DISTRICT REMEDIES IN THE EVENT OF DEVELOPER DEFAULT. In the event of a Developer Default, District may terminate this Agreement and, retain the Initial Deposit (District shall be entitled to keep any Cash Deposit and any accrued interest thereon or draw on the Deposit Letter of Credit in its full amount), seek a legal claim for any damages incurred and/or an equitable remedy to enforce the terms of this Agreement. Upon such termination, all plans and specifications with regard to the development and construction of the Project, including, without limitation, the Project Drawings produced to date and any Permits obtained, shall be automatically assigned to District free and clear of all liens and claims for payment.
Appears in 4 contracts
Samples: Property Disposition Agreement, Property Disposition Agreement, Property Disposition Agreement
DISTRICT REMEDIES IN THE EVENT OF DEVELOPER DEFAULT. In the event of a Developer Default, District may terminate this Agreement and, retain the Initial Deposit as liquidated damages (District shall be entitled to keep any Cash Deposit and any accrued interest thereon or draw on the Deposit Letter of Credit in its full amount), seek a legal claim for whereupon the Parties shall be released from any damages incurred and/or an equitable remedy to enforce the terms further liability or obligation hereunder, except those that expressly survive termination of this Agreement. Upon such termination, all plans and specifications with regard to the development and construction of the Project, including, without limitation, the Project Drawings produced to date and any Permits obtained, shall be automatically assigned to District free and clear of all liens and claims for payment.
Appears in 1 contract
Samples: Property Disposition Agreement
