Common use of Defaults - General Clause in Contracts

Defaults - General. 5.1.1 Subject to the extensions of time set forth in Section 6.4, failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this Agreement. The party who fails or delays must immediately commence to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with reasonable diligence. 5.1.2 The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failures or delays by either party in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies. Delays by either party in asserting any of its rights and remedies shall not deprive either party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. 5.1.3 If a monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default written notice of such default. The party in default shall have a period of seven (7) days after such notice is given within which to cure the default prior to exercise of remedies by the injured party. 5.1.4 If a non-monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default notice of such default. If the default is reasonably capable of being cured within thirty (30) days, the party in default shall have such period to effect a cure prior to exercise of remedies by the injured party. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and the party in default (i) initiates corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then the party in default shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the injured party. In no event shall the injured party be precluded from exercising remedies if its rights become or are about to become materially jeopardized by any failure to cure a default or the default is not cured within one hundred eighty (180) days after the first notice of default is given.

Defaults - General. 5.1.1 Subject to the extensions of time set forth in Section 6.4, failure (a) Failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this Agreement. The party who fails or delays must immediately commence to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with reasonable diligence, and during any period of curing shall not be in default. 5.1.2 (b) The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failures failure or delays delay by either party in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies. Delays Delay by either party in asserting any of its rights and remedies shall not deprive either party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert assert, or enforce any such rights or remedies. 5.1.3 (c) If a monetary an event of monetary default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default written notice of such default. The party in default shall have a period of seven fifteen (715) days after such notice is given within which to cure the default prior to exercise of remedies by the injured party. 5.1.4 (d) If a an event of non-monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default notice of such default. If the default is reasonably capable of being cured within thirty (30) days, the party in default shall have such period to effect a cure prior to exercise of remedies by the injured party. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and the party in default (i) initiates corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then the party in default shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the injured party. In no event shall the injured party be precluded from exercising remedies if its rights become security becomes or are is about to become materially jeopardized by any failure to cure a default or the default is not cured within one hundred eighty (180) days after the first notice of default is given.

Defaults - General. 5.1.1 Subject to the extensions of time set forth a. Except as otherwise provided in Section 6.4this Agreement, failure or delay by either party Party to perform any term or provision of this Agreement constitutes shall constitute a default under this Agreement. The party who fails or delays must immediately commence ; provided, however, that a Party otherwise in default shall not be deemed to be in default under this Agreement, if such Party: (1) in the case of a non-monetary default, commences to cure, correct or remedy the default, within thirty (30) calendar days after receipt of written notice from the injured Party specifying such failure or delay default, and shall complete diligently and continuously prosecute such cure, correction or remedy with reasonable diligenceto completion (and where any time limits for the completion of such cure, correction or remedy are specifically set forth in this Agreement, then within said time limits); or (2) in the case of a monetary default, cures the default within five (5) calendar days after receipt of written notice the injured Party specifying such default. 5.1.2 b. The injured party Party shall give written notice of default to the party Party in default, specifying the default complained of by the injured partynon-defaulting Party. Failure or delay Delay in giving such notice shall not constitute a waiver of any default, default nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failures . c. Any failure or delays by either party Party in asserting any of its their rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies. Delays by either party Party in asserting any of its their rights and and/or remedies shall not deprive either party Party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. 5.1.3 If a monetary event of default occurs, prior to exercising any remedies hereunder. Except as otherwise expressly stated in this Agreement, the injured party shall give rights and remedies of the party in default written notice Parties under this Agreement are cumulative and the exercise by either Party of one or more of such default. The party in rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default shall have a period of seven (7) days after such notice is given within which to cure the or any other default prior to exercise of remedies by the injured partyother Party. 5.1.4 If a non-monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default notice of such default. If the default is reasonably capable of being cured within thirty (30) days, the party in default shall have such period to effect a cure prior to exercise of remedies by the injured party. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and the party in default (i) initiates corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then the party in default shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the injured party. In no event shall the injured party be precluded from exercising remedies if its rights become or are about to become materially jeopardized by any failure to cure a default or the default is not cured within one hundred eighty (180) days after the first notice of default is given.

