Developer Events of Default. The following acts or events which have not been cured within thirty (30) days of notice thereof by Developer, shall constitute "Developer Events of Default":
(i) Failure of Developer to report any material Full Cost Development Budget variances as required by Section 2.6;
(ii) The existence of any variance greater than the Permitted Variances from the Full Cost Development Budget which have not been approved by Owner;
(iii) The expenditure of funds by Developer other than in accordance with the Full Cost Development Budget;
(iv) Failure of Developer to submit any of the monthly, quarterly or annual reports as required by Section 6;
(v) Failure of Developer to obtain and maintain insurance in the amounts and for the coverage required by Section 8.1 or to provide Owner with copies of all policies of insurance;
(vi) Failure by Developer to send Owner promptly with any notice alleging a default or to notify Owner timely of an event of default under any agreement affecting the Project including financing for the Project;
(vii) The default by Developer or any of its affiliates, in the performance of any of its obligations under this Agreement, the Partnership Agreement or the General Contractors Agreement, and such default continues uncured for thirty (30) days, provided however, with respect to any non-monetary default by the Developer under this Agreement, if the Developer begins to cure such non-monetary default within such thirty (30) day period and, in good faith, diligently prosecutes such cure to such non-monetary default to completion, such non-monetary default shall not be considered a Developer Event of Default hereunder; and
(viii) If Developer files a voluntary petition in bankruptcy or is adjudicated a bankrupt or insolvent or files any petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or other relief under any present or any future Federal, state or other statute or law, or seeks or consents to the appointment of any trustee, receiver or similar officer of Developer or the Project.
Developer Events of Default. (a) Failure of Developer to perform any term, covenant or agreement contained in Article V;
(b) The BEDC determines that any representation or warranty contained herein or in any financial statement, certificate, report or opinion submitted to BEDC in connection with or pursuant to the requirements of this Agreement was incorrect or misleading in any material respect when made;
(c) Any judgment is assessed against Developer or any attachment or other levy against the property of Developer with respect to a claim remains unpaid, unstayed on appeal, undischarged, not bonded or not dismissed for a period of thirty (30) days; or
(d) Developer makes an assignment for the benefit of creditors; admits in writing its inability to pay its debts generally as they become due; files a petition in bankruptcy; is adjudicated insolvent or bankrupt; petitions or applies to any tribunal for any receiver or any trustee of Developer or any substantial part of its property, commences any action relating to Developer under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction whether now or hereafter in effect; or if there is commenced against Developer any such action and such action remains undismissed or unanswered for a period of sixty (60) days from such filing, or Developer by any act indicates its consent to or approval of any trustee of Developer or any substantial part of its property; or suffers any such receivership or trustee to and such appointment remains unvacated for a period of sixty (60) days.
Developer Events of Default. Each of the following events is an “event of default” hereunder:
(a) If the Developer fails to perform any obligation under this Agreement within thirty (30) days after the Developer’s receipt of written notice from the Town Parties of its failure to perform such obligations, and provided that the Town Parties have fulfilled any applicable obligations relating to such Developer obligation; or
Developer Events of Default. The following shall be Events of Default for Developer:
(a) Subject to Unavoidable Delay, Developer shall be in Default in its obligations with respect to the construction of the Public Improvements, or shall abandon or substantially suspend construction work on the Project, and any such Default, violation, abandonment, or suspension is not cured, ended, or remedied within thirty (30) calendar days after written notice to do so;
(b) Any representation or warranty by Developer in this Master Agreement, the PUD Development Agreement, or any ancillary agreement, certificate, request or other document executed, furnished pursuant to or under this Agreement proves to have been incorrect in any material respect as of the date made or deemed made.
(c) The Developer admits in writing the fact that its debts exceed a fair valuation of the Property.
(d) The Developer makes an assignment for the benefit of its creditors without first receiving prior approval from the City.
(e) Subject to Unavoidable Delays and cure rights, failure by the Developer to observe or perform any covenant, condition, obligation, or agreement on its part to be observed or performed under this Master Agreement, and the continuation of such failure for a period of thirty (30) calendar days after written notice of such failure from any Party hereto; and
(f) Filing of any voluntary petition in bankruptcy or similar proceedings by Xxxxxxxxx; general assignment for the benefit of creditors made by Developer or admission in writing by Developer of inability to pay its debts generally as they become due; or filing of any involuntary petition in bankruptcy or similar proceedings against Developer which are not dismissed or stayed within sixty (60) days.
