RENOVATION ENFORCEMENT NOTE AND MORTGAGE; DEFAULT Sample Clauses

RENOVATION ENFORCEMENT NOTE AND MORTGAGE; DEFAULT a. Purchaser agrees to execute a Renovation Enforcement Note and Mortgage granting Seller a security interest in the Property in the amount of twenty-five thousand dollars and no cents ($25,000.00) (the “Indebtedness”), until such time as all of Purchaser’s obligations under this Purchase Agreement are satisfied. When Purchaser fully passes the safety and habitability inspection and is not otherwise in Default, Seller shall certify that the Property is safe and habitable evidencing completion of the renovation work. Upon issuing such certification, Seller shall record a Satisfaction of Mortgage releasing the Property from the obligations secured by the Renovation Enforcement Note and Mortgage.
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RENOVATION ENFORCEMENT NOTE AND MORTGAGE; DEFAULT. Purchaser agrees to execute a Renovation Enforcement Note and Mortgage granting Seller a security interest in the Property in the amount of one hundred twenty-five thousand dollars and no cents ($125,000.00) (the “Indebtedness”), until such time as all of Purchaser’s obligations under this Purchase Agreement are satisfied. When Purchaser delivers a copy of the Certificate of Occupancy from the relevant local jurisdiction for the Property, satisfies all other obligations of local, state and federal law with respect to the Property as applicable, and is not otherwise in Default, Seller will record a Satisfaction of Mortgage releasing the Property from the obligations secured by the Renovation Enforcement Note and Mortgage. If Purchaser fails to meet the obligations of this Agreement by the end of the Development Period, or after a reasonable extension of time provided by Seller, or is in violation of the terms of the Renovation Enforcement Note and Mortgage, or is otherwise in violation of this Agreement, Purchaser will be in default of the Renovation Note and Mortgage and this Agreement (a “Default”). Purchaser will be notified by Seller in writing of the defects which have triggered a Default and will be given fifteen (15) business days to cure such defects.
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Related to RENOVATION ENFORCEMENT NOTE AND MORTGAGE; DEFAULT

  • EVENT OF DEFAULT/REMEDIES 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):

  • Events of Default Remedies If any of the following events (“Events of Default”) shall occur:

  • Enforcement of the Agreement The parties hereto agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereto, this being in addition to any other remedy to which they are entitled at law or in equity.

  • Effect of Event of Default If any Event of Default described in Section 13.1.4 shall occur in respect of the Company, the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable and the Company shall become immediately obligated to Cash Collateralize all Letters of Credit, all without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing, the Administrative Agent may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable and/or demand that the Company immediately Cash Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable) and/or the Company shall immediately become obligated to Cash Collateralize the Letters of Credit (all or any, as applicable), all without presentment, demand, protest or notice of any kind. The Administrative Agent shall promptly advise the Company of any such declaration, but failure to do so shall not impair the effect of such declaration. Any cash collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and applied to the Obligations arising in connection with any drawing under a Letter of Credit. After the expiration or termination of all Letters of Credit, such cash collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder and any excess shall be delivered to the Company or as a court of competent jurisdiction may elect.

  • Enforcement and Rights and Remedies on Default 5.1 The Developer agrees that any officer appointed by the Municipality to enforce this Agreement shall be granted access onto the Lands during all reasonable hours without obtaining consent of the Developer. The Developer further agrees that, upon receiving written notification from an officer of the Municipality to inspect the interior of any building located on the Lands, the Developer agrees to allow for such an inspection during any reasonable hour within two (2) business days of receiving such a request.

  • Enforcement and Remedies Executive acknowledges that money damages would not be sufficient remedy for any breach of this Article 6 by Executive, and Company shall be entitled to enforce the provisions of this Article 6 by terminating any payments then owing to Executive under this Agreement and/or to specific performance and injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for a breach of this Article 6, but shall be in addition to all remedies available at law or in equity to Company, including, without limitation, the recovery of damages from Executive and Executive’s agents involved in such breach and remedies available to Company pursuant to other agreements with Executive.

  • Events of Default by Seller In addition to the Events of Default described in Section 9.1, each of the following shall constitute an Event of Default by Seller hereunder:

  • Loan Agreement This Agreement duly executed by Borrower and Lender.

  • Enforcement Provisions While Contractors and their Representatives are expected to self-monitor their compliance with this Contractor Code of Conduct, the provisions of this Code are enforceable by LAUSD. Enforcement measures can be taken by LAUSD’s Procurement Services Group or Facilities Contracts Branch in consultation with the Contract Sponsor, the Ethics Office, the Office of the General Counsel, and the Office of the Inspector General. The Office of the Inspector General may also refer matters to the appropriate authorities for further action.

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