Common use of Event of Developer Default Clause in Contracts

Event of Developer Default. The following events shall constitute an event of default on the part of Developer hereunder (“Event of Developer Default”): (a) Developer fails to commence or complete construction of the Project within the time period set forth in Section 5.1, or subject to Force Majeure, abandons or suspends construction of the Project prior to completion for a period of sixty (60) days or more; (b) A Transfer occurs, either voluntarily or involuntarily, in violation of (c) Developer fails to maintain insurance as required pursuant to this Agreement, and Developer fails to cure such default, after notice, within five (5) days; (d) Subject to Developer’s rights pursuant to Section 5.24 above, Developer fails to pay prior to delinquency taxes or assessments due on the Subject Property or the Improvements, or fails to pay when due any other charge that may result in a lien on the Subject Property or the Improvements, and Developer fails to cure such default within twenty (20) days after notice of delinquency, but in all events prior to the date upon which the holder of any such lien has the right to foreclose thereon; (e) A default arises under any loan secured by a mortgage, deed of trust or other security instrument recorded against the Subject Property and remains uncured beyond any applicable cure period such that the holder of such security instrument has the right to accelerate repayment of such loan; (f) Any representation or warranty contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement proves to have been incorrect in any material and adverse respect when made and continues to be materially adverse to the City; (g) If Developer, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (“Bankruptcy Law”): (i) commences a voluntary case or proceeding; (ii) consents to the entry of an order for relief in an involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or similar official (iv) makes an assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due; (h) A court of competent jurisdiction shall have made or entered any decree or order (1) adjudging Developer to be bankrupt or insolvent, (2) approving as properly filed a petition seeking reorganization of Developer seeking any arrangement for Developer under bankruptcy law or any other applicable debtor’s relief law or statute of the United States or any state or other jurisdiction, (3) appointing a receiver, trustee, liquidator, or assignee of Developer in bankruptcy or insolvency or for any of its properties, or (4) directing the winding up or liquidation of Developer, in each case if such decree, order, petition, or appointment is not removed or rescinded within sixty (60) days; (i) Developer shall have assigned its assets for the benefit of its creditors (other than pursuant to a mortgage loan) or suffered a sequestration or attachment of or execution on any substantial part of its property, unless the property so assigned, sequestered, attached or executed upon shall have been returned or released within sixty (60) days after such event (unless a lesser time period is permitted for cure pursuant to paragraphs (h) or (i) above or pursuant to any other mortgage on the Property, in which event such lesser time period shall apply under this subsection as well) or prior to any sooner sale pursuant to such sequestration, attachment, or execution; (j) Developer shall have voluntarily suspended its business or Developer shall have been dissolved or terminated; (k) An event of material default arises under any City Document and remains uncured beyond any applicable cure period; or (l) Developer defaults in the performance of any term, provision, covenant or agreement contained in this Agreement other than an obligation enumerated in this Section 9.1 and unless a shorter cure period is specified for such default, the default continues for ten (10) days in the event of a monetary default or thirty (30) days in the event of a nonmonetary default after the date upon which City shall have given written notice of the default to Developer; provided however, if the default is of a nature that it cannot be cured within thirty (30) days, an Event of Developer Default shall not arise hereunder if Developer, as applicable, commences to cure the default within thirty (30) days and thereafter prosecutes the curing of such default with due diligence and in good faith to completion.

