Common use of Events of Default and Remedies Termination Clause in Contracts

Events of Default and Remedies Termination. 12.1 Design/Builder Events of Default 12.1.1 if the Design/Builder persistently fails or neglects to carry out the Work in accordance with the provisions of the Contract Documents, and fails, after seven (7) Days notice from the Owner, to commence a cure to correct such failure or neglect and thereafter diligently pursue such cure to completion; 12.1.2 if the Design/Builder materially breaches this Agreement and fails, after seven (7) Days notice from the Owner, to commence a cure to correct such breach and thereafter diligently pursues such cure to completion (such breach to include, but not be limited to, failure to make payment to Team Subcontractors for materials or labor in accordance with the respective agreements between the Design/Builder and the Team Subcontractors or persistent disregard of Applicable Laws) 12.1.3 if a custodian, trustee or receiver is appointed for the Design/Builder, or if the Design/Builder becomes insolvent or bankrupt, is generally not paying its debts as they become due or makes an assignment for the benefit of creditors, or the Design/Builder causes or suffers an order for relief to be entered with respect to it under applicable Federal bankruptcy law or applies for or consents to the appointment of a custodian, trustee or receiver for the Design/Builder, or bankruptcy, reorganization, arrangement or insolvency proceedings, or other proceedings for relief under any bankruptcy or similar law or laws for the relief of debtors, are instituted by or against the Design/Builder, and in any of the foregoing cases such action is not discharged or terminated within sixty (60) Days of its institution. 12.2 Remedies of the Owner upon a Design/Builder Event of Default