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Project and the construction thereof that the City would have had,had there been no such <br /> tt•ansfer. No sucl� transfer shall be deemed to transfer any rights of the Redeveloper to <br /> the reimbursements set fortli under Aiticle IV above, unless such rights are expressly set <br /> foith it�the instrument of assignment. <br /> 10.3 Status of Assignee. Any assignee of the Redeveloper prior to Substantial Completion, <br /> who is app�•oved under the terins of t 0.1 above,shall be considered the"Redeveloper" for <br /> all purposes of this Agreement as to such poition of the Project that has been assigned. <br /> 10.4 Assignment to Affiliated Entity. Nothing herein shail be construed to prevent the <br /> Redevelopet•from assigning its intecest in this Agreement to an affiliated entity owned or <br /> controlled by the Redeveloper or a tnajority of the owners of tl;e Redeveloper, provided <br /> that such entity oc its guarantors l�as the financial capacity to perform the obligations oF <br /> the Redeveloper pursua��t to this Agreeinent aud such entity in writing assumes suclt <br /> obligations and conditions in compliance with the terms and conditions set foc�th in <br /> Section 10.1.2{a)through{d}of this Agreement. <br /> 10.5 No Release of Redeveloper. Any consent by the City to any total or pai�ial transfer of <br /> tlie Project or the Project Site shall not be deemed a ralease of the Redeveloper from any <br /> of its obligations hereunder, or fi•om any conditions or restrictions to which the <br /> Redeveloper is subject, unless the Redevelopei• is expressly released in writing by the <br /> City. <br /> ARTICL�XI:DEFAULT AND REMEDICS <br /> 11.1 �vents of Default. The following shall be events of default (the "Events of Default") ', <br /> with respect to this Agreement: ' <br /> li.l.l Misrepresentation. If any material representation made by the Redeveloper or <br /> the City in this Agreement, or in any certificate, notice, demand or��equest made <br /> by the Redeveloper or the City in writing and delivered to the other patty <br /> pursuant to or in connection with any of said documents shall prove to be untrue <br /> or inca•rect in any material respect as of the date made;or <br /> 11.1.2 Breach. Breacl� by tlie Redevelopec or the City of any material covenant, <br /> warranty or o6li�ation set forth in this Agreement. <br /> 11.2 Remedies Upon Default. In the case of an Event of Default by either party hereto or any <br /> successors to such party,such paity or successo�•shall,upon written notice fi•om the other <br /> party, take immediate action to cure or remedy such Bvent of Default within sixty (60) <br /> days after receipt of such notiee (or within a ceasonable time if the Event of Default can <br /> not be diligently cured within such sixty (60) day period). If, in such case action is not <br /> taken, or not diligently pursued, oc the Event of Default shall not be cured or reinedied <br /> within a reasona6le time, the aggrieved party may institute such proceedings as may be <br /> necessaty or desirable in its opinion to cure oc remedy such Event of Default, including <br /> but not limited to, pcoceedings to compel specific performance by tlie party in default of <br /> its obligations. <br /> In case tlie City or the Redeveloper shall have proceeded to enforce its rights under this <br /> Agreement and such proceedings shall I�ave been discontinued or abandoned for any <br /> reason or shall have 6een deteinlined adversely to the pa�ty initiating such proceedings, <br /> City of Decatur/Pines Shopping Center Redevelopment Agreement 14 <br />