Common use of City Events of Default Clause in Contracts

City Events of Default. Any of the following events shall constitute an event of default (a “City Event of Default”) hereunder by the City: (a) the occurrence of any Event of Insolvency as to the City; (b) if the City defaults in the payment or performance of a material obligation under this Agreement, and, in the case of a payment default, such default is not cured within 10 days after notice of such default has been given to the City by Development Manager or CSERELP or, in the case of any other default of a material obligation, such default is not cured within 30 days after notice of such default has been given to the City by Development Manager or CSERELP or within such longer period as may be reasonably necessary given the nature of the default in question provided that the City promptly commenced and diligently continued to cure such default until it was so cured; (c) the occurrence of a Disposition by the City in contravention of Section 21.3; (d) any failure by the City to comply with any determination, order or Award made and binding against the City in accordance with Article 15 which is not cured within 30 days after notice of such default has been given to the City by Development Manager or CSERELP or within such longer period as may be reasonably necessary given the nature of the default in question provided that the City promptly commenced and diligently continued to cure such default until it was so cured; and (e) the City making any representation or warranty herein that is false or misleading when made, and that has or will have at any time a material adverse effect on the Project or on another Party and, in the case of a false or misleading representation or warranty that is capable of being remedied, such breach is not remedied within 10 Business Days of receipt of notice of the same from any other Party.

City Events of Default. Any The following shall be “events of the following events shall constitute an event of default (a “City Event of Default”) hereunder default” by the CityCity under this Agreement: (a) If any warranty or representation of the occurrence of City herein contained shall prove to be false, misleading, untrue or incorrect in any Event of Insolvency as to the City;material respect. (b) if If the City breaches or defaults in the payment performance or performance observance of a material obligation under any of its covenants, promises, undertakings or agreements contained in this Agreement, andthe Construction Trust Agreement or the Team Agreements, in and shall fail to cure the case of a payment default, such default is not cured same or shall fail to diligently and continuously pursue or perform the actions necessary to cure the same within 10 thirty (30) days after written notice of such default has been given to the City by Development Manager the TSA of such breach or CSERELP ordefault; provided, however, if the failure stated in the case written notice cannot be corrected within the applicable period, the TSA shall not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the City as appropriate, within the applicable period and diligently pursued until the default is corrected. (c) If any action, rule, law or decision of any other default legislative or administrative body or of any court should materially impair or materially and adversely affect the enforceability of any of this Agreement. (d) Filing by the City of a material obligationvoluntary petition in bankruptcy, failure by the City promptly to lift any execution, garnishment or attachment, adjudication of the City as a bankrupt, the City’s failure or inability to pay its debts generally as they become due, the City’s admission in writing of its inability to pay its debts, general assignment by the City for the benefit of creditors, entry by the City into an agreement of composition with creditors, or filing of a petition applicable to the City in any proceedings instituted under the provisions of the Federal Bankruptcy statute, as amended, or under any similar acts that may hereafter be enacted, and such default petition is not cured dismissed within 30 sixty (60) days after notice service on the City; or if a receiver or trustee or custodian has been appointed in any proceeding for all or substantially all of the City’s property or assets; or if the City has requested the appointment of such default has been given receiver, trustee or custodian; or if the City is adjudged insolvent under any state insolvency law. (e) If any suit or legal action materially affecting the Project, the construction of the Project or the operation and use of the Project is filed and the City fails to take steps that the TSA in its reasonable discretion determines is satisfactory to defend or resolve such action within ninety (90) days after written notice to the City by Development Manager the TSA. (f) If the construction work on the Project is abandoned or CSERELP stopped for a continuous period of thirty (30) days (except for temporary stoppages not to exceed one hundred eighty (180) days in the aggregate due to strikes, shortages or within such longer period as may unavailability of materials, or acts of God). (g) If the Project shall be reasonably necessary given damaged or destroyed by fire or other casualty; provided, however, that it shall not be an Event of Default if the nature of City receives insurance proceeds or uses other funds sufficient to repair or restore the default in question provided that Project to a condition and quality sufficient to conduct Major League Baseball spring training pursuant to the Team Agreements, and the City promptly commenced and diligently continued to cure such default until it was so cured; (c) repairs or restores the occurrence of a Disposition by the City in contravention of Section 21.3; (d) any failure by the City to comply with any determination, order or Award made and binding against the City in accordance with Article 15 which is not cured within 30 days after notice of such default has been given to the City by Development Manager or CSERELP or within such longer period as may be reasonably necessary given the nature of the default in question provided that the City promptly commenced and diligently continued to cure such default until it was so cured; and (e) the City making any representation or warranty herein that is false or misleading when made, and that has or will have at any time a material adverse effect on the Project or on another Party and, in the case of a false or misleading representation or warranty that is capable of being remedied, such breach is not remedied within 10 Business Days of receipt of notice of the same from any other PartyProject.

