Remedies for Developer Default Clause Samples

Remedies for Developer Default. At any time as of which a Developer Default exists, the City at its option, may, but shall not be obligated to, exercise any one or more of the following remedies: (a) By written notice to the Developer, terminate this Agreement, provided that such termination shall not affect the obligations of the Developer that have then accrued; (b) By written notice to the Developer and the Trustee, cease disbursements of proceeds of the Public Funding with respect to any Block for which no Loan proceeds have been disbursed or with respect to any Block for which the Lender has temporarily or permanently ceased disbursements of the Loan; (c) (i) recover from the Developer any sums of money that are due and payable by the Developer to or for the benefit of the City under this Agreement; (ii) commence an action for specific performance or other equitable relief against the Developer with respect to the defaulted obligations as provided in Section 11.6; and (iii) exercise the City’ rights under Section 11.7 with respect to the Developer Default; and (d) Enforce, or avail themselves of, any other remedies available to them at law or in equity.

Remedies for Developer Default. Subject to the requirement of written notice and Developer’s right to provide proof of no default or an opportunity to cure as set forth in 5.06(d) above, upon default by the Developer as provided above, the City shall have the following specific remedies, which remedies are in addition to any general remedies available in law or equity and which shall be cumulative and not exclusive: 1) withhold permits, inspections, review of plans and other approvals for the Project until the default is cured; 2) issue a cease and desist order requiring all construction to stop until a specific default is cured; or 3) withhold payments due the Developer until a specific default is cured, including the filing of a mechanics lien claim against the property or against the funds owed to the Developer by the City; 4) terminate the Agreement due to default and the filing of bankruptcy by Developer, involuntary bankruptcy or any involuntary assignment for the benefit of creditors, any declaration of insolvency or the filing of foreclosure against the property by a mortgagee after notice and sixty (60) days to cure the breach; 5) if the Project is not completed, demand and obtain title to the Redevelopment Site and access the performance surety to complete the project; or 6) increase the levy of the SSA tax or access the Post- Construction Security as provided in Section 5.05. In addition to the forgoing, all remedies applicable in law or in equity for breach of contract shall be available to the City, which remedies shall be cumulative.

Remedies for Developer Default. In the event of an uncured default by Developer, City's sole remedy shall be to terminate this Agreement and to retain the Good Faith Deposit and any interest earned thereon as further set forth in Subsection 12.4 below. Following such termination, neither Party shall have any right, remedy or obligation under this Agreement; provided however, any obligation under a specific provision of this Agreement for a Party to pay or reimburse the other Party for a cost or to provide indemnity and defense shall survive such termination.

Remedies for Developer Default. The occurrence of any Developer Default, either at the option of the City or automatically where so specified, shall give the City the right to the following: (a) The City shall have the right to terminate this Agreement. (b) The City shall have the right to exercise all of its rights under the In addition to the remedies set forth above, in the event that HUD requires recovery or reimbursement of all or a portion of the Predevelopment Loan due to default under the HOME Regulations, and the default is due to Developer's misappropriation or intentional misapplication of monies advanced by the City under this Agreement for purposes other than those authorized herein, then the City shall have the right to cause all indebtedness under this Agreement and the Predevelopment Promissory Note, together with any accrued interest thereon, to become immediately due and payable, to the extent required to reimburse HUD.

Remedies for Developer Default. In the event of a Developer material breach of this Agreement and Developer fails to cure such breach within the above-described 60-day period following notice period, City or Town may exercise any or all of the following remedies (subject to Developer’s right of appeal): (i) Refuse to issue Certificates of Compliance for the Development Project. (ii) Rescind any Sewer Allocation Permit. (iii) Terminate this Agreement. (iv) Pursue any other remedies permitted by law or equity.

Remedies for Developer Default. If any Default occurs and continues beyond any applicable notice and cure periods, the County may declare a default under this Agreement by providing written notice of such Default to the Developer. Except for Defaults under Section 5.01(a) and Section 5.01(b), if within 30 days of such notice, the Default has not been cured, then the County may terminate this Agreement. If (a) such default is not reasonably capable of being cured within such 30-day period, and (b) Developer promptly shall have commenced curative procedures and thereafter diligently shall prosecute the same to a timely completion, then such cure period shall be extended for such additional period of time as reasonably necessary to cure the same. Upon any termination of this Agreement as provided in this Section, all Refund amounts then held by the escrow agent pursuant to the Escrow Agreement shall be released and returned to the County subject to escrow agent making any disbursement to Developer required thereunder arising out of the satisfaction of applicable Conditions prior to the occurrence of such Default. All payments past due under this Agreement shall be considered a lien against the Property. For the purposes of clarity, the failure of the Developer to satisfy the Conditions (excluding Section 3.09(a)(viii)) shall not constitute a Default hereunder.

Remedies for Developer Default. At any time as of which a Developer Default exists, the City may, but shall not be obligated to: 10.2.1 terminate this Agreement; 10.2.2 at the City’s sole option, perform, or cause the performance of, any obligation of Developer under this Agreement and recover all direct and actual costs, expenses and fees incurred in connection with such performance from Developer; 10.2.3 recover from Developer any sums of money that are or become due and payable by Developer to or for the benefit of the City under this Agreement; or enforce, or avail themselves of, any other remedies available at law or in equity.

Remedies for Developer Default. Upon an uncured event of default by any Developer prior to the Definitive Agreements Date, the District may terminate the Restated Agreement with respect to all Components (except with respect to any Developer who timely executed a DDA and for whom this Restated Agreement has been terminated pursuant to Section 2.2) and retain the Performance Deposit pursuant to Section 7 except as otherwise expressly set forth herein. The Parties acknowledge and agree that the District’s sole and exclusive remedy for a Developer default (other than termination of the Restated Agreement) shall be the retention of the Performance Deposit as liquidated damages. The Parties agree that the payment of the Performance Deposit by Developer, together with all accrued interest, is not intended as a forfeiture or penalty within the meaning of California Civil Code Section 3275 or Section 3369, but rather is a reasonable estimate of the District’s damages in the event the Restated Agreement terminates due to a Developer default during such period of time. The terms of this Section 14.1.4 shall survive the termination or expiration of the Restated Agreement. By placing its initials below, each Party specifically confirms the terms of this Section 14.1.4 and the fact that each Party was represented by counsel who explained the consequences of this liquidated damages provision. District: Developer:

Remedies for Developer Default. If an Event of Default occurs, City shall have all cumulative rights and remedies under law or in equity, including but not limited to the following: