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Agenda - City of Santa Monica

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11.1.2 Monetary Breach. In the case <strong>of</strong> a monetary Breach by Developer,<br />

Developer shall promptly commence to cure the identified Breach and shall complete the<br />

cure <strong>of</strong> such Breach within thirty (30) business days after receipt by Developer <strong>of</strong> the<br />

Notice <strong>of</strong> Breach; provided that if such monetary Breach is the result <strong>of</strong> an Excusable<br />

Delay or the cure <strong>of</strong> the same is delayed as a result <strong>of</strong> an Excusable Delay, Developer<br />

shall deliver to the <strong>City</strong> reasonable evidence <strong>of</strong> the Excusable Delay.<br />

11.1.3 Non-Monetary Breach. In the case <strong>of</strong> a non-monetary Breach by<br />

either Party, the alleged defaulting Party shall promptly commence to cure the identified<br />

Breach and shall diligently prosecute such cure to completion; provided that the<br />

defaulting Party shall complete such cure within thirty (30) days after receipt <strong>of</strong> the<br />

Notice <strong>of</strong> Breach or provide evidence <strong>of</strong> Excusable Delay that prevents or delays the<br />

completion <strong>of</strong> such cure. The thirty (30) day cure period for a non-monetary Breach shall<br />

be extended as is reasonably necessary to remedy such Breach; provided that the alleged<br />

defaulting Party commences such cure promptly after receiving the Notice <strong>of</strong> Breach and<br />

continuously and diligently pursues such remedy at all times until such Breach is cured.<br />

11.1.4 Excusable Delay. Notwithstanding anything to the contrary<br />

contained in this Agreement, the <strong>City</strong>’s exercise <strong>of</strong> any <strong>of</strong> its rights or remedies under this<br />

ARTICLE 11 shall be subject to the provisions regarding Excusable Delay in<br />

Section 15.8 below.<br />

11.2 Remedies for Monetary Default. If there is a Breach by Developer in the<br />

performance <strong>of</strong> any <strong>of</strong> its monetary obligations under this Agreement which remains<br />

uncured (a) thirty (30) business days after receipt by Developer <strong>of</strong> a Notice <strong>of</strong> Breach<br />

from the <strong>City</strong> and (b) after expiration <strong>of</strong> Secured Lender’s Cure Period under Section<br />

12.1 (if a Secured Lender <strong>of</strong> Developer has delivered a Request for Notice to the <strong>City</strong> in<br />

accordance with Section 12.1), then an “Event <strong>of</strong> Monetary Default” shall have<br />

occurred by Developer and the <strong>City</strong> shall have available any right or remedy provided in<br />

this Agreement, at law or in equity. All <strong>of</strong> said remedies shall be cumulative and not<br />

exclusive <strong>of</strong> one another, and the exercise <strong>of</strong> any one or more <strong>of</strong> said remedies shall not<br />

constitute a waiver or election in respect to any other available remedy.<br />

11.3 Remedies for Non-Monetary Default.<br />

11.3.1 Remedies <strong>of</strong> Parties. If any Party receives a Notice <strong>of</strong> Breach from<br />

the other Party regarding a non-monetary Breach, and the non-monetary Breach remains<br />

uncured: (a) after expiration <strong>of</strong> all applicable notice and cure periods, and (b) in the case<br />

<strong>of</strong> a Breach by Developer, after the expiration <strong>of</strong> Secured Lender’s Cure Period under<br />

Section 12.1 (if a Secured Lender <strong>of</strong> Developer has delivered a Request for Notice to the<br />

<strong>City</strong> in accordance with Section 12.1), then an “Event <strong>of</strong> Non-Monetary Default” shall<br />

have occurred and the non-defaulting Party shall have available any right or remedy<br />

provided in this Agreement, or provided at law or in equity except as prohibited by this<br />

Agreement. All <strong>of</strong> said remedies shall be cumulative and not exclusive <strong>of</strong> one another,<br />

and the exercise <strong>of</strong> any one or more <strong>of</strong> said remedies shall not constitute a waiver or<br />

election in respect to any other available remedy.<br />

36<br />

F:\RECORDSANDELECTIONSHARE\MEETINGS\WWW\2013\20130514\WORD DOCUMENTS\2013051407-A-2.DOC

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