount”"). The Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from AuthorityAuthority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of one three percent (13%) over the prime rate as published and modified in the Wall Street Journal from time to time per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments or payments in lieu of taxes with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law.