Construction Default. If Borrower fails in any respect to comply with the provisions of this Agreement or if construction ceases before completion regardless of the reason, Lender, at its option, may refuse to make further Advances, may accelerate the indebtedness under the terms of the Note, and without thereby impairing any of its rights, powers, or privileges, may enter into possession of the construction site and perform or cause to be performed any and all work and labor necessary to complete the improvements, substantially in accordance with the Plans and Specifications.
Construction Default. Upon the failure, refusal or neglect of Grantee to undertake or complete any construction, reconstruction, repair, relocation or other necessary work as required by this Agreement, thereby creating an adverse impact upon the public health, welfare or safety, Grantor may (but is not required to) cause that work to be completed, in whole or in part, and upon so doing will submit to Grantee an itemized statement of costs. Grantee will be given reasonable advance notice of Grantor's intent to exercise this power, and 15 days to cure the default. Grantee must, within 30 days of billing, pay to Grantor the actual costs incurred.
Construction Default. If an Event of Default occurs hereunder, Majority Owner, at its option, may refuse to consent to further Advances, may instruct Bond Trustee to accelerate the Indebtedness under the terms of the Note, and without thereby impairing any of its rights, powers, or privileges, may enter into possession of the construction site and perform or cause to be performed any and all work and labor necessary to complete the Improvements, substantially in accordance with the Plans and Specifications.
Construction Default. Upon the failure, refusal or material neglect of Grantee to undertake or complete any construction, reconstruction, repair, or other necessary work as required by this Agreement, which results in an adverse impact upon the public health, welfare or safety, Grantor may (but is not required to) cause that work to be completed, in whole or in part, and upon so doing will submit to Grantee an itemized statement of costs. Grantee will be given no less than thirty (30) days to cure the default before Grantor exercises its right to complete the work, unless a serious and immediate threat to public health or safety exists in which case such notice and cure period shall not be required. Grantee must, within thirty (30) days of billing, pay to Grantor the actual costs incurred. If that payment is not made by Grantee, then Grantor may satisfy Grantee’s obligation by assessing the performance bonds that have been provided pursuant to this Agreement.
