DISTRICT REMEDIES IN THE EVENT OF DEVELOPER DEFAULT. In the event of a Developer Default, District may elect to pursue any of the following remedies, all of which are cumulative: (a) 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); (b) District may draw on the Performance Bond, in an amount to be determined by District, in its sole discretion, up to the full amount of the Performance Bond; (c) District may pursue specific performance of Developer’s obligations hereunder; (d) District may re-enter the Property in accordance with the covenants contained in Developer’s Deed to the Property; and (e) District may pursue any and all other remedies available at law and in equity, including without limitation, injunctive relief. In the event that District elects to terminate this Agreement, Parties shall be released from any 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 4 contracts
Samples: Property Disposition Agreement, Property Disposition Agreement, Property Disposition Agreement
