Common use of Default by Development Clause in Contracts

Default by Development. The occurrence of any one or more of the following events or conditions shall constitute an Event of Default by Development under this Enhancement Agreement, unless a written waiver of the default is signed by the Lender: (a) Development fails to make an Allocation for the Lender in the amount set forth in Section 5.2 of this Agreement within thirty (30) days of verification of the Loan closing; or (b) Any material breach by Development of any duty or obligation of Development under this Enhancement Agreement which is not cured by Development to the satisfaction of the Lender within thirty (30) calendar days after written notice thereof by the Lender to Development.

Default by Development. The occurrence of any one or more of the following events or conditions shall constitute an Event of Default by Development under this Enhancement Deposit Agreement, unless a written waiver of the default is signed by the Lender: (a) Development fails to make an Allocation for the deposit with Lender in the amount set forth in Section 5.2 of this Agreement within thirty (30) days of verification of the Loan closing; or (b) Any material breach by Development of any duty or obligation of Development under this Enhancement Deposit Agreement which is not cured by Development to the satisfaction of the Lender within thirty (30) calendar days after written notice thereof by the Lender to Development.

Default by Development. The occurrence of any one or more of the following events or conditions shall constitute an Event of Default by Development under this Enhancement Deposit Agreement, unless a written waiver of the default is signed by the Lender: (a) Development fails to make an Allocation for the deposit with Lender in the amount set forth in Section 5.2 of this Agreement within thirty (30) days of verification of the Loan closing; or (b) Any material breach by Development of any duty or obligation of Development under this Enhancement Deposit Agreement which is not cured by Development to the reasonable satisfaction of the Lender within thirty (30) calendar days after written notice thereof by the Lender to Development.

Default by Development. The occurrence of any one or more of the following events or conditions shall constitute an Event of Default by Development under this Enhancement Agreement, unless a written waiver of the default is signed by the Lender: (a) Development fails to make an Allocation for the Lender in the amount set forth in Section 5.2 of this Agreement within thirty (30) days of verification of the Loan closing; or (b) Any material breach by Development of any duty or obligation of Development under this Enhancement Agreement which is not cured by Development to the reasonable satisfaction of the Lender within thirty (30) calendar days after written notice thereof by the Lender to Development.