227.666. Notice of material default and opportunity to cure--remedies. - Missouri Statutes

Notice of material default and opportunity to cure--remedies.

227.666. 1. Prior to exercising any of the remedies under thissection, the commission shall provide notice of a material default and theopportunity to cure the default for the benefit of the private partner andany persons specified under the comprehensive agreement as providingfinancing for the project.

2. Upon the occurrence of and during the continuation of any materialdefault, the commission may exercise any or all of the following remedies:

(1) Make or cause to be made any appropriate claims under the bondsrequired in section 227.633;

(2) By notice to the private partner by certified mail, terminate thecomprehensive agreement and exercise any other rights and remedies whichmay be available to the commission at law or in equity;

(3) Condemn under chapter 523, RSMo, any real property interest ofthe private partner in the project. Any person who provides financing forthe project, to the extent of such person's capital investment, mayparticipate in the condemnation proceedings with standing of a propertyowner;

(4) Collect and enforce user fees for the use of the project undersection 227.660.

(L. 2006 H.B. 1380)