Events of Default by the Developer. Any one or more of the following events are hereby defined as, declared to be, and constitute an "Event of Default" by the Developer for purposes of this Agreement: (a) a Construction Stoppage (as defined in Section 2.1 hereof) by the Developer, subject to extension for Force Majeure Delays; (b) the Developer fails to commence construction of the Project by the Project Commencement Date, or achieve the Excavation Completion Date, subject to extension for Force Majeure Delays; (c) the Developer falls materially behind in the Construction Schedule subject to Force Majeure Delays; (d) the Developer fails to complete construction of the Project by the Project Completion Date, subject to extension for Force Majeure Delays or (e) the failure of the Developer to perform any other term, condition or covenant to be performed or observed by the Developer, subject to extension for Force Majeure Delays. In the event an Event of Default by the Developer shall occur, the County shall send written notice to the Developer (the "Default Notice") specifying the nature of the default in detail, and the Developer shall have 30 days after receipt of the Default Notice to cure such Event of Default. In the event that the Developer does not cure such Event of Default within such 30-day period (or such other reasonable time as necessary if such default cannot be cured within 30 days and the Developer, upon receipt of such notice, promptly commences the process of curing such default and diligently and continuously pursues such cure to completion), the County may pursue any available remedy against the Developer, either at law or in equity, including, without limitation, the right to pursue specific performance, collect actual damages for the Developer's failure to perform (including, without limitation, the damages, if any, related to, or arising out of, the infrastructure related to the Property and the cost of financing used to construct such infrastructure, and any guaranty thereof, any costs associated with overtime or additional labor forces in order to timely construct the Project, and other outside fees, including reasonable attorneys' fees). In addition to the other remedies provided for herein, the Developer agrees to pay the County an additional per day payment of $2,000 for each day the Developer is late in achieving the required milestone dates described in Section 3.1(b), (c) and (d) (the "Late Payments"). These Late Payments shall be made immediately upon demand by ...
Events of Default by the Developer. The occurrence of any of the following shall be an "Event of Default" by the Developer under this Agreement:
(a) The failure of the Developer to pay any sum to the Agency required to be paid by the Developer hereunder when the same shall become due and payable and such failure shall continue for sixty (60) days after notice from the Agency to the Developer;
(b) Failure to proceed to Closing when and in the manner required to do so under the terms and conditions of this Agreement for reasons other than Unavoidable Delay;
(c) If the Developer shall admit, in writing, that it is unable to pay its debts as they become due;
(d) If the Developer shall make an assignment for the benefit of creditors;
(e) If the Developer shall file a voluntary petition under Title 11 of the United States Code, or if such petition shall be filed against the Developer and an order for relief shall be entered, or if the Developer shall file a petition or an answer seeking, consenting to or acquiescing in, any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future Federal bankruptcy code, or any other present or future applicable Federal, State or other bankruptcy or insolvency statute or law, or shall seek, or consent to, or acquiesce in the appointment of, any trustee, receiver, custodian, assignee, sequestrator, liquidator or other similar official of the Developer, or of all or any substantial part of its properties;
(f) If within ninety (90) days after the commencement of a proceeding against the Developer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future Federal bankruptcy code or any other present or future applicable Federal, State or other bankruptcy or insolvency statute or law, such proceeding shall not be dismissed, or if, within ninety (90) days after the appointment, without the consent or acquiescence of the Developer, of any trustee, receiver, custodian, assignee, sequestrator, liquidator or other similar official of the Developer, over all or any substantial part of its properties, such appointment shall not be vacated or stayed on appeal or otherwise, or if, within ninety (90) days after the expiration of any such stay, such appointment shall not be vacated;
(g) If any of the representations made by the Developer in Section 11.1 of this Agreement shall be false or incorrect, in any material respect, ...
Events of Default by the Developer. Any of the following events or circumstances shall be an event of default by the Developer with respect to this Agreement:
(a) If any material representation made by the Developer in this Agreement, or in any certificate; notice, demand to the City; or request made by the City in connection with any documents, shall prove to be untrue or incorrect in any material respect as of the date made.
(b) Default by the Developer in the performance or breach of any material covenant contained in this Agreement concerning the existence, structure, or financial condition of the Developer.
(c) The Developer's default in the performance or breach of any material covenant, warranty, or obligation, including all obligations set forth in this Agreement.
(d) The Developer’s failure to construct the Projects in accordance with all of the plans approved by the City Manager and as approved by the Historic Preservation Commission.
Events of Default by the Developer
