Developer Default. Each of the following shall be an Event of Default by Developer:
Developer Default. If, in the City’s judgment, the Developer is in material default of this Agreement, the City shall provide the Developer with a written statement indicating in adequate detail any material failure on the Developer’s part to fulfill its obligations under this Agreement. Except as required to protect against further damages, the City may not exercise any remedy against Developer in connection with such failure until thirty (30) days after giving such notice. If such default cannot be cured within such thirty (30) day period, such thirty (30) days period shall be extended for such time as is reasonably necessary for the curing of the same, so long as the Developer diligently proceeds with such cure. If such default is cured within such extended period, the default shall not be deemed to constitute a breach of this Agreement. A default not cured as provided above shall constitute a breach of this Agreement. Any failure or delay by the City in asserting any of its rights or remedies as to any default or alleged default or breach shall not operate as a waiver of any such default or breach or any rights or remedies it may have as a result of such default or breach. The Developer shall be deemed to be in default of this Agreement for any of the following reasons:
(1) The Developer has not substantially completed the Project on or before June 30, 2021;
(2) The Developer has failed to maintain and operate the Property in accordance with City codes and ordinances and has not cured such violation in the manner herein set forth; or
(3) The Developer has violated any material provision of this Agreement and has not cured such violation in the manner herein set forth. If the Developer materially fails to fulfill its obligations under this Agreement after notice is given by the City and any cure periods described above have expired, the City may elect to terminate this Agreement or exercise any right or remedy it may have at law or in equity, including the right to specifically enforce the terms and conditions of this Agreement. If (i) any voluntary or involuntary petition or similar pleading under any section or sections of any bankruptcy or insolvency act shall be filed by or against the Developer (and, in the case of any such involuntary petition or similar pleading, the same is not dismissed within sixty (60) days after the filing thereof), or (ii) any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare the Developer insolvent o...
Developer Default. An “Event of Default” or “default” entitling CRA to its remedies below shall occur by the Developer on the happening of any of the following events:
Developer Default a. In the event Developer fails to complete the Landscape Improvements within eight (8) months from the date of the City’s written request, the City may retain the Landscape Security and apply such funds to completion of the Landscape Improvements.
b. The City may, at its sole discretion, refund all or part of the Landscape Security not applied to completion of the Landscape Improvements.
c. The method and manner in which the City elects to install the Landscape Improvements shall be at the sole discretion of the City; provided, however, that nothing herein shall obligate the City to install or complete the Landscape Improvements and nothing herein shall prevent, prohibit or limit the remedies available to the City to enforce the obligations of this Agreement.
Developer Default a. In the event Developer fails to obtain Initial Acceptance within {period of time in months} from the commencement of construction, subject to extension at the City’s sole discretion, the City may retain the Infrastructure Security and apply such funds to completion of the Infrastructure Improvements including administrative costs related to the retention of the Infrastructure Security and completion of construction.
b. The City may, at its sole discretion, refund all or part of the Infrastructure Security not applied to completion of the Infrastructure Improvements.
c. The method and manner in which the City elects to construct or install the Infrastructure Improvements shall be at the sole discretion of the City; provided, however, that nothing herein shall obligate the City to install or complete the Infrastructure Improvements and nothing herein shall prevent, prohibit or limit the remedies available to the City to enforce the obligations of this Agreement.
Developer Default. The failure to achieve Financial Close by the Financial Close Deadline, unless such failure is directly attributable to an Excuse from Closing, shall be considered a Developer Default (for which TxDOT may give notice and seek liquidated damage and termination remedies under Section 29.5.6 and terminate this Agreement under Section 31.3.1).
Developer Default. Upon the happening of any Event of Default by Developer, Owner shall have the absolute unconditional right, in addition to all other rights and remedies available to Owner at law or in equity, to terminate this Agreement by giving written notice of such termination to Developer. Any one or more of the following events shall constitute an “Event of Default” by Developer under this Agreement:
(a) If Developer shall fail to observe, perform or comply with any material term, covenant, agreement or condition of this Agreement which is to be observed, performed or complied with by Developer under the provisions of this Agreement, and such failure shall continue uncured for thirty (30) calendar days after the giving of written notice thereof by Owner to Developer specifying the nature of such failure, unless such failure can be cured but is not susceptible of being cured within said thirty (30) calendar day period, in which event such a failure shall not constitute an Event of Default if Developer commences curative action within said thirty (30) calendar day period and thereafter prosecutes such action to completion with all due diligence and dispatch and completes such cure within ninety (90) calendar days after the giving of such notice.
(b) If Developer shall make a general assignment for the benefit of creditors;
(c) If any petition shall be filed by or against Developer in any court, pursuant to any statute of the United States or of any State, in any bankruptcy, reorganization, dissolution, liquidation, composition, extension, arrangement or insolvency proceedings, and Developer files, consents to or directly or indirectly acquiesces to such petition;
(d) If, in any proceeding, a receiver, trustee, liquidator or similar court- appointed agent be appointed for all or a substantial portion of the property or assets of Developer, and same shall not be discharged within thirty (30) calendar days after such appointment;
(e) If Developer shall misappropriate any funds of Owner or the Construction Lender in the possession or control of Developer (unless such misappropriation is caused by personnel employed in the performance of Developer’s responsibilities and such individual’s relationship with Developer is immediately terminated and the misappropriated funds are restored within five (5) Business Days of such misappropriation);
(f) If Developer shall commit willful misconduct, gross negligence or an act of fraud against Owner or otherwise in connection with the ...
Developer Default. If a Developer Event of Default has occurred and the Developer Event of Default has not been cured within the period specified in Paragraph 10.3, Utility, in its sole discretion, may take any or all of the following actions:
(a) terminate this Agreement by delivering written notice to the Developer (Utility Termination Notice) or
(b) proceed in accordance with Paragraph 14 (Resolution of Disputes) to protect and enforce its rights and to recover any damages to which it may be entitled, including all costs and expenses reasonably incurred in the exercise of its remedy, or
(c) at its election, take such steps as are reasonably necessary to cure the default before so proceeding.
Developer Default. Each of the following events shall be an “Event of Default” by the Developer under this Agreement:
(a) The Developer shall fail to pay to the City any monetary sum hereby required of it as and when the same shall become due and payable and shall not cure such default within thirty
Developer Default. “DEVELOPER DEFAULT” means and includes, jointly and severally, any of the following or any combination thereof:
