R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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, ` �� perform any term or provision of this Agreement shall constitute an event of default" under this Agreement. The party who so fails or delays must, upon receipt of written notice of the existence of such event of default, immediately commence to cure, correct or remedy such event of default and thereafter proceed with diligence to cure such event of default. The party claiming such event of default shall give written notice of the claimed event of default to the other party specifying the event of default complained of. Except as required to protect against immediate, irreparable harm, the party asserting an event of default may not institute proceedings against the other party until thirty (30) days after having given such notice. If such event of default is cured within such thirty (30) day period, the event of default shall not be deemed to constitute a "default" under this Agreement. If the event of default is one which cannot reasonably be cured within a thirty (30) day period, upon request and with appropriate showings the cure period shall be extended for such time as is reasonably necessary for the curing of the same, so long as there is diligent proceeding to cure such event of default. If such event of default is cured within such extended period, the event shall not be deemed to constitute a default under this Agreement. However, an event of default not cured as provided above shall constitute a default under this Agreement. Except as otherwise expressly provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as to any event of default or default shall not operate as a waiver of any such event of default or default of any rights or remedies it may have as a result of such event of default or default. Both parties shall have and retain all rights and remedies available at law and in equity should the other be in default under this Agreement. 8. LIMITED LIABILITY TO OTHERS Except as otherwise expressly provided herein, the Municipality shall not be obligated to make any payments to any person other than the Developer (and its permitted assignees), nor shall the Municipality be obligated to pay any contractor, subcontractor, mechanic, materialman providing services or materials to the Developer for or in respect of the Development Project. 9. TIME; UNAVOIDABLE DELAY Time is of the essence of this Agreement. Provided, however, neither the Developer nor the Municipality shall be deemed in default with respect to any obligations under this Agreement on their part to be performed if either fails to timely perform the same and such failure is due in whole or in part to any occurrences beyond the control of the parties, including but not limited to strike, lockout, labor trouble (whether legal or illegal), civil disorder, inability to procure materials or labor, weather conditions, wet soil conditions, or floods, failure or interruption of power, restrictive governmental laws and regulations, condemnation, riots, insurrections, acts of war, public disorders, rebellion or sabotage, riots, strikes, labor or employment difficulties whether direct or indirect, fuel shortages, accidents, casualties, Acts of God or the public enemy, - 18 -