Common use of Termination by Developer Clause in Contracts

Termination by Developer. Developer may terminate this Agreement in the event of an Owner Default. The following shall constitute an “Owner Default”: (i) failure of Owner to pay to Developer any amount becoming due and payable hereunder, within five (5) days after written notice from Developer of such failure; and (ii) failure of Owner to comply with any material provision of this Agreement, and the continuation of such failure for fifteen (15) days after written notice thereof from Developer to Owner; provided, however, that if the time required to cure and remedy such default shall exceed fifteen (15) days, Owner shall not be in default hereunder if Owner commences to cure such failure as soon as reasonably practicable in view of all circumstances and thereafter diligently prosecutes such curative efforts to completion. In addition to the right to terminate this Agreement, upon the occurrence of any Owner Default (after any applicable notice and cure periods), Developer may, at any time while such Owner Default continues, exercise any other remedies that may be provided at law or in equity. During the continuance of any Owner Default, Developer may also suspend Developer's performance under this Agreement, and any such suspension by Developer shall not constitute a breach of this Agreement, nor shall it affect Developer's right to the Development Fee, or any portion thereof. Nothing in this Section 7 shall prevent Developer from seeking monetary damages from Owner in the event of Developer’s termination hereunder.

Termination by Developer. Developer may terminate this Agreement in in1 the event of an Owner Default. The following shall constitute an “"Owner Default”": (i) failure of Owner to pay to Developer any amount becoming due and payable hereunder, within five (5) days after written notice from Developer of such failure; and (ii) failure of Owner to comply I with any material provision of this Agreement, and the continuation of such failure for fifteen (15) days after written notice thereof from Developer to Owner; provided, however, that if the time required to cure and remedy such default shall exceed fifteen (15) days, Owner shall not be in default hereunder if Owner commences to cure such failure as soon as reasonably practicable praoticable in view of all circumstances and thereafter diligently prosecutes such curative efforts to completioncobpletion. In addition to the right to terminate this Agreement, upon the occurrence of any Owner Own6r Default (after any applicable notice and cure periods), Developer may, at any time while such Owner Default continues, exercise any other remedies that may be provided at law or in equity. During the continuance of any Owner Default, Developer may also suspend Developer's performance under this Agreement, and any such suspension by Developer shall not constitute a breach brelch of this Agreement, nor shall it affect Developer's right to the Development Fee, or any portion thereof. Nothing in this Section 7 shall prevent Developer from seeking monetary damages from Owner in the event of Developer’s 's termination hereunder.