Town Default definition

Town Default means the occurrence of any of the following events: (i) failure of Town to remedy any breach of this Agreement within the notice and cure periods set forth herein; or (ii) in the event of any material breach of this Agreement by Town (other than a breach covered by Section 6.2b.(i) above), if Developer shall deliver to Town a written notice specifying in reasonable detail such breach, and if the breach so specified by such notice shall not be removed or cured for a period of thirty (30) days after the date of delivery of such notice or without Town having commenced to remove or cure such breach (and thereafter proceeding with reasonable diligence to completely remove or cure such breach within ninety (90) days after receipt of notice), then in such event Town shall be in default under this Agreement and Developer shall have the right at Developer's election to exercise any of the remedies hereinafter set forth.
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Town Default is defined in Section 14.02.
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Town Default means the Town’s failure to timely perform or otherwise adhere to its obligations under this Agreement, subject to a 30-day written notice and cure period to be afforded to the Town, unless more than thirty (30) days shall be required because of the nature of the failure, in which case the Town shall work diligently to cure the failure. Upon the occurrence of a Town Default, the Company: (i) without thereby waiving such Town Default, shall have the right to take all reasonable and necessary acts to perform any such obligation on behalf of the Town, at the Town’s expense, including, without limitation, the completion of the Infrastructure (“Self Help”), and (ii) shall have all rights and remedies available in law or equity including the right to specifically enforce the terms of this Agreement at the Town’s expense. All reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Company in exercising Self Help or otherwise enforcing the terms of this Agreement (collectively, “Enforcement Costs”) shall be payable by the Town to the Company, on demand, and shall accrue interest from the time of such demand until payment at the applicable statutory rate. Furthermore, to the extent permitted by law, the Company shall have the right (but not the obligation) to offset any Enforcement Costs against any amounts otherwise due to the Town under this Agreement or otherwise. No right or remedy herein conferred upon or reserved to the Company is intended to be exclusive of any other right or remedy, and every right and remedy shall be cumulative and in addition to any other legal or equitable right or remedy given hereunder, or now or hereafter existing. No waiver by the Company of any provision of this Agreement shall be deemed to have been made unless expressly so made in writing by the Company expressly waiving such provision.
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Examples of Town Default in a sentence

  • In addition to the parties' respective rights to terminate this Agreement as provided herein, the parties shall have all other rights and remedies available to them at law or in equity as a result of a Developer Default, or a Town Default, as the case may be.

  • Developer may, at its option, terminate this Agreement pursuant to Section 3.2 herein, and/or exercise any other remedies that may be provided by law or in equity, in the event of a Town Default of this Agreement, upon thirty (30) business days' prior written notice and subject to the cure periods set forth herein.

  • Where there are concerns about how certain powers are being exercised, the local authority or any other interested party can apply to the Sheriff for direction on how to proceed.

  • In the event that a Town Default has occurred, the Developer’s sole remedy shall be to institute such action and proceedings as may be appropriate against the Town, including actions and proceedings to compel specific performance and to bring a claim in a court of competent jurisdiction seeking restitution from the Town in an amount representing Developer’s costs, liabilities, losses and expenses resulting directly from the Town Default.

  • Town Default and Developer Remedies Upon fault or failure of Town to meet any of its obligations under this Agreement without curing such failure within thirty (30) calendar days after receipt of written notice of such failure from Developer specifying the nature of the event or deficiency giving rise to the default and the action required to cure such deficiency, Developer may, as its sole and exclusive remedies.

  • In the event that a Town Default has occurred and is continuing, the Developer’s sole remedy shall be to institute actions and proceedings to compel specific performance and to bring a claim in a court of competent jurisdiction, and no monetary damages shall be sought against the Town.

  • In addition to the parties’ respective rights to terminate this Agreement as provided herein, the parties shall have all other rights and remedies available to them at law or in equity as a result of a Developer Default, or an Town Default, as the case may be.

  • Developer may, at its option, terminate this Agreement pursuant to Section 3.2 herein, and/or exercise any other remedies that may be provided by law or in equity, in the event of an Town Default of this Agreement, upon thirty (30) business days’ prior written notice and subject to the cure periods set forth herein.

  • Douglas Mr. Hodgkins asked for the total of the 2021 Town Default budget in the event the operating budget is not approved by the voters.

  • The occurrence of any one or more of the following, beyond any applicable notice and cure period, shall constitute a "Town Default".

Related to Town Default

  • 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.

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

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

  • Registration Default As defined in Section 5 hereof.

  • 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.

  • 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.

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

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

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

  • Purchaser Default has the meaning set forth in Section 11.2(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.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

  • Seller Default has the meaning set forth in Section 12.1.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • 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.

  • Registration Default Damages shall have the meaning set forth in Section 8 hereof.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Buyer Default refers to nonpayment of the Xxxxxxx Money in accordance with the provisions of this Agreement (including nonpayment or dishonor of any check delivered for the Xxxxxxx Money) and/or the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Buyer’s obligation(s) under this Agreement. In the event of a Buyer Default, the following provisions shall apply: