Failure of Holder to Complete Project Sample Clauses

Failure of Holder to Complete Project. In any case where, sixty (60) calendar days after the later of the date that (x) holder of any mortgage or deed of trust creating a lien or encumbrance upon the Site or any part thereof receives a notice from City of a default by Developer in completion of the Construction or any other part of the Project required by this Agreement or (y) such holder obtains possession of the Site, and such holder has not exercised the option to construct as set forth above, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, City may purchase the mortgage or deed of trust by payment to the holder of 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 or otherwise due and payable thereunder. If the ownership of the Site or any part thereof has vested in the holder, City, if City so desires, shall be entitled to a conveyance from the holder to City upon payment to the holder of an amount equal to the sum of the following: (i) The unpaid mortgage or deed of trust debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (ii) All expenses with respect to foreclosure including reasonable attorneys' fees; (ii i) The net expense, if any (exclusive of general overhead), i ncurred by the holder as a direct result of the subsequent management of the Site or part thereof; (iv) The costs of any improvements made by such holder; (v) An amount equivalent to the interest that would have accrued on the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by City; and (vi) Any customary prepayment charges imposed by the lender pursuant to its loan documents and agreed to by Developer.
Sample 1
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Failure of Holder to Complete Project. In any case where, thirty (30) 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 Agency of a default by Developer in completion of the Rehabilitation or any other part of the Project required by this Agreement, and such holder has not exercised the option to construct as set forth above, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, Agency may purchase the mortgage or deed of trust by payment to the holder of 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 ownership of the Site or any part thereof has vested in the holder, Agency, if Agency so desires, shall be entitled to a conveyance from the holder to Agency upon payment to the holder of an amount equal to the sum of the following:
Sample 1
Failure of Holder to Complete Project. In any case where, sixty (60) days after receipt by the Construction Lender of the notice of the Developer’s Breach, the holder of any mortgage or deed of trust creating a lien or Encumbrance upon the Site, or any part thereof, has not exercised the option to operate, or, if it has exercised the option, is not proceeding diligently with operation of the Project, the City may proceed with termination of this Agreement and any further obligations of City hereunder.
Sample 1
Failure of Holder to Complete Project. In any case where, thirty (30) 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 CDC of a default by Developer in completion of construction of the Project under this Agreement, and such holder has not exercised the option to construct as set forth in Section 6.3 of this Agreement, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, CDC may purchase the mortgage or deed of trust from the holder of the mortgage or deed of trust, by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Site has vested in the holder, CDC, if it so desires, shall be entitled to a conveyance of the Site from the holder to CDC upon payment to the holder of an amount equal to the sum of the following: (a) the unpaid mortgage, deed of trust or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (b) all expenses with respect to foreclosure, including reasonable attorneys’ fees and trustee’s fees; (c) the net expenses, if any (exclusive of general overhead), incurred by the holder as a direct result of the subsequent management of the Site or part thereof; and (e) the costs of any authorized improvements made by such holder.
Sample 1
Failure of Holder to Complete Project. In any case where, thirty (30) 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 City of a Default by the Developer in completion of construction of any of the Improvements under this Agreement, and such holder is not vested with ownership of the Site and has not exercised the option to construct as set forth in Section 311, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, the City may (but shall not be obligated to) purchase the mortgage or deed of trust by payment to the holder of 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 ownership of the Site or any part thereof has vested in the holder, the City, if it so desires, shall be entitled to a conveyance from the holder to the City of so much of the Site as has vested in such holder upon payment to the holder of an amount equal to the sum of the following:
Sample 1
Failure of Holder to Complete Project. Except as otherwise agreed to in the Subordination Agreement with a senior lender, in any case where, thirty (30) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Site or any part thereof receives notice of default by the Developer in connection with the construction of the Project under this Agreement, and such holder has not exercised the option to construct as set forth in Section 5.16.2, or if it has exercised the option and has not proceeded diligently with construction, or to obtain title after institution of foreclosure or trustee's sale proceedings, the Authority may purchase the mortgage or deed of trust by payment to the holder of 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 ownership of the Site or any part thereof has vested in the holder by virtue of a deed in lieu of foreclosure, the Authority, if it so desires, shall be entitled to a conveyance from the holder to the Authority, upon payment to the holder of an amount equal to the sum of the following items
Sample 1
Failure of Holder to Complete Project. In any case where, thirty (30) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Applicable Parcel or any part thereof receives a notice from Agency of a Default by the Developer in completion of construction of any of the Applicable Improvements under this Agreement, and such holder is not vested with ownership of the Applicable Parcel and has not exercised the option to construct as set forth in Section 311, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, the Agency may (but shall not be obligated to) purchase the mortgage or deed of trust by payment to the holder of 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 ownership of the Applicable Parcel or any part thereof has vested in the holder, the Agency, if it so desires, shall be entitled to a conveyance from the holder to the Agency of so much of the Applicable Parcel as has vested in such holder upon payment to the holder of an amount equal to the sum of the following:
Sample 1
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Failure of Holder to Complete Project. In any case where six (6) months after default by the Developer in completion of construction of the Project under this Agreement the holder of any mortgage, deed of trust, or other security interest creating a lien or encumbrance upon the Site or the lessor under a leaseback or the grantee under any other conveyance for financing of the Site has not exercised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, the Agency may purchase the mortgage, deed of trust, or other security interest by payment to the holder of the amount of the unpaid debt plus any accrued and unpaid interest. If the ownership of the Site has vested in the holder, the Agency, if the Agency so desires, shall be entitled to a conveyance of the Site from the holder to the Agency upon payment to the holder of an amount equal to the sum of the following:
Sample 1

