Examples of Redeveloper Event of Default in a sentence
Any transfer of the Redeveloper's interest in violation of this Redevelopment Agreement shall be a Redeveloper Event of Default and shall be null and void ab initio.
If the Mortgagee and/or tax credit investor in Redeveloper elects to cure the Event of Default within such sixty (60) day period, but has not completed such cure, then not later than every sixty (60) days thereafter until such Event of Default is cured, Redeveloper shall inform the Township that the Mortgagee and/or tax credit investor in Redeveloper is proceeding diligently to cure the Redeveloper Event of Default, and briefly describe the course of action being pursued to effectuate such cure.
In the event of a Redeveloper Event of Default which is not cured as provided herein and provided that Borough is not otherwise in default hereunder, the Borough may terminate this Agreement and/or shall be entitled to pursue any and all legal or equitable remedies it may have against Redeveloper, including, but not limited to, the right to specific performance.
Failure to record the Assessment Agreement by June 30, 2012 shall be a Redeveloper Event of Default under this Agreement.
Any Transfer not constituting a Permitted Transfer under Section 6.03 hereof in violation of this Agreement shall be deemed to be a Redeveloper Event of Default and shall be null and void ab initio, and the occurrence of such Redeveloper Event of Default shall entitle the Borough to seek all available remedies under the terms of this Agreement including the right to terminate this Agreement and all other remedies available under the applicable law.
Absent such notice of default from the Borough, no declaration of a Redeveloper Event of Default shall be deemed binding against Redeveloper.
The Town shall not seek to enforce any of its remedies under this Agreement during the period in which any such Mortgagee is proceeding diligently and in good faith to cure a Redeveloper Event of Default.
Upon the occurrence of a Redeveloper Event of Default, Borough shall notify Redeveloper in writing of same, pursuant to the notice provisions of this Agreement set forth in Section 9.10 and shall provide the Mortgagee or Mortgage Holder whose identity has previously been made known to the Borough with a copy of such notice at the last known address of such Mortgagee or Mortgage Holder shown in the records of the Borough.
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