Ord. 2001-2498 - City & TIRZ #! agreement with Redev. Auth. as consultants

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e e - XVI. CAPTIONS The captions at the beginning of the Articles of this Agreement are guides and labels to assist in locating and reading such Articles and, therefore, will be given no effect in construing this Agreement and shall not be restrictive of the subject matter of any article, section, or part of this Agreement. XVII. SUCCESSORS AND ASSIGNS This Agreement shall bind and benefit the respective parties and their legal successors, and shall not be assignable, in whole or in part, by any party hereto without first obtaining the written consent of the other party. Nothing herein shall be construed as creating any personal liability on the part of any officer or agency of the City, of the Zone or of the Authority. XVIII. TERM AND TERMINATION, DISSOLUTION OF AUTHORITY A. In lleneral. This Agreement shall become effective, and its initial term shall begin, on the date first set forth above, and end upon the later of (i) the date of completion of the Plans, or (ii) the date on which all Authority Obligations and Authority Bonds have been retired. B. Termination for cause. A party may terminate its pe~ormance under this Agreement only upon default by the other party. Default by a party shall occur if the party fails to perform or observe any of the terms and conditions of this Agreement required to be performed or observed by . that party. Should such a default occur, the party against whom the default has occurred shall have the right to terminate all or part of its duties under this Agreement as of the 90th day following the . receipt by the defaulting party of a notice describing such default and intended termination, provided: (i) such termination shall be ineffective if within said 90-day period the defaulting party cures the default, or (ii) such termination may be stayed, at the sole option of the party against whom the default has occurred, pending cure of the default. No termination of this Agreement will affect the obligation of the City and the Zone to pay an amount that will permit the Authority to pay its Bonds or Authority Obligations issued or incurred pursuant to and consistent with this Agreement prior to termination. C. Dissolution of Authority. The City agrees not to dissolve the Authority or the Zone unless it.makes satisfactory arrangements to provide for the payments of the Authority's Bonds, or other Authority Obligations incurred prior to the Authority's dissolution. Houslon:J67966.2 16