Common use of Developer Default Clause in Contracts

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. a. In the event Developer fails to obtain Initial Acceptance within {period of time in months} eighteen (18) 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. a. In the event Developer fails to obtain Initial Acceptance within {period {period of time in months} 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.