Common use of Events of Default Specific to Phase Clause in Contracts

Events of Default Specific to Phase. To the extent that a Default by Redeveloper occurs which is specific only to a particular Phase of the Project, such Default shall not be considered a Default with respect to any other Phase which has both Commenced Construction and obtained third-party financing in the form of a Permitted Mortgage. Defaults by Redeveloper which are not specific to a particular Phase of the Project (e.g., failure to make payment of escrow deposits to the Township from time to time) shall be considered a Default with respect to all Phases.

Events of Default Specific to Phase. To the extent that a Default by Redeveloper occurs which is specific only to a particular Phase phase of the Project, and does not in any way impact any other Phase, such Default shall not be considered a Default with respect to any other Phase which has both Commenced Construction and obtained third-party financing in the form of a Permitted Mortgagephase. Defaults by Redeveloper which are not specific to a particular Phase phase of the Project (e.g., failure to make payment of escrow deposits to the Township from time to time) shall be considered a Default with respect to all Phasesphases.