Developer Events of Default. The following shall be Events of Default with respect to this Agreement:
1. If any material representation made by Developer in this Agreement, or in any certificate, notice, demand or request made by a Party hereto, in writing and delivered to the Village pursuant to or in connection with any of said documents, shall prove to be untrue or incorrect in any material respect as of the date made; provided, however, that such default shall constitute an Event of Default only if Developer does not remedy the default, within thirty
Developer Events of Default. Each of the following shall constitute a “Developer Event of Default” by the Developer:
(a) The material inaccuracy of any representation or warranty made by the Developer to the City, when made or deemed to be made, under this Agreement.
(b) The Developer’s material failure to fulfill any covenant of the Developer in this Agreement, and such failure shall remain unremedied for a period of thirty (30) days after the City gives written notice of the failure to the Developer; provided, however, if the Developer can show that the failure stated in the notice cannot be corrected within the applicable period (but can be corrected within such longer period), and the Developer initiates corrective action within said period, and diligently, continually, and in good faith works to effect a cure as soon as possible, the time period shall be reasonably extended for a period not to exceed ninety (90) days or such longer period agreed upon by the Parties.
Developer Events of Default. Each of the following shall constitute a "Default" under this Agreement as to the Developer party whose act or inaction results in such Default:
Developer Events of Default. The following shall be Events of Default by Developer, and its successors and assigns other than subsequent owners of individual Residential Units:
1. If any representation made by Developer in this Agreement, or in any certificate, notice, demand or request made by Developer in writing and delivered to the Village pursuant to or in connection with this Agreement, shall prove to be untrue or incorrect in any material respect as of the date made.
Developer Events of Default. The following shall be Events of Default for Developer:
(a) Subject to Unavoidable Delay and Cure Rights, failure by Developer to observe or perform any covenant, condition, obligation, or agreement on its part to be observed or performed under this Agreement, and the continuation of such failure for a period of 30 days after written notice of such failure from the City or the Authority.
(b) If, during the term of this Agreement, Developer shall (i) file any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act of 1978, as amended or under any similar federal or State law; or (ii) make an assignment for the benefit of its creditors; or (iii) become insolvent or adjudicated a bankrupt; or if a petition or answer proposing the adjudication of Developer, as a bankrupt or its reorganization under any present or future Federal bankruptcy act or any similar Federal or State law shall be filed in any court and such petition or answer shall not be discharged or denied within 90 days after the filing thereof; or a receiver, trustee or liquidator of Developer, or of the Project improvements, or part thereof, shall be appointed in any proceeding brought against Developer, and shall not be discharged within 90 days after such appointed, or if Developer shall consent to or acquiesce in such appointment. Any default by (a) a Secondary Developer of any of its Secondary Developer Obligations is not a Default by Developer under this Agreement, (b) a Xxxx Secondary Developer shall not be a Default by Developer under this Agreement, to the extent such Xxxx Secondary Developer has executed an applicable Assignment and Assumption of Secondary Developer Obligations, but shall entitle the City or the Authority to exercise any rights or remedies against Parent as specifically set forth in Section 15.3.
Developer Events of Default. Each of the following shall constitute a "Developer Event of Default" by Developer for purposes of this Agreement, when coupled with
A. Subject to Force Majeure as set forth in Section 7.05, the failure by Developer (i) to commence construction of the Hotel by the Construction Commencement Date, (ii) to at all times continue to use its commercially reasonable efforts to cause the Hotel to be open to the general public no later than the Hotel Opening Date, or (iii) if construction of the Hotel is discontinued for any reason for more than thirty (30) days, except as otherwise contemplated by this Agreement, without the written approval of the City; or
B. Subject to Force Majeure as set forth in Section 7.05, the failure of Developer to punctually and properly perform any other material term, covenant, condition or agreement contained in this Agreement, which shall specifically include Developer's failure, as may be applicable, to diligently and in good faith use reasonable efforts to discharge and perform its duties, responsibilities and obligations under this Agreement, for more than thirty (30) days after written notice thereof from the City; or
C. Any representation or warranty given or furnished by or on behalf of Developer to the City shall prove to be materially false as of the date as of which the representation or warranty was given and is still materially false for more than thirty (30) days after written notice thereof from the City and which will have a material adverse effect on the Hotel Site, the Hotel or Developer's ability to perform under this Agreement. Notwithstanding the foregoing, if a Developer Event of Default occurs and cannot be cured within thirty (30) days after written notice from the City (or a third party beneficiary), Developer or the Developer's construction lender, if applicable, shall have such additional time as may be reasonably necessary to cure such Developer Event of Default so long as Developer or such construction lender, as the case may be, is diligently, continuously and in good faith pursuing such cure.
