Developer Default under MBE Plan Sample Clauses

Developer Default under MBE Plan. (a) If as of the final completion date of any Phase of the Project the Developer is not in compliance with the MBE Plan for eligible construction costs of such Phase of the Project, then, following such failure, Developer shall not be entitled to receive any disbursement of Refund amounts pertaining to such completed Phase. If, following any such failure, the Developer demonstrates to the reasonable satisfaction of the County’s MBE Compliance Manager within 30 days following the determination of such non- compliance that the Developer is in compliance with the MBE Plan for such completed Phase, then Developer’s right to receive disbursements of Refund amounts pertaining to such completed Phase shall be reinstated for the remainder of the PILOT Term. If Developer fails demonstrate its cure of such non-compliance in accordance with this paragraph, then the Developer’s right to receive disbursements of Refund amounts for such completed Phase shall cease and be forfeited with no right for reinstatement. (b) Without limiting the foregoing, if at any time during the PILOT Term the quarterly reporting submitted by Developer to the County’s MBE Compliance Manager indicates that as of the end of the applicable calendar quarter the Developer is not in compliance with the MBE Plan measured in the aggregate of total eligible construction costs of the Project to date, then the Developer shall not be entitled to receive any disbursement of Refund amounts pertaining to the Project until the subsequent date on which compliance with the MBE Plan is achieved. If, following any such failure, the Developer demonstrates to the reasonable satisfaction of the County’s MBE Compliance Manager in connection with the quarterly reporting submitted by the Developer that the Developer is in compliance with the MBE Plan as of the end of the applicable calendar quarter, Developer’s right to receive disbursements of Refund amounts pertaining to the Project shall be reinstated.
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Related to Developer Default under MBE Plan

  • Customer Default The occurrence at any time of any of the following events shall constitute a “Customer Default”:

  • Default by Owner If one or more of the following Events of Default shall occur and be continuing, that is to say: (a) breach by Owner of the representations, warranties and covenants of the Owner as set forth in Section 6.02 above); then, and in each and every such case (except in instances where the Event of Default has been cured within thirty (30) days after the date on which written notice of such default, requiring the same to be remedied, shall have been given to the Owner by the Servicer), the Servicer, by notice in writing to the Owner, may immediately terminate all of its responsibilities, duties and obligations as servicer under this Agreement. On or after the receipt by the Owner of such written notice, all responsibilities, duties and obligations of the Servicer to service the Mortgage Loans under this Agreement shall on the date set forth in such notice pass to and be vested in the successor appointed pursuant to Section 10 herein.

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