05-24-21 Regular Meeting of the La Porte Development Corporation Board

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ALLIANCE must deliver a written notice to the CITY" describing the default and the proposed termination date. The date must be at least 30 days after the CITY receives notice, THE ECONOMIC ALLIANCE, at its sole option, may extend the proposed termination date to a later date, If THE CITY cures the default Yore the proposed termination date, then the proposed termination is ineffective. ifulE CITY does not cure the del'aLlIt be -Fore the proposed termination date, thenTIJU EC9NOMTC ALI,LAN('-"E may terminate its performance under this Agreement on the termination date. To effect final termination, TFIE ECONOMIC ALLIANCE must notify THE Cl",I'Y in writing, Section 6.05: Termination for Cause by THE CITY: It"I'l-W ECONOMIC ALLIANCE defaults Linder this Agreement, THE CITY manager may either terminate this Agreement or allow THE, ECONOMICALLIANCE to cure the default as provided below. THE CITY's right to terminate this Agreement for TFIE ECONOMIC ALLIANCE's default is cumulative of all rights and rernedies, whack exist now or in the future. Default by TIJE ECONOMIC ALLIANCE occurs if. a. THE ECONOMIC ALLIANCE fails to perl'brin any of its duties under this Agreement; 1), THE ECONOMIC ALLIANCE becomes insolvent, c. All or a substantial part of'I'H-E ECONOMIC ALLIANC Ps assets are assigned for the benefit of its creditors; or d. A receiver ortrustee is appointed far THE ECONOMICALLIANCE. Section 6.06: ff a default occurs, the CITY may, but is not obligated to, deliver a written notice to 711F PCONOMIC ALLIANCE describing the default and. the tennination date. The CITY, at its sole option may extend the termination date to a later date. If the CITY allows THE ECONOMIC ALTJANCE to cure the default and TflE ECONOMIC ALLIANCE does so to the CITY'S satisfaction. before the termination date, then the termination is ineffective. If THE ECONOMIC ALLIANCE does not cure the default bel'ore the termination date, then the CITY may terminate this Agreement on the termination date, at no further obligation of the Corporation. Section 6.07,. To effect final termination, THEE CJTY must notify I'l-il, ECONOMIC ALLIANCE in writing. After receiving the notice, TRE ECONOMIC ALLIANCE shall, unless the notice directs otherwise, immediately discontinue, all services under this Agreement, and promptly cancel al.1 orders or subcontracts chargeable to the Agreement. ARTICLE V11 Miscellaneous Section 7.01 The relationship of TI IR ECONOMIC ALLIANCE to THE CITY shall be that. of an independent contractor, THE CITY shall have no authority to direct the