Major Modification. When the Commission is a party to the development agreement, any party to the development agreement may petition to amend the development agreement. The Participating Parties may petition to rescind the development agreement; the Commission may petition to rescind the development agreement only in the event of failure of consideration. Such petition shall be made in writing and shall state, in specific detail, the petitioner’s reasons for amendment or rescission. The petitioning party shall provide notice to all parties to the development agreement When the Commission is not a party to the development agreement, any other party to the development agreement may petition the municipality or Lead Community to amend or rescind the development agreement. The petitioning party shall provide notice to all parties to the development agreement and to the Commission of its intention to amend or rescind the agreement by providing such parties and the Commission with a copy of the petition seeking such amendment or rescission. When the municipality or Lead Community initiates an amendment or rescission, it shall provide notice, in writing, to all other parties to the agreement and to the Commission.
Appears in 2 contracts
Sources: Development Agreement, Development Agreement