R2009-236 AUTHORIZING REDEVELOPMENT AGREEMENT Pines Shopping Center

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�� �0 4� r� Project and the construction thereof that the City would have had, had there been no such p� transfer. No such transfer shall be deemed to transfer any rights of the Redeveloper to C" the reimbursements set forth under Article N above, unless such rights are expressly set � �;i, forth in the instrument of assignment. r� f+7 10.3 Status of Assignee. Any assignee of the Redeveloper prior to Substantial Completion, � who is approved under the terms of 10.1 above, shall be considered the "Redeveloper" for � all purposes of this Agreement as to such portion of the Project that has been assigned. a 0 10.4 Assignment to Affiliated Entity. Nothing herein shall be construed to prevent the a Redeveloper from assigning its interest in this Agreement to an affiliated entity owned or x controlled by the Redeveloper or a majority of the owners of the Redeveloper, provided that such entity or its guarantors has the financial capacity to perform the obligations of the Redeveloper pursuant to this Agreement and such entity in writing assumes such obligations and conditions in compliance with the terms and conditions set forth in Section 10.1.2(a)through(d)of this Agreement. 10.5 No Release of Redeveloper. Any consent by the City to any total or partial transfer of the Project or the Project Site shall not be deemed a release of the Redeveloper from any of its obligations hereunder, or from any conditions or restrictions to which the Redeveloper is subject, unless the Redeveloper is expressly released in writing by the City. ARTICLE XI: DEFAULT AND REMEDIES 11.1 Events of Default. The following shall be events of default (the "Events of Default") with respect to this Agreement: 11.1.1 Misrepresentation. If any material representation made by the Redeveloper or the City in this Agreement, or in any certificate, notice, demand or request made by the Redeveloper or the City in writing and delivered to the other party pursuant to or in connection with any of said documents shall prove to be untrue or incorrect in any material respect as of the date made; or 11.1.2 Breach. Breach by the Redeveloper or the City of any material covenant, warranty or obligation set forth in this Agreement. 11.2 Remedies Upon Default. In the case of an Event of Default by either party hereto or any successors to such party, such pariy or successor shall, upon written notice from the other party, take immediate action to cure or remedy such Event of Default within sixty (60) days after receipt of such notice (or within a reasonable time if the Event of Default can not be diligently cured within such sixty (60) day period). If, in such case action is not taken, or not diligently pursued, or the Event of Default shall not be cured or reinedied within a reasonable time, the aggrieved party may institute such proceedings as may be necessary or desirable in its opinion to cure or remedy sucl� Event of Default, including but not limited to, proceedings to compel specific performance by the party in default of its obligations. In case the City or the Redeveloper shall have proceeded to enforce its rights under this Agreement and such proceedings shall have been discontinued ar abandoned for any reason or shall have been detennined adversely to the parly initiating such proceedings, City of Decatur/Pines Shopping Center Redevelopment Agreement 14