Default by Owner; Security Sample Clauses

Default by Owner; Security. Should Owner fail to meet the deadlines provided in Sections 7.2 a., b. or c. above toward development of the Hotel Component and complete the Hotel Component by April, 2026, or pay the TOT Guarantee, or any portion thereof by the times set for in said Sections 7.2 a., b. or c., owner shall be deemed in breach (“Owner’s TOT Guarantee Breach”) thereby triggering City’s Option to purchase the Property pursuant to Section 8 below. Owner hereby agrees and acknowledges that the Option in favor of City is reasonable to secure Owner’s obligations to develop the Hotel Component or pay the TOT Guarantee. The Owner’s TOT Guarantee Breach deadline listed above shall be extended by any period of delay under Sections 7.3 through 7.6, above.