Defaults - General. 5.1.1 Subject to the Events of Force Majeure and any other extensions of time set forth approved in Section 6.4writing by the parties, failure or delay by either party to perform timely perform, comply with or observe any term of the conditions, provisions, terms, covenants or provision representations of this Agreement constitutes Agreement, at the time indicated in this Agreement, shall constitute a default under this Agreement. The In addition to the foregoing, the following shall constitute a default hereunder: (a) Developer fails to perform an act by the time set forth therefore in the Schedule of Performance subject to Events of Force Majeure; or (b) a petition is filed in bankruptcy, or other bankruptcy or similar proceeding is commenced by or against Developer under any applicable bankruptcy, insolvency or similar law now or hereafter in effect which is not released within ninety (90) days. As provided hereinbelow, the party who so fails or delays must immediately commence to cure, correct or remedy such failure or delay delay, and shall complete such cure, correction or remedy with reasonable diligence. 5.1.2 . The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time date of default. Except as otherwise expressly provided in this Agreement, any failures or delays by either party in asserting any of its rights and remedies as required to any default shall not operate as a waiver of any default or of any such rights or remedies. Delays by either party in asserting any of its rights and remedies shall not deprive either party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. 5.1.3 If a monetary event of default occurs, prior to exercising any remedies hereunderprotect against further damages, the injured party shall give may not institute legal proceedings against the party in default written notice until an “Event of Default” (as such defaultterm is hereinafter defined) has occurred. The party in default shall have a period For purposes of seven (7) days after such notice is given within which to cure the default prior to exercise this Agreement, an “Event of remedies Default” for purposes of instituting legal proceedings by the injured party. 5.1.4 If a non-monetary event of default occurs, prior to exercising any remedies hereunder, defaulting party against the injured defaulting party shall give the party mean that a default as described above has occurred, and such default has continued uncured for thirty (30) calendar days after notice thereof is received (as described in default notice of such default. If Section 8.1), or, if the default is cannot reasonably capable of being be cured in thirty (30) calendar days, without the defaulting party commencing to diligently cure within thirty (30) days, the party calendar days after notice thereof in default shall have such period to effect a cure prior to exercise of remedies writing is received (as described in Section 8.1) by the injured party to the defaulting party. If ; provided, however, that if a different period or notice requirement is specified for any particular default under any other provision of this Agreement, the default is specific provision shall control; and provided further, that if such that it failure is not reasonably capable of being cured within such thirty (30) days, and the party in default (i) initiates corrective action within said day or different period, and (ii) diligently, continually, and in despite the defaulting party’s good faith works to effect a cure as soon as possibleand timely efforts, then the party in default shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the injured party. In complete such cure, but in no event shall such time exceed ninety (90) calendar days after notice thereof is mailed to the injured party be precluded from exercising remedies if its rights become or are about defaulting party. Notwithstanding anything to become materially jeopardized by any failure to the contrary herein, a cure a default period shall not extend the timing requirements set forth in the Schedule of Performance or the default is not cured within one hundred eighty (180) days after the first notice of default is givenOutside Closing Date.

