Failure to Commence. In the event APPLICANT fails to commence the Site Preparation Work or the construction of the LIFESTYLE COMPONENT within the time periods specified in the applicable provisions of Section 3 of this Agreement, the same shall not constitute an event of default under this Agreement; however, the COUNTY shall have the right, as its sole and exclusive remedy to terminate this Agreement by written notice thereof to APPLICANT, whereupon the obligations of both parties shall cease, and to recapture from APPLICANT any and all previously awarded grant payments pursuant to the provisions of Section 7 below.
Appears in 2 contracts
Sources: Chapter 381 Economic Development Program Agreement, Chapter 381 Economic Development Program Agreement