Developer Performance. Developer shall have performed and satisfied all agreements, covenants and conditions required pursuant to this Agreement to be performed and satisfied by or prior to the Closing Date.
Developer Performance i. In the event that the Developer fails to obtain the necessary building permits for Building A and Building D in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), the City may, at its option and within its sole discretion, terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same.
ii. In the event Developer fails to complete Building C by January 1, 2025 (except if any actions including permits, approvals, reviews, or inspections are unreasonably withheld, unreasonably conditioned, or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), subject to any delays permitted under the terms of this Agreement, and the City has provided notice in accordance with Paragraph VI a) above, and Developer has failed to cure such default to the satisfaction of the City, Developer shall transfer fee title to the Building C Property (“Parcel C”), free and clear of any liens, to the City for use as a public open space, restricted to use of the property as public open space. Public open space means land dedicated or reserved for parks, recreational areas, and scenic areas. Parcel C may be built upon as part of a larger development or the adjacent roads may be reconfigured, provided such development has, or the road reconfiguration provides, a contiguous public open and landscaped space of the same size as Parcel C, suitable for outdoor recreation and events. Transfer of Parcel C to the City shall be deemed to satisfy any requirement of any City ordinance related to the types of housing that comprise the Project and shall be enforceable by the City in equity, not as a penalty but to satisfy the Developer’s obligation to comply with the City ordinance, it being understood that the City's actual damages may be extremely difficult to calculate. If the delay is caused by causes beyond the reasonable control of the Developer, and the Developer has started actions to cure such delay, the time to cure shall be extended to the time reasonably needed to complete it.
Developer Performance. In the event that the Developer fails to obtain the necessary building permits for Building B by September 30, 2015 (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this agreement) as set forth herein, the City may, at its option and within its sole discretion a(i) terminate this Agreement, and (ii) terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after notice of the same.
Developer Performance. In the event that the Developer fails to obtain the necessary building permits for the Project in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement), the City may, at its option and within its reasonable discretion terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and BRA Plan #24, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same; and provided further that, such terminations are subject to any outstanding statutory liens or other outstanding Bond obligations at that time.
Developer Performance. In the event that the Developer fails to obtain the necessary building permit for the Building in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), the City may, at its option and within its sole discretion, terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately
Developer Performance. (a) Except as to events constituting a basis for termination under Section 12.02, each of the following events, if uncured after expiration of the applicable cure period, shall constitute a "Developer's Default":
(1) The Developers or any one of the Developers do not attempt diligently and in good faith to cause satisfaction of all conditions in Article 6.
(2) Heavenly Resort Properties fails to deliver performance and payment bonds on or before April 28, 2000.
(3) The Developers or any one of the Developers fails to acquire either the Phase 1 Development Site or the Phase 2 Development Site from the Agency despite the Agency's fulfillment of all conditions precedent to the transfer of the Development Site.
(4) ASCRP fails to give the Agency a notice of intent to construct Phase 2 on or before September 1, 2001.
(5) ASCRP fails to give the Agency a Notice of intent to construct Phase 2 on or before September 1, 2002
(6) The Developers or any one of them fails to construct the Project in the manner and by the deadline set forth in Article 8.
(7) The Developers or any one of them fails to construct the Project in the manner and by the deadline set forth in Article 8.
(8) The Developers or any one of them completes a Transfer except as permitted under Article 11.
(9) The Developers or any one of them breaches any other material provision of this Agreement.
(10) A Bankruptcy/Dissolution Event occurs with respect to any Developer.
(b) Upon the happening of any event described in Section 12.05(a); except for 12.05(a)(2) and 12.05(a)(4), the Agency shall first notify each of the Developers in writing of the purported breach or failure, and the defaulting Developer shall have thirty (30) days from receipt of such notice to cure such breach or failure except if by the nature of such default more than thirty (30) days is needed to cure such breach or failure, in which event, the defaulting Developer shall not be in default if such cure is commenced within thirty (30) days and diligently prosecuted to completion within one hundred eighty (180) days of receipt of notice. If the defaulting Developer does not cure within such period, a nondefaulting Developer may cure such breach or failure within sixty (60) days of receipt of the notice of default. If the defaulting Developer or a non-defaulting Developer does not cure within such period, then the event shall constitute a "Developer Event of Default." If the defaulting Developer or a non-defaulting Developer does not c...
Developer Performance. In the event that the Developer fails to obtain the necessary approvals set forth in Section 2(a)(i) for the Hotel, then, by written notice given by the City to the Developer within three (3) months following such failure by the Developer,
Developer Performance. In the event that the Developer fails to demolish the existing buildings or obtain the necessary building permits for Building A in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this agreement or Enforced Delays), the City may, at its option and within its sole discretion terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same. If the delay is caused by causes beyond the reasonable control of the Developer, and the Developer has started actions to cure such delay, the time to cure shall be extended to the time reasonably needed to complete it.
Developer Performance i. In the event that the Developer fails to obtain the necessary building permits for Building A and Building D in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), the City may, at its option and within its sole discretion, terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same.
ii. In the event Developer fails to complete Building C by August 2025 (except if any actions including permits, approvals, reviews, or inspections are unreasonably withheld, unreasonably conditioned, or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), subject to any delays permitted under the terms of this Agreement, and the City has provided notice in accordance with Paragraph VI a) above, and Developer has failed to cure such default to the satisfaction of the City, Developer shall transfer fee title to the Building C Property to the City for use as a public park restricted to use of the property as a public park. Such transfer shall be deemed to satisfy any requirement of any City ordinance related to the types of housing that comprise the Project. If the delay is caused by causes beyond the reasonable control of the Developer, and the Developer has started actions to cure such delay, the time to cure shall be extended to the time reasonably needed to complete it.
Developer Performance. Section 12.05 (a)(2) is hereby amended in its entirety as follows:
