such additional time as may be reasonably required to cure the default, provided City
commences the cure within the initial thirty (30) day cure period and then diligently
prosecutes the cure to completion. If City is not able to cure the default during the
applicable cure period, then Developer will be entitled to pursue any remedy available at
law or equity, including the termination of this Agreement and claims for damages
resulting from the breach and termination(s).
3.4 Other Defaults. A Party will be in default of its obligations under this
Agreement in the event that it is adjudicated bankrupt or insolvent, makes an assignment
for the benefit of creditors or enters into a composition for creditors, or will file a voluntary
bankruptcy petition or an answer admitting the material allegations of an involuntary
bankruptcy petition; or if an order is entered appointing a receiver or trustee 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
4.1 City Approval. The Board approved this Agreement on by passage of R-20-
023, amended on , , 20219 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 (11) 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
10