Related to Failure of Holder to Complete Project

  • HHS Single Audit Unit will notify Grantee to complete the Single Audit Determination Form If Grantee fails to complete the form within thirty (30) calendar days after receipt of notice, Grantee maybe subject to sanctions and remedies for non-compliance.

  • Section 508 Compliance All information technology which, pursuant to this Contract, is purchased or upgraded by or for the use of the University (the “Technology”) shall comply with Section 508 of the Rehabilitation Act (29 U.S.C. 794d), as amended. If requested, the Contractor must provide a detailed explanation of how compliance with Section 508 of the Rehabilitation Act is achieved and a validation of concept demonstration. The requirements of this Paragraph along with the Non-Visual Access to Technology clause below shall be construed to achieve full compliance with the Information Technology Access Act, §§ 2.2-3500 through 2.2-3504 of the Code of Virginia.

  • 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.

  • SPECIAL CONDITIONS ARTICLE I.1 - SUBJECT I.1.1. The subject of the Contract is [short description of subject].

  • ACCEPTANCE OF INCOMPLETE OR NON-CONFORMING DELIVERABLES If, instead of requiring immediate correction or removal and replacement of defective or non- conforming deliverables, the City prefers to accept it, the City may do so. The Contractor shall pay all claims, costs, losses and damages attributable to the City’s evaluation of and determination to accept such defective or non-conforming deliverables. If any such acceptance occurs prior to final payment, the City may deduct such amounts as are necessary to compensate the City for the diminished value of the defective or non-conforming deliverables. If the acceptance occurs after final payment, such amount will be refunded to the City by the Contractor.

  • Notice of Non-Compliant Work A Notice of Non-Compliant Work shall be in writing, shall be dated, shall be signed by the Design Professional, and shall be addressed to the Contractor with a copy to the Owner, as set forth in Section 3, Part 4 (Correcting the Work) and Section 6, Part 6 (Correcting the Work after Final Payment).

  • Non-Compliant Work Should the A/E and/or the ODR identify Work as non-compliant with the Contract Documents, the ODR will communicate the finding to the Contractor and the Contractor will correct such Work at its expense. The approval of Work by either the A/E or ODR does not relieve the Contractor from the obligation to comply with all requirements of the Contract Documents.

  • 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.

  • Action Required To Complete This Project: Complete

  • LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS If We do not properly complete a transaction to or from Your Account according to this Agreement, We will be liable for Your losses or damages. However, We will not be liable if: (a) Your Account does not contain enough available funds to make the transaction through no fault of Ours; (b) the ATM where You are making the transfer does not have enough cash; (c) the terminal was not working properly and You knew about the breakdown when You started the transaction; (d) circumstances beyond Our control prevent the transaction despite reasonable precautions that We have taken; (e) Your Card is retrieved or retained by an ATM;

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