Event of Developer Default. The following events shall constitute an event of default on the part of Developer hereunder (“Event of Developer Default”): (a) Developer fails to commence or complete Complete construction of the Project within the time period set forth in Section 5.13.14, or subject to Force Majeureforce majeure, abandons or suspends construction of the Project prior to completion Completion for a period of sixty (60) days or more; (b) Developer fails to construct and Complete the Improvements in substantial conformance with the Construction Plans. (c) Developer fails to pay when due the principal and interest (if any) payable under the Note and such failure continues for thirty (30) days after City notifies Developer thereof in writing; (d) A Transfer occurs, either voluntarily or involuntarily, in violation of (ce) Developer fails to maintain insurance on the Property and the Project as required pursuant to this Agreement, and Developer fails to cure such default, after notice, default within five ten (510) days; (df) Subject to Developer’s rights right to contest the following charges pursuant to Section 5.24 above6.3, if Developer fails to pay prior to delinquency taxes or assessments due on the Subject Property or the Improvements, Project or fails to pay when due any other charge that may result in a lien on the Subject Property or the ImprovementsProject, and Developer fails to cure such default within twenty (20) 30 days after notice of date of delinquency, but in all events prior to upon the date upon which the holder imposition of any such lien has the right to foreclose thereontax or other lien; (eg) A default arises is declared in writing under any loan secured by a mortgage, deed of trust or other security instrument recorded against the Subject Property and remains uncured beyond any applicable cure period such that the holder of such security instrument has the right to accelerate repayment of such loan; (fh) Any representation or warranty contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement or Developer’s request for the Loan proves to have been incorrect false in any material and adverse respect when made and continues to be materially adverse to the City; (gi) If DeveloperIf, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (“Bankruptcy Law”): ), Developer (i) commences a voluntary case or proceeding; (ii) consents to the entry of an order for relief against Developer in an involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or similar official for Developer; (iv) makes an assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due; (hj) A court of competent jurisdiction shall have made or entered any decree or order (1) adjudging Developer to be bankrupt or insolvent, (2) approving as properly filed a petition seeking reorganization of Developer or seeking any arrangement for Developer under bankruptcy law or any other applicable debtor’s relief law or statute of the United States or any state or other jurisdiction, (3) appointing a receiver, trustee, liquidator, or assignee of Developer in bankruptcy or insolvency or for any of its properties, or (4) directing the winding up or liquidation of Developer, in each case if such decree, order, petition, or appointment is not removed or rescinded within sixty (60) days; (ik) Developer shall have assigned its assets for the benefit of its creditors (other than pursuant to a mortgage loan) or suffered a sequestration or attachment of or execution on any substantial part of its property, unless the property so assigned, sequestered, attached or executed upon shall have been returned or released within sixty (60) days after such event (unless a lesser time period is permitted for cure pursuant to paragraphs (h) or (i) above or pursuant to under any other mortgage on the Property, in which event such lesser time period shall apply under this subsection as well) or prior to any sooner sale pursuant to such sequestration, attachment, or execution; (jl) Developer shall have voluntarily suspended its business or Developer shall have been dissolved or terminated; (km) An event of material default arises under this Agreement, the Regulatory Agreement, or any City Document and remains uncured beyond any applicable cure period; or (ln) Developer defaults in the performance of any term, provision, covenant or agreement contained in this Agreement other than an obligation enumerated in this Section 9.1 10.1 and unless a shorter cure period is specified for such default, the default continues for ten thirty (1030) days in the event of a monetary default or thirty (30) days in the event of a nonmonetary default after the date upon which City shall have given written notice of the default to Developer; provided however, if the default is of a nature that it cannot be cured within thirty (30) days, an Event of Developer Default shall not arise hereunder if Developer, as applicable, Developer commences to cure the default within thirty (30) days and thereafter prosecutes the curing of such default with due diligence and in good faith to completioncompletion and in no event later than ninety (90) days after receipt of notice of the default or such longer period as City may allow. Developer’s limited partners, as described in the applicable Limited Partnership Agreement (the “Limited Partners”) shall have the right to cure any default of Developer hereunder and any of the Loan Documents upon the same terms and conditions afforded to Developer. Provided that City has been given written notice of the address for delivery of notices to the Limited Partners, City shall provide any notice of default hereunder to the Limited Partners concurrently with the provision of such notice to Developer, and as to the Limited Partners, the cure periods specified herein shall commence upon the date of delivery of such notice in accordance with Section 12.3.

