Common use of Default by Developer Clause in Contracts

Default by Developer. The Developer shall be in default (“Default”) under this Agreement for any of the following reasons: (i) The Developer’s failure to perform any material obligation or comply with any material provision set forth in this Agreement or the Development Plan; provided, however, the Developer shall be in Default only after the City provides written notice to the Developer of Default setting forth the nature of the Default and the actions, if any, required by the Developer to cure such Default and, where the Default can be cured, the Developer has failed to take such actions and cure such Default within 90 days after the effective date of such notice or, in the event that such Default cannot be cured within such 90 day period but can be cured within a longer time, has failed to commence the actions necessary to cure such Default within such 90 day period and to diligently proceed to complete such actions. (ii) Any representation or warranty made by the Developer proves to have been incorrect in any material respect when made. (iii) The Developer is the subject of an order for relief by a bankruptcy court, or is unable or admits its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; or the Developer applies or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Developer and the appointment continues undischarged or unstayed for 90 days; or the arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation or similar proceeding relating to it or any part of its property; or any similar proceeding is instituted without the consent of the Developer and continues undismissed or unstayed for 60 days. (iv) Any Transfer of the Property or the Project, or any portion thereof, without compliance with the provisions of Section 2(e) of this Agreement.

Default by Developer. The Developer shall be in default (“Default”) under this Development Agreement for any of the following reasons: (ia) The Developer’s failure to perform any material obligation or comply with any material provision set forth in this Development Agreement or the Development Plan; provided, however, the Developer shall be in Default only after the City provides written notice to the Developer of Default setting forth the nature of the Default and the actions, if any, required by the Developer to cure such Default and, where the Default can be cured, the Developer has failed to take such actions and cure such Default within 90 sixty (60) days after the effective date of such notice or, in the event that such Default cannot be cured within such 90 sixty (60) day period but can be cured within a longer time, has failed to commence the actions necessary to cure such Default within such 90 sixty (60) day period and to diligently proceed to complete such actions. (iib) Any representation or warranty made by the Developer proves to have been incorrect in any material respect when made. (iiic) The Developer is the subject of an order for relief by a bankruptcy court, or is unable or admits its inability to pay its debts as they mature, or makes an assignment of the Property or Developer’s interest in this Development Agreement for the benefit of creditors; or makes as assignment for the benefit of creditors; or the Developer applies or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Developer and the appointment continues undischarged or unstayed for 90 ninety (90) days; or the arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation or similar proceeding relating to it or any part of its property; or any similar proceeding is instituted without the consent of the Developer and continues undismissed or unstayed for 60 sixty (60) days. (ivd) Any Transfer sale or other transfer of the Property or the Project, or any portion thereof, without compliance with the provisions of Section 2(e) 3.3 of this Development Agreement.

Default by Developer. The Developer shall be 1. Provided the Agency is not then in default (“Default”) under this Agreement for as set forth in Section 8.2 hereof, and subject to Force Majeure, there shall be an “Event of Default” by Developer under this Agreement with the occurrence of any one or more of the following reasons:following:‌ (ia) The Developer’s failure Developer shall fail to perform any material obligation or comply with any material provision set forth in of this Agreement or the Development Planapplicable to it; provided, however, the or (b) Developer shall be in Default only after fail to apply for all necessary permits to construct the City provides written notice to Project within the Developer of Default setting forth the nature of the Default and the actions, if any, required time frames established by the Developer to cure such Default and, where the Default can be cured, the Developer has failed to take such actions and cure such Default within 90 days after the effective date of such notice or, in the event that such Default cannot be cured within such 90 day period but can be cured within a longer time, has failed to commence the actions necessary to cure such Default within such 90 day period and to diligently proceed to complete such actionsthis Agreement. (iic) Any representation or warranty made by Developer shall fail to construct the Developer proves to have been incorrect Project in any material respect when madesubstantial conformance with the Project Concept. (iiid) The Prior to the Completion Date, Developer is shall make a general assignment for the subject benefit of an order for relief by a bankruptcy courtits creditors, or is unable or admits shall admit in writing its inability to pay its debts as they maturebecome due or shall file a petition in bankruptcy, or makes shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation or shall file an assignment for answer admitting, or shall fail reasonably to contest, the benefit material allegations of creditors; a petition filed against it in any such proceeding, or the Developer applies shall seek or consents consent to or acquiesce in the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator receiver or similar officer for it liquidator of the developer or any material part of its propertyproperties; or (e) Prior to the Completion Date, within sixty (60) days after the commencement of any proceeding by or against Developer seeking any receiverreorganization, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Developer and the appointment continues undischarged or unstayed for 90 days; or the arrangement, readjustment of debtcomposition, dissolution, custodianship, conservatorshipreadjustment, liquidation, rehabilitation dissolution or similar relief under any present or future statute, law or regulation, such proceeding relating to it shall not have been dismissed, or if, within sixty (60) days after the appointment without the consent or acquiescence of Developer of any trustee, receiver or liquidator of Developer or of any material part of its property; or any similar proceeding is instituted without the consent of the Developer and continues undismissed or unstayed for 60 daysproperties, such appointment shall not have been vacated. (ivf) Any Transfer of the Property Developer shall fail to perform or the Project, or any portion thereof, without compliance comply with the provisions of Section 2(e) 4.2.8. of this Agreement. 2. If an “Event of Default” described in Subsection 8.1.1 hereof shall have occurred, the Agency, after giving written notice of such event of default to Developer and upon expiration of a thirty (30) day notice period after receipt by Developer of such notice, if such event of default has not been cured, the Agency, as its sole and exclusive remedy, may terminate this Agreement and all rights of Developer and obligations of the Agency hereunder, including making the Project Payments hereunder shall then cease.

Default by Developer. The Developer shall be in default (“Default”) under this Development Agreement for any of the following reasons: (i) : The Developer’s failure to perform any material obligation or comply with any material provision set forth in this Development Agreement or the Development Plan; provided, however, the Developer shall be in Default only after the City provides written notice to the Developer of Default setting forth the nature of the Default and the actions, if any, required by the Developer to cure such Default and, where the Default can be cured, the Developer has failed to take such actions and cure such Default within 90 sixty (60) days after the effective date of such notice or, in the event that such Default cannot be cured within such 90 sixty (60) day period but can be cured within a longer time, has failed to commence the actions necessary to cure such Default within such 90 sixty (60) day period and to diligently proceed to complete such actions. (ii) . Any representation or warranty made by the Developer proves to have been incorrect in any material respect when made. (iii) . The Developer is the subject of an order for relief by a bankruptcy court, or is unable or admits its inability to pay its debts as they mature, or makes an assignment of the Property or Developer’s interest in this Development Agreement for the benefit of creditors; or makes as assignment for the benefit of creditors; or the Developer applies or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Developer and the appointment continues undischarged or unstayed for 90 ninety (90) days; or the arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation or similar proceeding relating to it or any part of its property; or any similar proceeding is instituted without the consent of the Developer and continues undismissed or unstayed for 60 sixty (60) days. (iv) . Any Transfer sale or other transfer of the Property or the Project, or any portion thereof, without compliance with the provisions of Section 2(e) 3.3 of this Development Agreement.