Termination or Modification by the Town. If the Breaching Owner or the Developer Owner fails to cure the material breach under Section 4.13(c), then the Town Council may elect to terminate or modify the Agreement after complying with mediation requirements as stated in Section 4.14. Any notice of termination or modification or finding by the Town of a breach may be appealed to the Town Board of Adjustment in the manner provided by G.S. 160A-388(b1). Thereafter, the Breaching Owner and the Developer Owners may pursue any other rights and remedies available at law or in equity. If after mediation the Town Council elects to unilaterally modify the Agreement, the Developer Owners may elect for the Agreement to be terminated rather than accede to the Agreement with the modifications made by the Town Council by giving written notice to the Town within sixty (60) days after the proposed modification. In such event, Section 4.28(a), Section 4.28(b) and Section 4.28(c) shall apply and the Developer Owners have the right to file a termination in the Registry. Failure of the Town to conduct this Periodic Review shall not constitute a waiver by the Town of its rights to otherwise enforce the provisions of this Agreement, nor shall the Developer Owners or Parcel Owners or the Representative have or assert any defense to such enforcement by reason of such failure to conduct a Periodic Review.
Appears in 4 contracts
Samples: Development Agreement, Development Agreement, Development Agreement
Termination or Modification by the Town. If the Breaching Owner Master Developer elects not to exercise its option to cure or the Developer Owner fails to cure the a material breach under in strict accordance with Section 4.13(c)5.3 above, then the Town Council may elect to terminate the entire Agreement or modify the Agreement after complying with mediation requirements as stated Agreement, including terminating portions of it, in Section 4.14its sole discretion. Any notice of termination or modification or finding pursuant to this section shall be served on the Master Developer and, if requested by the Town Master Developer, all Ancillary Developers and all Financial Partners in accordance with Section 8.10 of a breach this Agreement and may be appealed to the Town Town’s Zoning Board of Adjustment in the manner provided by G.S. 160A-388(b1)N.C.G.S. § 160A- 388(b1) by the Master Developer only. ThereafterIn the event the Master Developer fails to timely appeal the Town Council’s termination or modification of this Agreement under this section, the Breaching Owner Town will file a notice of termination or modification of this Agreement in the Registry and the Parties shall reasonably cooperate with the Town’s filing of such notice, including signing documents for recordation. In the event the Master Developer Owners may pursue any other rights and remedies available at law timely appeals the notice of termination or in equity. If after mediation the Town Council elects to unilaterally modify the Agreement, the Developer Owners may elect for the Agreement to be terminated rather than accede modification to the Agreement with Town’s Zoning Board of Adjustment, then the modifications made by final, non-appealable decision of the Town Council by giving written notice to highest court having jurisdiction resolving the Town within sixty (60) days after Master Developer’s appeal shall be recorded in the proposed modification. In such event, Section 4.28(a), Section 4.28(b) and Section 4.28(c) shall apply Registry and the Developer Owners have the right Parties agree to file a termination in the Registry. Failure of the Town cooperate to conduct this Periodic Review shall not constitute a waiver by the Town of its rights to otherwise enforce the provisions of this Agreement, nor shall the Developer Owners or Parcel Owners or the Representative have or assert any defense to cause such enforcement by reason of such failure to conduct a Periodic Reviewrecordation.
Appears in 1 contract
Samples: Development Agreement