Event of Developer Default. The following events shall constitute an event of default on the part of Developer hereunder (“Event of Developer Default”): (a) Developer fails to commence or complete construction of the Project within the time period times set forth in Section 5.13.6, or subject to Force Majeureforce majeure, abandons or suspends construction of the Project prior to completion for a period of sixty (60) days or more; (b) Developer fails to pay when due the principal and interest (if any) payable under the Note and such failure continues for thirty (30) days after City notifies Developer thereof in writing; (c) A Transfer occurs, either voluntarily or involuntarily, in violation ofof Article VII; (cd) Developer fails to maintain insurance on the Property and the Project as required pursuant to this Agreement, and Developer fails to cure such default, after notice, default within five ten (510) days; (de) Subject to Developer’s rights right to contest the following charges pursuant to Section 5.24 above6.3, if Developer fails to pay prior to delinquency taxes or assessments due on the Subject Property or the Improvements, Project or fails to pay when due any other charge that may result in a lien on the Subject Property or the ImprovementsProject, and Developer fails to cure such default within twenty (20) 30 days after notice of date of delinquency, but in all events prior to upon the date upon which the holder imposition of any such lien has the right to foreclose thereontax or other lien; (ef) A default arises is declared in writing under any loan secured by a mortgage, deed of trust or other security instrument recorded against the Subject Property and remains uncured beyond any applicable cure period such that the holder of such security instrument has the right to accelerate repayment of such loan; (fg) Any representation or warranty contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement or Developer’s request for the Loan proves to have been incorrect false in any material and adverse respect when made and continues to be materially adverse to the City; (gh) If DeveloperIf, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (“"Bankruptcy Law”): "), Developer (i) commences a voluntary case or proceeding; (ii) consents to the entry of an order for relief against Developer in an involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or similar official for Developer; (iv) makes an assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due; (hi) A court of competent jurisdiction shall have made or entered any decree or order order (1) adjudging the Developer to be bankrupt or insolvent, (2) approving as properly filed a petition seeking reorganization of the Developer or seeking any arrangement for Developer under bankruptcy law or any other applicable debtor’s 's relief law or statute of the United States or any state or other jurisdiction, (3) appointing a receiver, trustee, liquidator, or assignee of the Developer in bankruptcy or insolvency or for any of its properties, or (4) directing the winding up or liquidation of the Developer, in each case if such decree, order, petition, or appointment is not removed or rescinded within sixty (60) days; (ij) Developer shall have assigned its assets for the benefit of its creditors (other than pursuant to a mortgage loan) or suffered a sequestration or attachment of or execution on any substantial part of its property, unless the property so assigned, sequestered, attached or executed upon shall have been returned or released within sixty (60) days after such event (unless a lesser time period is permitted for cure pursuant to paragraphs (h) or (i) above or pursuant to under any other mortgage on the Property, in which event such lesser time period shall apply under this subsection as well) or prior to any sooner sale pursuant to such sequestration, attachment, or execution; (jk) The Developer shall have voluntarily suspended its business or Developer shall have been dissolved or terminated; (kl) An event of material default arises under this Agreement, the Regulatory Agreement, or any City Document and remains uncured beyond any applicable cure period; or (lm) Developer defaults in the performance of any term, provision, covenant or agreement contained in this Agreement other than an obligation enumerated in this Section 9.1 10.1 and unless a shorter cure period is specified for such default, the default continues for ten (10) days in the event of a monetary default or thirty (30) days in the event of a nonmonetary default after the date upon which City shall have given written notice of the default to Developer; provided however, if the default is of a nature that it cannot be cured within thirty (30) 30 days, an a Developer Event of Developer Default shall not arise hereunder if Developer, as applicable, Developer commences to cure the default within thirty (30) days and thereafter prosecutes the curing of such default with due diligence and in good faith to completioncompletion and in no event later than ninety (90) days after receipt of notice of the default or such longer period as the City may allow.