Default by Redeveloper Sample Clauses
The 'Default by Redeveloper' clause defines the circumstances under which the redeveloper is considered to be in breach of their obligations under the agreement. Typically, this clause outlines specific actions or failures—such as missing deadlines, failing to meet construction standards, or not making required payments—that would constitute a default. It also often describes the process for notifying the redeveloper of the default and any opportunity to cure the breach. The core function of this clause is to protect the other party by clearly establishing what constitutes a default and the remedies available, thereby reducing uncertainty and providing a framework for addressing non-performance.
Default by Redeveloper. If title to the Township Properties does not close because of the Redeveloper’s Default, the Township shall be entitled to terminate this Agreement. Nothing in this Section shall be construed as limiting the ability of the Township to be reimbursed from the RDA Escrow Account for Township Costs incurred through the date of termination.
Default by Redeveloper. A default of this Agreement shall occur if Redeveloper shall breach any of the material provisions of this Agreement or the PDC Loan, whether by action or inaction, and such breach shall continue and not be remedied within sixty (60) days after the Agency shall have given notice specifying the breach or in the case of a breach which cannot with due diligence be cured within a period of sixty (60) days, if Redeveloper shall not within such sixty (60) day period commence the cure of the breach and thereafter diligently prosecute to completion such cure within a reasonable time after the notice from the Agency. A default also shall occur if Redeveloper shall have made any assignment for the benefit of creditors, or shall have become adjudicated a bankrupt, or shall have had a receiver, trustee or creditor's committee appointed over it. Redeveloper shall not be deemed to be in default hereunder for failure to pay any tax, assessment, lien or other charge if Redeveloper in good faith is contesting the same and, if necessary to avoid foreclosure, has furnished an appropriate bond or other undertaking to assure payment in the event Redeveloper's contest is unsuccessful.
Default by Redeveloper. (a) The following actions shall constitute events of default by the Redeveloper under the terms of this Parking Agreement:
(i) if Redeveloper shall fail to make any payment of Parking Fees or any other charges or amounts due under this Parking Agreement, on the day when such payments are due and such default continues for fifteen (15) days after Redeveloper’s receipt of written notice that payment was not made when due; or
(ii) if Redeveloper shall fail to perform any other provision, covenant or condition of this Parking Agreement other than the payment of Parking Fees or any other charges or amounts due, and such failure continues for sixty (60) days after Redeveloper is notified in writing by the City to cure such default; provided that if such failure cannot reasonably be cured within sixty (60) days, then, provided that Redeveloper commences to cure the default within such period and thereafter diligently continues to complete such cure, Redeveloper shall have a reasonable time to cure such default; or
(iii) if Redeveloper makes an assignment for the benefit of creditors or enters into an agreement with its creditors, or if the interest of Redeveloper in the parking or any personal property used in connection therewith is attached, levied upon or seized by legal process, or if Redeveloper is found to be bankrupt or insolvent by any court of competent jurisdiction, or if a receiver is appointed for Redeveloper.
Default by Redeveloper. The occurrence of any one or more of the following, beyond any applicable notice and cure period, shall constitute a “Redeveloper Default” as that term is used in this Agreement:
A. Any transfer by the Redeveloper in violation of Section 13.2;
B. If any warranty or representation of the Redeveloper contained in this Agreement is materially untrue as of the date made;
C. The Redeveloper shall cease doing business as a going concern, make an assignment for the benefit of its creditors, admit in writing its inability to pay its debts as they become due, file a petition commencing a voluntary case under any chapter of the Bankruptcy Code, 11 U.S.C. § 101 et seq. (the "Bankruptcy Code"), file a petition seeking for itself any reorganization, composition, readjustment, liquidation, dissolution or similar arrangement under the Bankruptcy Code or any other present or future law or regulation; or files an answer admitting the material allegations of a petition filed against it in any such proceeding, consents to the filing of such a petition or acquiesces in the appointment of a trustee, receiver, custodian or other similar official for the Redeveloper or of all or substantially all of the Developer's assets or properties, or institutes any proceeding for the dissolution or liquidation of the Developer; a case, proceeding or other action shall be instituted against the Developer, seeking the entry of an order for relief against the Developer, to adjudicate the Developer as a bankrupt or insolvent, or seeking reorganization, arrangement, readjustment, liquidation, dissolution or similar relief against the Developer under the Bankruptcy Code or other present or future rule or regulation, which case, proceeding or other action either results in the entry or issuance of any other order or judgment having a similar effect or remains undismissed for sixty (60) days, or within sixty (60) days after the appointment, without the Developer's consent or acquiescence, of any trustee, receiver, custodian or other similar official for Developer or for all or any substantial part of the Developer's assets and properties, such appointment shall not be vacated; or
D. The failure, on or before the applicable deadline therefor set forth in this Agreement with respect thereto, to commence or complete (as evidenced by a Certificate of Completion) any Improvement required to be completed by the Redeveloper under the terms of this Agreement, and the failure to cure such default within th...