City Events of Default. Any of the The following events shall constitute an event of default (a “be City Event Events of Default”) hereunder by the City: (a) the occurrence of City shall voluntarily file for reorganization or other relief under any Event of Insolvency as to the CityFederal or state bankruptcy or insolvency law; (b) if the City defaults shall have any involuntary bankruptcy or insolvency action filed against it, or shall suffer a trustee in bankruptcy or insolvency or receiver to take possession of the assets of the City, or shall suffer an attachment or levy of execution to be made against its property, in any of such cases, such action, possession, attachment or levy shall have been terminated or released within 60 days after the commencement thereof; (c) the City shall breach any covenant or default in the payment or performance of a material any obligation under this Agreement, and, in the case Acquisition Agreement and such breach or default shall have continued for a period of a payment default, such default is not cured within 10 60 days after written notice of thereof, specifying such breach or default has and requiring the same to be remedied, shall have been given to the City by Development Manager or CSERELP orNMC Builders; provided, however, that, if in the case reasonable opinion of any other NMC Builders such breach or default of a material obligationcan be corrected, but not within such 60 day period, such breach or default shall not constitute a City Event of Default if corrective action is not cured within 30 days after notice of such default has been given to the City by Development Manager or CSERELP or within such longer period as may be reasonably necessary given the nature of the default in question provided that the City promptly commenced and diligently continued to cure such default until it was so cured; (c) the occurrence of a Disposition instituted by the City within such 60 day period and the City thereafter diligently and in contravention good faith cures such breach or default in such extended period of Section 21.3;time, or any representation or warranty of the City set forth herein shall prove to have been false or misleading in any material respect when made; and (d) any failure by the City to comply with shall transfer any determination, order of its respective rights or Award made and binding against obligations under this Acquisition Agreement without the City prior written consent of NMC Builders as provided in accordance with Article 15 which is not cured within 30 days after notice of such default has been given to the City by Development Manager or CSERELP or within such longer period as may be reasonably necessary given the nature of the default in question provided that the City promptly commenced and diligently continued to cure such default until it was so cured; and (e) the City making any representation or warranty herein that is false or misleading when made, and that has or will have at any time a material adverse effect on the Project or on another Party and, in the case of a false or misleading representation or warranty that is capable of being remedied, such breach is not remedied within 10 Business Days of receipt of notice of the same from any other Party.Section 6.3 hereof;

City Events of Default. Any of the following events shall constitute an event of default (a “City Event of Default”) hereunder by the City: (a) the occurrence of any Event of Insolvency as to the City; (b) if the City defaults in the payment or performance of a material obligation under this Agreement, and, in the case of a payment default, such default is not cured within 10 days after notice of such default has been given to the City by Development Manager or CSERELP or, in the case of any other default of a material obligation, such default is not cured within 30 days after notice of such default has been given to the City by Development Manager or CSERELP or within such longer period as may be reasonably necessary given the nature of the default in question provided that the City promptly commenced and diligently continued to cure such default until it was so cured; (c) the occurrence of a any Disposition by the City in contravention of Section 21.314.3; (d) any failure by the City to comply with any determination, order or Award made and binding against the City in accordance with Article 15 10, which is not cured within 30 days after notice of such default has been given to the City by Development Manager or CSERELP or within such longer period as may be reasonably necessary given the nature of the default in question provided that the City promptly commenced and diligently continued to cure such default until it was so cured; and; (e) the City making any representation or warranty herein that is false or misleading when made, and that has or will have at any time a material adverse effect on the Project or on another the other Party and, in the case of a false or misleading representation or warranty that is capable of being remedied, such breach is not remedied within 10 Business Days of receipt of notice of the same from any other Party; or (f) the occurrence of an event of default by the City under the Development Management Agreement (defined as a “City Event of Default” under the Development Management Agreement).