Town’s Option To Cure Developer Default Sample Clauses

Town’s Option To Cure Developer Default. The Town may, at its option, cure any Developer Default, other than a Developer Default pursuant to Section V.A.1.(b) hereof, in which case the Town shall be entitled, in addition to and without limitation upon any other rights or remedies to which it shall be entitled by this LDA, operation of law, or otherwise, to reimbursement from the Developer of all costs and expenses incurred by the Town in curing such Developer Default subject to the $800,000 Bonded liquidated damage amount described herein. Anything in this Agreement to the contrary notwithstanding, the Town acknowledges that the Town’s sole and exclusive remedy with respect to any uncured Developer Default shall be by recourse to the Bond, and the Town shall look solely to the Bond for the satisfaction of any claim against, or liability of, the Developer pursuant to this Agreement. Further, to the extent either Developer or a Funding Source (upon foreclosure of such party’s Mortgage or Pledge(s), respectively) achieves Substantial Completion (whether before or after the expiration of all applicable cure periods in favor of Developer and Funding Sources), the Town agrees that the Developer, any successor or assign of the Developer and any person or entity owning the Property shall be liable for only actual damages incurred by the Town and not for any consequential, incidental, indirect or other damages, and such damages will be offset by and limited to the amount of recoveries of the Town from the Bond. Without limiting the generality of the foregoing, if in any action or proceeding instituted by the Town when and as permitted by Section V.A.2., the Town obtains a lien upon the Property or a lien or any interest in the Developer, each such lien shall be subject and subordinate in all respects to the liens of all Mortgages and Pledges then in effect. Nothing in this paragraph shall be deemed to impair the priority of any statutory lien for municipal taxes or charges not incurred pursuant to this LDA.
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Related to Town’s Option To Cure Developer Default

  • Developer Default Each of the following shall be an Event of Default by Developer:

  • Termination for Concessionaire Default 37.1.1 Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Concessionaire fails to cure the default within the Cure Period set forth below, or where no Cure Period is specified, then within a Cure Period of 60 (sixty) days, the Concessionaire shall be deemed to be in default of this Agreement (the “Concessionaire Default”), unless the default has occurred solely as a result of any breach of this Agreement by the Authority or due to Force Majeure. The defaults referred to herein shall include:

  • Cure Period Prior to any claim for default being made, either the Buyer or Seller will have an opportunity to cure any alleged default. If either Buyer or Seller fails to comply with any provision of this Agreement, the other party will deliver written notice to the non- complying party specifying such non-compliance. The non-complying party shall have calendar days after delivery of such notice to cure the non-compliance.

  • SUSPENSION & TERMINATION FOR DEFAULT Enterprise Services may suspend Contractor’s operations under this Master Contract immediately by written cure notice of any default. Suspension shall continue until the default is remedied to Enterprise Services’ reasonable satisfaction; Provided, however, that, if after thirty (30) days from such a suspension notice, Contractor remains in default, Enterprise Services may terminate Contractor’s rights under this Master Contract. All of Contractor’s obligations to Enterprise Services and Purchasers survive termination of Contractor’s rights under this Master Contract, until such obligations have been fulfilled.

  • Default by Developer If Developer causes either an Event of Monetary Default or an Event of Non-Monetary Default, then the City may commence proceedings to modify or terminate this Agreement pursuant to this Section 11.4.

  • Failure to Cure If DSHS learns of a pattern or practice of the Business Associate that constitutes a violation of the Business Associate’s obligations under the terms of this Contract and reasonable steps by DSHS do not end the violation, DSHS shall terminate this Contract, if feasible. In addition, If Business Associate learns of a pattern or practice of its Subcontractors that constitutes a violation of the Business Associate’s obligations under the terms of their contract and reasonable steps by the Business Associate do not end the violation, Business Associate shall terminate the Subcontract, if feasible.

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement:

  • Train Operator Events of Default The following are Train Operator Events of Default:

  • Termination for Default The County may, by written notice to the Contractor terminate this contract for default in whole or in part (delivery orders, if applicable) if the Contractor fails to:

  • Termination for Cause with Notice to Cure Requirement Contractor may terminate this contract for the Department’s failure to perform any of its duties under this contract after giving the Department written notice of the failure. The written notice must demand performance of the stated failure within a specified period of time of not less than 30 days. If the demanded performance is not completed within the specified period, the termination is effective at the end of the specified period.

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