Agenda - 03-21-2000-7a - Laserfiche WebLink

Browse Search

zs SECTION VII Events of Default T'he happening of any of the following, after the expiration of any applicable cure period without the cure thereof, shall constitute an event of default ("Even#(s) of Default") by the Grantee of its obligations to the Fund and shall entitle the Fund to exercise all rights and remedies under this Grant Agreement and as otherwise available at law or equity: 7.1. Properly , Unsuitable. A determination by the Fund, prior to 'the Closing of the Properly Acquisition, that the Property i$ unsuitable for the purpose(s) for which this Giant Agreement is made. 7.2. Unsuitable Use: The Property is used in a manner materially inconsistent with the purposes of this Grant Agreement or the Conservation Easement. 7.3. Default in Performance. The default by the Grantee in the observance or performance of any of the terms, conditions or covenants of this Gracrt Agreement, including, without limitation, a failure to satisfy any condition precedent to disburseament or reimbursement set forth in Sections lI, IQ,'or IV herein; provided, however, that no such default shall occur until the Grantee has been given written notice of the default and thirty (30) days to cure have elapsed, 7.4. Mi resentation. If any representation or warranty made _ by the Grantee in connection with the Grant ar any infomsation, certificate, statement or report heretofore ar hereafter made shall be untrue or misleading in any material respect at the time made. 7.5. Eligibility of Grantee. If Grantee ceases to be qualified to receive Grant funds or is dissolved or otherwise ceases to exist. SECTION VIII The Fund's Ri t$ and Remedies If an Event of Default shall occur, the Fund shall have the following rights and zemedies, all of which are exercisable at the Fund's sole discretion, and are cumulative, concurrent and independent rights: $.1. Default Prior to Closing. If any Event of Default occurs prior to Closing, the Fund may, at its discretion, suspend and%or terminate all obligations of the Fund hereunder and Grantee shall immediately refund all money previously paid to the Grantee under this Grant Agreement If in the judgement of the Fund, such failure was due to no fault of the Grantee, amounts required to resolve at minimum costs any irrevocable obligations properly incutxed by Grantee shall, in the discretion of the Fund, be eligible for reimbursement under this Grant Agreement. 8.2. Default Sub uent to Closin . (a) If an Event of Default occurs subsequent to Closing, and 1) the Fund or State have received the Conservation Easement over the Property at Orange County 99Aw017 Contract.doc 12/07/99 9:32 AM 8