RECOURSE ACTIONS Sample Clauses

RECOURSE ACTIONS. 1. There shall be deemed to be a violation of this Agreement whenever a weekly sampling report reveals that: (a) either the morning or evening average peak hour trip generation rate exceeds the permitted rate; or (b) the average daily trip total exceeds the permitted rate. 2. If a weekly sampling report contains a violation, then the owner shall: (a) prepare and submit to the Town Engineer an updated TDM plan (if one has not been filed within the previous three months); (b) use diligent efforts to implement such plan as soon as possible and (c) provide follow- up weekly sampling reports to the Town Engineer until no further violations exist. If a weekly sampling report (including a follow-up report) contains a violation, then the owner shall pay the Town of Belmont a traffic mitigation payment of $10,000 ($2,500 for a follow-up report) for each such weekly sampling report, which shall be applied by the Town against its costs in monitoring and enforcing this Agreement and/or in taking further action to mitigate the effect of traffic generated by the Property upon Town streets. 3. If follow-up weekly sampling reports continue to show violations for two weeks, then Belmont may restrict the number of parking spaces which can be used during the morning and evening peak hours to the extent that the Town Engineer determines is needed to correct the violations. If follow-up weekly sampling reports still continue to show violations thereafter, the Town Engineer may further increase such parking restrictions. 4. If for two consecutive months, follow-up weekly sampling reports evidence that average trip generation is below the permitted rates, the Town will return full control of parking to the owner. The owner shall continue to be obligated to file follow-up weekly sampling reports for one month after full control of parking has been returned.
Sample 1
AutoNDA by SimpleDocs

Related to RECOURSE ACTIONS

  • Adverse Action The Indenture Trustee need not take an action that it determines might have a material adverse effect on the rights of the Noteholders not consenting to the action.

  • Derivative Actions In addition to the requirements set forth in Section 3816 of the Delaware Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (a) The Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of this Section 8.9(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not “independent trustees” (as that term is defined in the Delaware Act); (b) Unless a demand is not required under paragraph (a) of this Section 8.9, Shareholders eligible to bring such derivative action under the Delaware Act who collectively hold Shares representing ten percent (10%) or more of the total combined net asset value of all Shares issued and outstanding or of the Series or Classes to which such action relates if it does not relate to all Series and Classes, shall join in the request for the Trustees to commence such action; and (c) Unless a demand is not required under paragraph (a) of this Section 8.9, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. (d) For purposes of this Section 8.9, the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who are “independent trustees” (as that term is defined in the Delaware Act). The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!