Completion Default definition

Completion Default shall have the meaning set forth in Subsections 4.2 and 4.3(a) hereof.
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Completion Default means a failure by Developer to complete construction of the Project within forty-two (42) months from the date the construction permit is issued (excepting periods of delay that are beyond Developer’s control as set forth in Section 5.02 of the RDA).
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Completion Default has the meaning given to it in clause 7.4;
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Examples of Completion Default in a sentence

  • In the event that Xxxxxx informs the City that Payment Obligations of $100,000.00 or less remain outstanding as of the time it receives a Completion Default Notice, the City shall be entitled to exercise its Completion Rights: (i) at the City’s sole cost and expense or through the use, in whole or in part, of the Completion Bond; and (ii) without the requirement to satisfy the City’s Completion Conditions.

  • Upon the occurrence of a Completion Default, the City shall provide written notice to Developer and Lender of such default (each, a “Completion Default Notice”).

  • In the event of a Public Infrastructure Completion Default, Developer may either (a) upon not less than five (5) business days prior written notice to the Public Entities of Developer’s election in connection therewith, elect to assume the obligation to complete the Public Infrastructure, as applicable (but Developer has no obligation to do so), and/or (b) pursue any remedy available to it at law or in equity.


More Definitions of Completion Default

Completion Default means the occurrence of any one or more of the following events: (i) failure of construction of the Improvements to be Substantially Completed and completely paid for within the time stipulated in the Loan Agreement and the other Loan Documents; (ii) Lender’s taking of possession of the Property before the Completion Date pursuant to a right given by the Loan Documents or by law; (iii) Lender’s termination of Borrower’s right to receive additional advances of Loan proceeds pursuant to a right given by the Loan Documents; and (iv) the occurrence of a default, event of default or other similar event (however denominated) under any Loan Document prior to Substantial Completion which continues beyond the expiration of any applicable cure period agreed to in writing by Lender or imposed by applicable law, unless and until cured. “Completion Obligations” means the obligations to (i) Substantially Complete construction of the Improvements in accordance with the Loan Documents, (ii) pay all bills, expenses, losses, claims, damages, costs, penalties and liabilities, including court costs and attorneys’ fees, however arising or incurred, with respect to the construction of the Improvements (subject, however to Borrower's right to contest payments in good faith pursuant to the Loan Documents and subject to its rights to undisbursed Loan proceeds as provided below) and (iii) deliver to Lender all of the items described in the definition of the Evidence of Completion in the Loan Agreement. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan proceeds available to Guarantor pursuant to the terms of the Loan Documents to the extent Guarantor and/or Borrower can satisfy conditions to same (and notwithstanding that Borrower had defaulted in completing the Improvements pursuant to the Loan Documents) including, for example, the obligation to make regularly scheduled payments under the Loan, but excluding any requirement to pay any indebtedness as previously accelerated, for the purposes of completing the Improvements and fulfilling Guarantor's other obligations under this Guaranty; provided, however, the obligations of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon (x) there being no continued default by Guarantor under this Guaranty (Guarantor acknowledging that Lender’s obligation to make such undisbursed Loan funds available as provided herein is conditioned, among other th...
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Completion Default has the meaning set forth in Section 6.01 of the Completion Agreement.
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Completion Default has the meaning specified in Section 6.01 of the Completion Guaranty.
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Completion Default has the meaning set forth in Section 6.01.
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Completion Default and "Completion Guaranty" contained in Section 1.01 of the Credit Agreement are deleted in their entirety, and the term "Completion Guaranty" is deleted from the definition of "Loan Documents" contained in Section 1.01 of the Credit Agreement.
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Related to Completion Default

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Registration Default As defined in Section 5 hereof.

  • Non-Defaulting Member means a Member who is not a Defaulting Member.

  • Registration Default Period shall have the meaning assigned thereto in Section 2(c).

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Construction defect means a deficiency in or a deficiency arising out of the design, specifications, surveying, planning, supervision, or observation of construction or construction of residential improvements that results from any of the following:

  • Non-Defaulting Bank means, at any time, a Bank that is not a Defaulting Bank.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Non-Defaulting Lender means, at any time, each Lender that is not a Defaulting Lender at such time.

  • Landlord Default shall have the meaning given such term in Article 14.

  • Minor Default means any Event of Default that is not a Major Default.

  • Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Default under Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

  • Contractor Default shall have the meaning set forth in Clause 23.1;