Village Remedies upon Developer Default. 1. If Developer should be adjudged bankrupt, or if it should make a general assignment for the benefit of its creditors, or if it or its contractors should disregard statutes, ordinances, regulations, orders, or the instruction of the Village Building Inspector or the Director of Engineering and Development, or upon failure of performance by Developer or Developer's contractor or sub-contractors to construct, install, furnish and provide any improvement required under this Agreement, or upon any other Developer default or failure to perform under any provision of this Agreement, the Village, upon the certificate of the Director of Engineering and Development that sufficient cause exists to justify such action, without prejudice to any other right or remedy of the Village, including the right to damages or any other remedy available under the financial guarantee, and after giving Developer and its issuer or holder of the financial guarantee provided pursuant to this Agreement at least fifteen (15) days' written notice and opportunity to cure, may (i) enter and take occupancy of the Property as is necessary to finish the work, (ii) take possession of the premises and of all materials thereon as is necessary to finish the work, and (iii) draw upon any letter of credit or other financial guarantee posted or filed by Developer and finish the work by whatever method the Village may deem expedient. Developer shall pay Village the entire cost of so completing the work if funds available from any letter of credit or other financial guarantee posted by the Developer are insufficient to cover the entire cost. 2. Whether or not the Village Board elects to take charge of the work, Developer shall be liable to Village for its damages sustained by Developer's failure to complete the work on time in addition to the cost of completion of the work.
Appears in 3 contracts
Sources: Development Agreement, Development Agreement, Development Agreement