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Res 2019-049/approving an agreement with Texas Transportation Alliance, LLC that provides for economic development incentives for the planning, design, and development of a rail-served commercial and industrial park, known as the SMART Terminal project,
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Res 2019-049/approving an agreement with Texas Transportation Alliance, LLC that provides for economic development incentives for the planning, design, and development of a rail-served commercial and industrial park, known as the SMART Terminal project,
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4/29/2019 10:22:33 AM
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3/26/2019 9:30:16 AM
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Resolutions
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Agreement
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2019-49
Date
3/19/2019
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If such default is not cured within 30 days after receipt of such notice or, if the default is not <br />reasonably susceptible to cure within 30 days and a cure is not begun within such 30 -day period <br />and thereafter continuously and diligently pursued to completion on a schedule approved by the <br />non -defaulting Party (in either event, a "Cure"), then the non -defaulting Party may, at its sole <br />discretion, pursue such remedies as are available at law or in equity for breach of contract, <br />including the recovery of reasonable attorney fees and costs of litigation. Notwithstanding the <br />foregoing, the City shall not, in any case, be liable for special, incidental, consequential, indirect, <br />or other similar damages. Notwithstanding any other provision contained herein, no Future Owner <br />shall be liable for a breach of this Agreement or indemnity under this Agreement by the Developer, <br />any Owner, any other Future Owner, or any other party not under the control of such Future Owner <br />(collectively, an "Unrelated Party Default"), and neither may the rights and benefits under this <br />Agreement accruing to any Future Owner, including without limitation the waivers and <br />modification of the City ordinances and regulations described under Article VI, be terminated as <br />a result of any Unrelated Party Default. <br />Section 13.02. Force Majeure. An event of force majeure means an event beyond the <br />reasonable control of a Party obligated to perform an act or take some action under this Agreement <br />including, but not limited to, acts of God, earthquake, fire, explosion, war, civil insurrection, acts <br />of the public enemy, act of civil or military authority, sabotage, terrorism, floods, lightning, <br />hurricanes, tornadoes, severe snow storms or utility disruption, strikes, lockouts, major equipment <br />failure or the failure of any major supplier to perform its obligations. If a force majeure event <br />occurs and such event prevents a Party from fulfilling its obligations hereunder, the applicable <br />time period for performing such obligations shall be extended by the period of delay resulting from <br />the force majeure. <br />24 <br />065611.00495 309237v15 <br />
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