for that Party or for a substantial portion of the assets of that Party and the same is not
vacated within sixty (60) days after entry, or if that Party applies for or consents to the
appointment of any such receiver or trustee. In the event of a default specified in this
Section 3.4, non-defaulting Party may immediately pursue all remedies available to it by
law or in equity, including specific performance and the termination of this Agreement.
ARTICLE IV: CITY AND DEVELOPER MUTUAL OBLIGATIONS
4] City Approval. The Board approved this Agreement on
, 2020 pursuant to the communication attached and incorporated into
this Agreement as Exhibit “C”,
4.2 Exclusivity. During the term of this Agreement, City will work
exclusively with the Developer to develop the Project.
4.3 Insurance. Developer shall maintain, and shall assure that its contractors
who enter the Property maintain, public liability and property damage insurance in
agreements and in form and substance adequate to insure Developer, its agents,
employees or contractors, from claims arising out of any entry or inspections of the
Property pursuant to the provisions of this Agreement, and Developer shall provide City
with evidence of this insurance coverage prior to performing any inspections of the
Property. The liability insurance shall name City as an additional insured and shall have
liability limits of at least $1,000,000.00 per occurrence/$1,000,000.00 general aggregate.
4.4 Performance Bonds. In addition to any applicable performance or financial
guarantees under the City’s Revised Ordnances, Developer shall require its general
contractor to (i) furnish bonds covering faithful performance of the contract governing
construction of the Project, completion of construction of the Project and payment of
obligations arising in connection with the construction of the Project and (i) furnish
bonds for all subcontractors with contracts over $250,000.00, from a surety or sureties
acceptable to the City and duly authorized to do business in New Hampshire, (the
“Payment and Performance Bonds”). City shall be specifically named as a beneficiary
under the Payment and Performance Bonds and the Payment and Performance Bonds
shall, in all respects, be reasonably satisfactory to City. A duplicate original of the
Payment and Performance Bonds shall be supplied to City, and City shall be entitled to
maintain a direct action against the applicable surety/bonding company (and any other
parties that may be necessary parties to such an action). In the event of a default by
Developer’s general contractor under its construction contract, City shall be entitled to
participate fully in any action against the general contractor or the surety/bonding
company and the Developer shall not agree to any compromise or settlement of that
action without City’s prior written consent, provided that City’s prior written consent
shall not be unreasonably withheld.
4.5 Offsite Engineering Services. During the Diligence Period, the City will
provide $100,000 in funding during predevelopment for the design of public facilities and
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