Common use of Remedies in Event of Default Clause in Contracts

Remedies in Event of Default. (a) Upon the occurrence of any Event of Default, WEDC shall send a written notice of default to the Recipient, setting forth with reasonable specificity the nature of the default. If the Recipient fails to cure any such Event of Default to the reasonable satisfaction of WEDC within Thirty (30) calendar days, WEDC may extend the cure period if WEDC determines, in its sole discretion, that the Recipient has begun to cure the Event of Default and diligently pursues such cure, or, without further written notice to the Recipient, declare the Recipient in default. The cure period shall in no event be extended more than Ninety (90) days. In the Event of Default, WEDC shall terminate the Agreement and recover from the Recipient: (i) One Hundred Percent (100%) of the funds disbursed to the Recipient under this Agreement; (ii) All court costs and attorneys’ fees incurred by WEDC in terminating this Agreement and recovering the amounts owed by the Recipient under this provision; and (iii) A financial penalty of up to One Percent (1%) of the CDI Funds. (b) These amounts shall be paid to WEDC within Thirty (30) calendar days of demand by WEDC hereunder. If the Recipient fails to pay these amounts to WEDC as and when due, the Recipient will be liable for the full unpaid balance plus interest at the annual rate of up to Twelve Percent (12%) from the date of the notice of Event of Default. (c) Upon an Event of Default, WEDC shall, without further notice, withhold remaining disbursements of the CDI Funds.

Remedies in Event of Default. (a) Upon the occurrence of any Event of Default, WEDC shall send a written notice of default to the Recipient, setting forth with reasonable specificity the nature of the default. If the Recipient fails to cure any such Event of Default to the reasonable satisfaction of WEDC within Thirty (30) calendar days, WEDC may extend the cure period if WEDC determines, in its sole discretion, that the Recipient has begun to cure the Event of Default and diligently pursues such cure, or, without further written notice to the Recipient, declare the Recipient in default. The cure period shall in no event be extended more than Ninety (90) days. In the Event of Default, WEDC shall terminate the Agreement and recover from the Recipient: (i) One Hundred Percent percent (100%) of the funds disbursed to the Recipient under this Agreement; (ii) All court costs and attorneys’ fees incurred by WEDC in terminating this the Agreement and recovering the amounts owed by the Recipient under this provision; and (iii) A financial penalty of up to One Percent (1%) of the CDI Idle Sites Funds. (b) These amounts shall be paid to WEDC within Thirty (30) calendar days of demand by WEDC hereunder. If the Recipient fails to pay these amounts to WEDC as and when due, the Recipient will be liable for the full unpaid balance plus interest at the annual rate of up to Twelve Percent (12%) from the date of the notice of Event of Default. (c) Upon an Event of Default, WEDC shall, without further notice, notice withhold remaining disbursements of the CDI Idle Sites Funds.

Remedies in Event of Default. (a) Upon the occurrence of any Event of Default, WEDC shall send a written notice of default to the Recipient, setting forth with reasonable specificity the nature of the default. If the Recipient fails to cure any such Event of Default to the reasonable satisfaction of WEDC within Thirty (30) calendar days, WEDC may extend the cure period if WEDC determines, in its sole discretion, that the Recipient has begun to cure the Event of Default and diligently pursues such cure, or, without further written notice to the Recipient, declare the Recipient in default. The cure period shall will in no event be extended more than Ninety (90) days. In the Event of Default, WEDC shall terminate the Agreement and recover from the Recipient: (i) One Hundred Percent (100%) of the funds disbursed to the Recipient under this Agreement; (ii) All court costs and attorneys’ fees incurred by WEDC in terminating this Agreement and recovering the amounts owed by the Recipient under this provision; and (iii) A financial penalty of up to One Percent (1%) of the CDI CDI-VS Funds. (b) These amounts shall must be paid to WEDC within Thirty (30) calendar days of demand by WEDC hereunder. If the Recipient fails to pay these amounts to WEDC as and when due, the Recipient will be liable for the full unpaid balance plus interest at the annual rate of up to Twelve Percent (12%) from the date of the notice of Event of Default. (c) Upon an Event of Default, WEDC shall, without further notice, withhold remaining disbursements of the CDI CDI-VS Funds.

Remedies in Event of Default. (a) Upon the occurrence of any Event of Default, WEDC shall send a written notice of default to the Recipient, setting forth with reasonable specificity the nature of the default. If the Recipient fails to cure any such Event of Default to the reasonable satisfaction of WEDC within Thirty thirty (30) calendar days, WEDC may extend the cure period if WEDC determines, in its sole discretion, that the Recipient has begun to cure the Event of Default and diligently pursues such cure, or, without further written notice to the Recipient, declare the Recipient in default. The cure period shall in no event be extended more than Ninety ninety (90) days. In the Event of Default, WEDC shall terminate the Agreement and recover from the Recipient: (i) One Hundred Percent percent (100%) of the funds disbursed to the Recipient under this Agreement; (ii) All court costs and reasonable attorneys’ fees incurred by WEDC in terminating this the Agreement and recovering the amounts owed by the Recipient under this provision; and (iii) A financial penalty of up to One Percent one percent (1%) of the CDI FundsIdle Sites Grant. (b) These amounts shall be paid to WEDC within Thirty thirty (30) calendar days of demand by WEDC hereunder. If the Recipient fails to pay these amounts to WEDC as and when due, the Recipient will be liable for the full unpaid balance plus interest at the annual rate of up to Twelve Percent twelve percent (12%) from the date of the notice of Event of Default. (c) Upon an Event of Default, WEDC shall, without further notice, notice withhold remaining disbursements of the CDI FundsIdle Sites Grant.