15-2696 Interlocal Agreement and Promissory Note with Seminole County Pertaining to Oxford Road Redevelopment Funding

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(b) CITY and COUNTY agree that prior to January 1, 2018, they shall not seek to terminate this Agreement, except for just cause as related to a material breach of this Agreement resulting in impossibility of performance from circumstances beyond the control of either party such as an act of God, a declaration of war, act of terrorism or declaration of a state of emergency ,or general banking moratorium that serves to prohibit or severely impair the ability of either party to fulfill its obligation hereunder. Such termination will not be effective until thirty (30) days after written notice is delivered by the terminating party to the other party. The foregoing or anything else in this Agreement to the contrary notwithstanding, in the event of any notice of termination the following terms shall apply: (1) The Loan shall be immediately due and payable in full, and if not so paid, the Note evidencing such indebtedness shall remain in full force and effect and subject to enforcement by COUNTY through all available legal and equitable remedies; and (2) No noticed termination of this Agreement shall become effective unless and until the Note, including any interest thereon as may hereafter accrue shall have been paid in full. Section 6. Notices. All notices required under this Agreement must be by first class mail, except that any Notice of Termination must be mailed by certified mail, return receipt requested. Any notice under this Agreement must be addressed to the party intended to receive it at the following addresses: For CITY: City Manager 95 Triplet Lake Drive Casselberry, Florida 32707 For COUNTY County Manager Seminole County Services Building 1101 East 1't Street Sanford, Florida 32771 Interlocal Agreement Between Seminole County / City of Casselberry Oxford Road Redevelopment Funding Page 5 of 11