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[§500) DEFAULTS AND REMEDIES <br />[§501] Event of Default. Failure or delay by either party to perform any term of provision <br />of this Agreement within the time periods provided herein for such performance constitutes a <br />default under the Agreement. If any party defaults in performance of its obligations, covenants or <br />agreements hereunder, the defaulting party shall be entitled to cure the default in accordance with <br />this section. The injured party shall give written notice of default to the party in defaultspecifying <br />the default complained of by the injure Y ? party. Delay in giving such notice shall not constitute a a <br />waiver of any default nor shall it change the time of default. The defaulting party must, Nvithin <br />thirty (30) days following service of said written notice, commence to cure, correct or reviedy such <br />failure or delay and shall complete such cure, correction, or remedy with reasonable diligence. <br />Upon a default by Developer which is not cured within thirty (30) days following service of said <br />notice, unless such default cannot reasonably be cured within thirty (30) days, in which case <br />Developer shall have such additional time as reasonably necessary to complete such cure but no <br />more than ninety (90) days, the Agency shall have the right to terminate this Agreement by <br />delivery of written notice of termination to Developer. <br />[§502] Institution of Legal Actions. In addition to any other rights or remedies, either party <br />may institute legal action to cure, correct or remedy any default to recover damages for any default, <br />or to obtain any other remedy consistent with the purpose of this Agreement. <br />[§503] Rights and Remedies are Cumulative. Except with respect to rights and remedies <br />expressly declared to be exclusive in this Agreement, the right and remedies of the parties are <br />cumulative and the exercise by either party of one or more of such rights or remedies shall not <br />preclude the exercise by it, at the same or different times, of any other rights or remedies for the <br />same default or any other default by the other party. <br />[§504] Damages. In the event that the Agency is liable for damages to Developer, such <br />liability shall not exceed costs incurred by the Developer in the performance of this Agreement and <br />shall not extend to compensation for loss of future income, profits or assets; provided, however, <br />Developer's only remedy for any breach of this Agreement by the Agency shall be an action for <br />specific performance of Agency's obligations. <br />[§600] GENERAL PROVISIONS <br />[§601] Conflicts of Interest. No member, official or employee of the Agency shall have <br />any personal interest, direct or indirect, in this Agreement, nor shall any such member, official or <br />employee participate in any decision relating to this Agreement which affects his personal interests <br />or the interests of any,corporation, partnership or association in which he has a direct or indirect <br />financial interest. <br />65A-13