Failure of Holder to Complete Phase I Sample Clauses

Failure of Holder to Complete Phase I. In any case where, ninety (90) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Site, or any part thereof, receives a notice from Authority of a default by Developer in completion of construction of all or any part of Phase I under this Agreement, and the holder has not exercised the option to construct or cause to be constructed Phase I as set forth in Section 3.10.7, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, Authority may fully assume the mortgage or deed of trust by assuming all payment and performance obligations due to the holder for and in the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums secured by the mortgage or deed of trust. If the possession of the Site or any part thereof has vested in the holder, Authority, if it so desires, shall be entitled to a conveyance from the holder to Authority upon payment to the holder of an amount equal to the sum of the following:
Sample 1
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Related to Failure of Holder to Complete Phase I

  • Response/Compliance with Audit or Inspection Findings A. Grantee must act to ensure its and its Subcontractors’ compliance with all corrections necessary to address any finding of noncompliance with any law, regulation, audit requirement, or generally accepted accounting principle, or any other deficiency identified in any audit, review, or inspection of the Contract and the services and Deliverables provided. Any such correction will be at Grantee’s or its Subcontractor's sole expense. Whether Xxxxxxx's action corrects the noncompliance shall be solely the decision of the System Agency.

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  • Final Notice of Non-Compliant Work The Final Notice of Non-Compliant Work issued as a result of the Inspection for Material Completion, also known as the Final Punch List. Upon the completion or correction of this Non- Compliant Work (“punch list” work) the Design Professional will issue the Final Certificate.

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