Remedies for Default. (a) In the event of Default by the Business, the SEDC shall, as its sole and exclusive remedy for Default hereunder, have the right to terminate this Agreement and to recapture one hundred percent (100%) of the Job Creation Incentive (the “Recapture Amount”) if the Default occurs on or prior to the termination date. (b) Business agrees a remedy for Default includes the SEDC seeking a mandamus from a court of competent jurisdiction; or the appointment of a receiver in equity with the power to charge and collect rents, purchase price payments, and loan payments; and, apply the revenue from the Project in accordance with this Agreement, together with all other remedies provided by law.
Appears in 30 contracts
Samples: Economic Development Performance Agreement, Economic Development Performance Agreement, Economic Development Performance Agreement