Common use of Failure of Holder to Complete Improvements Clause in Contracts

Failure of Holder to Complete Improvements. In any case where, six (6) months after default by Developer in completion of construction of the Project, the holder of record of any mortgage or deed of trust has not exercised its option to construct the Project, or having first exercised such option, has not proceeded diligently with such work, City shall be afforded those rights against such holder that it would otherwise have against Developer under this Agreement.

Failure of Holder to Complete Improvements. In any case where, where six (6) months after default by Developer in completion of construction of the ProjectImprovements under this Agreement, the holder of record of any mortgage or deed of trust has not Security Financing Interest, having first exercised its option to construct the Projectconstruct, or having first exercised such optionthe assignment of its option to construct, has not proceeded diligently with such workconstruction, the City shall be afforded those rights against such holder that it would otherwise have against Developer under this Agreement.

Failure of Holder to Complete Improvements. In any case where, six (6) months after default by Developer in completion of completing construction of the ProjectProject in accordance with Section 5.1, the holder of record of any mortgage or deed of trust has not exercised its option to construct complete construction of the Project, or having first exercised such option, has not proceeded diligently with such workwork subject to Force Majeure, City shall be afforded those rights against such holder that it would otherwise have against Developer under this Agreement.

Failure of Holder to Complete Improvements. In any case where, where six (6) months after default by the Developer in completion of construction of the ProjectImprovements under this Agreement, the holder of record of any mortgage or deed of trust has not Security Financing Interest, having first exercised its option to construct the Project, or having first exercised such optionconstruct, has not proceeded diligently with such workconstruction, the City shall be afforded those rights against such holder that it would otherwise have against Developer under this Agreement.