Defaults - General. 5.1.1 Subject to the Force Majeure Delay and any extensions of time set forth approved in Section 6.4writing by the parties, failure or delay by either party to perform any term or provision of this Agreement at the time indicated in this Agreement constitutes a default under this Agreement. The As provided, hereinbelow, the party who so fails or delays must immediately commence to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with reasonable diligence. 5.1.2 . The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failures or delays by either party in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies. Delays by either party in asserting any of its rights and remedies shall not deprive either party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. 5.1.3 . If a monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default written notice of such default. The party in default shall have a period of seven thirty (730) days after such notice is given within which to cure the default prior to exercise of remedies by the injured party. 5.1.4 . If a non-monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default notice of such default. If the default is reasonably capable of being cured within thirty (30) days, the party in default shall have such period to effect a cure prior to exercise of remedies by the injured party. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and the party in default (i) initiates corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then the party in default shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the injured party. If Borrower fails to take corrective action or cure the default within a reasonable time, the City shall give the Senior Lender and, as provided in paragraph f., below, the Investor Limited Partner notice thereof. Subject to the terms of the Borrower’s partnership agreement, the Investor Limited Partner may take such action, including removing and replacing the general partner or managing member of the Borrower with a substitute general partner or member, who shall effect a cure within a reasonable time thereafter in accordance with the foregoing provisions. The City agrees to accept cures tendered by any Senior Lender or Investor Limited Partner within the cure periods provided in the Note. Additionally, in the event the Senior Lender or Investor Limited Partner is precluded from curing a non-monetary default due to a bankruptcy, injunction, or similar proceeding by or against Borrower or the general partner of Borrower, the City agrees to forbear from completing a foreclosure (judicial or nonjudicial) during the period during which the Senior Lender or Investor Limited Partner is so precluded from acting, not to exceed 90 days, provided such Investor Limited Partner and Senior Lender are otherwise in compliance with the foregoing provisions. In no event shall the injured party City be precluded from exercising remedies if its rights become or are about to become materially jeopardized by any failure to cure a default or the default is not cured within one hundred eighty (180) days after the first notice of default is given. [Note: The investor or lender may require changes to this section.] In the event of a default by Borrower of any of its obligations under the City Loan Documents and expiration of any applicable grace, notice and/or cure periods, Borrower shall pay to City interest on the outstanding principal of the City Loan, at an annual rate equal to the lesser of (i) ten percent (10%) or (ii) the highest interest allowed by law, from the date of the default until the date that the default is cured or the City Loan is repaid in full. City shall send to the Investor Limited Partner a copy of all notices of default and all other notices that City sends to Borrower, at the address for the Investor Limited Partner as provided by written notice to City by Borrower.

Defaults - General. 5.1.1 Subject to the extensions of time set forth in Section 6.49.8, failure or delay by either party to perform perform, comply with or observe any term of the conditions, provisions, terms, covenants or provision representations of this Agreement Agreement, including any of the Attachments hereto, constitutes a default under this Agreement. The As provided hereinbelow, the party who so fails or delays must immediately commence to cure, correct or remedy such failure or delay delay, and shall complete such cure, correction or remedy with reasonable diligence. 5.1.2 . The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time date of default. Except as otherwise expressly provided required to protect against further damages, the injured party may not institute legal proceedings against the party in default until an "Event of Default" (as such term is hereinafter defined) has occurred. For purposes of this Agreement, an "Event of Default" for purposes of instituting legal proceedings by a non-defaulting party against the defaulting party shall mean a failure to satisfy, perform, comply with or observe any of the conditions, provisions, terms, covenants or representations contained in this Agreement, including any failures Attachment hereto, and such failure having continued uncured or delays by either without the defaulting party in asserting any of its rights and remedies as commencing to any default shall not operate as a waiver of any default or of any such rights or remedies. Delays by either party in asserting any of its rights and remedies shall not deprive either party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. 5.1.3 If a monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default written notice of such default. The party in default shall have a period of seven (7) days after such notice is given within which to diligently cure the default prior to exercise of remedies by the injured party. 5.1.4 If a non-monetary event of default occurs, prior to exercising any remedies hereunder, the injured party shall give the party in default notice of such default. If the default is reasonably capable of being cured within for thirty (30) days, the party days after notice thereof in default shall have such period to effect a cure prior to exercise of remedies writing is mailed by the injured party to the defaulting party. If the ; provided, however, that if such event of default is such that it is cannot reasonably capable of being be cured within such thirty (30) daysday period and Developer has diligently commenced efforts to cure, and the party in default (i) initiates corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then the party in default Developer shall have such additional reasonable time as to diligently prosecute such cure to completion. If a different period or notice requirement is reasonably necessary to cure specified for any particular default under any other provision of this Agreement, including any of the default prior to exercise of any remedies by Attachments hereto, the injured party. In no event specific provision shall the injured party be precluded from exercising remedies if its rights become or are about to become materially jeopardized by any failure to cure a default or the default is not cured within one hundred eighty (180) days after the first notice of default is givencontrol.