Default by Grantee Sample Clauses

Default by Grantee. Upon an Event of Default by Grantee, and subject to the cure rights and cure provisions in Sections 1.3 and 8.1 of this Option Agreement, the Owner shall (i) have the right to (A) terminate this Option Agreement, (B) retain the Option Fees actually paid by Grantee as of the date of such Event of Default, (C) have Grantee pay any unpaid Option Fees which have become due prior to such Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default), (D) have Grantee pay any and all reimbursements due under this Option Agreement as of the date of such Event of Default, and (E) have Grantee remove any equipment and personal property from, and restore the Property as provided in Section 4.3 hereof; and (ii) remain entitled to the indemnifications provided by Grantee pursuant to Sections 7.2 and 7.4 hereof. The Owner agrees that under the circumstances existing as of the Effective Date of this Option Agreement, the Owner’s retention of Option Fees actually paid by Grantee and being paid Option Fees which come due prior to any Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default) as provided for in this Section represent a reasonable estimate of the damages which the Owner will incur as a result of the Owner’s having kept the Property off the market. The Owner agrees that the retention by the Owner of the Option Fees actually paid to the Owner as of the date of such default, the Owner’s right to be paid any unpaid Option Fees which become due prior to such Event of Default or as a result of such Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default), and the retention by the Owner of the rights set forth in clauses (i)(C), (i)(D), (i)(E), and (ii) above, shall be in lieu of any other monetary relief, or specific performance, to which the Owner might otherwise be entitled under this Option Agreement for Grantee’s default, and shall be the Owner’s sole and exclusive rights and remedies under this Option Agreement for Grantee’s default.
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Default by Grantee. In the event that Grantee fails to perform any material obligation pursuant to the terms of this Agreement or takes any action in violation of the material terms of this Agreement, and does not commence reasonable actions to cure such failure or violation within t he a ppl i c a bl e t i m e pe r i od pr ov i de d i n P a r a g r a ph 2. 8 he r e of , a f t e r receiving written notice from Grantor detailing such failure or violation, then Grantee shall be considered to be in default of this Agreement (a “Grantee Default”).
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Default by Grantee. In the event of the occurrence of an Event of Default by the Grantee, the County shall be entitled to pursue all rights and remedies available at law or in equity, including the right to terminate this Agreement as provided for in Section 17. If there exists an Event of Default as described in Section 13(a) “Default by the Grantee”, the Grantee shall return to the County such funds which were improperly used plus interest at the County’s then current investment return rate, as determined by the County. The rights and remedies herein provided are in addition to and cumulative with any and all other rights or remedies, existing or implied, now or hereafter available to the County at law or in equity in order to enforce the provisions of this Agreement. Such rights and remedies shall not be exclusive, but each and every right and remedy specifically provided or otherwise existing or given may be exercised from time to time and as often and in such order as may be deemed expedient by the County. The exercise of one or more rights or remedies shall not be deemed a waiver of the right to exercise at the same time or thereafter any other right or remedy nor shall any such delay or omission be construed to be a waiver of or acquiescence to any Event of Default by the Grantee.
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Default by Grantee. In the event the Grantee fails to perform or comply with any material provision of this Agreement, the Grantee shall be in default. If an event of default by the Grantee shall occur, the City shall provide written notice to the Grantee. If the default shall not be cured by the Grantee within fourteen (14) days after receipt of the written notice from the City, or if such event of default is of such nature that it cannot be completely cured within such time period, the City may terminate this Agreement.
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Default by Grantee. In the event of default by Grantee as specified in the preceding section, the City shall have the right to terminate this Agreement, by giving thirty (30) calendar days written notice to Grantee, and in addition may pursue any other remedies available to it at law or equity. The thirty-day notice period is not an additional cure period.
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Default by Grantee a. Upon written notice to the grantee, HUD, on behalf of FEMA, may take possession of rights or interests in connection with this program, including funds held by a depositary, and rights or interests of program receipts, or may order the grantee to take remedial action, if HUD determines that: (1) The grantee has failed to comply with any obligations under this Grant Agreement; or (2) The grantee has failed to provide case management services in a manner consistent with program requirements; or (3) The grantee has made any misrepresentation to HUD of any material fact. b. HUD’s exercise or non-exercise of any right or remedy under the Grant Agreement is not a waiver of HUD’s right to exercise that or any other right or remedy at any time.
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Default by Grantee. In the event Grantee materially breaches this Agreement prior to Grantee’s delivery of the Option Purchase Price, Grantor shall be entitled to pursue such rights and remedies against Grantee as permitted by law, provided that Grantee’s total liability shall not exceed the amount of the Option Purchase Price (except for Grantee’s indemnification obligations hereunder, for which liability shall not be capped). In the event Grantee materially breaches this Agreement after Grantee’s delivery of the Option Purchase Price, Grantor, at its option, shall be entitled to the following remedies: (i) to receive a decree of specific performance enforcing the terms of this Agreement and the obligations of Grantee; or, (ii) to terminate this Agreement and thereafter to pursue such other rights and remedies against Grantor as may be permitted by law or equity.
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Related to Default by Grantee

  • Default by Owner If one or more of the following Events of Default shall occur and be continuing, that is to say: (a) breach by Owner of the representations, warranties and covenants of the Owner as set forth in Section 6.02 above); then, and in each and every such case (except in instances where the Event of Default has been cured within thirty (30) days after the date on which written notice of such default, requiring the same to be remedied, shall have been given to the Owner by the Servicer), the Servicer, by notice in writing to the Owner, may immediately terminate all of its responsibilities, duties and obligations as servicer under this Agreement. On or after the receipt by the Owner of such written notice, all responsibilities, duties and obligations of the Servicer to service the Mortgage Loans under this Agreement shall on the date set forth in such notice pass to and be vested in the successor appointed pursuant to Section 10 herein.

  • Default by Developer Developer shall be in default under this Agreement (a) Developer fails to make any of the payments of money required by the terms of this Agreement, and Developer fails to cure or remedy the same within ten (10) days after the City has given Developer written notice specifying such default; or (b) Developer fails to keep or perform any covenant or obligation herein contained on Developer's part to be kept or performed, and Developer fails to remedy the same within thirty (30) days after the City has given Developer written notice specifying such failure and requesting that it be remedied; provided, however, that if any event of default shall be such that it cannot be corrected within such period, it shall not constitute an event of default if corrective action is instituted by Developer within such period and diligently pursued until the default is corrected; or (c) Without limiting the generality of the foregoing, Developer shall assign or transfer the Project and/or this Agreement in violation of the terms and conditions set forth in Article V; or (d) Developer shall file a voluntary petition under any bankruptcy law or an involuntary petition under any bankruptcy law is filed against any such party in a court having jurisdiction and said petition is not dismissed within thirty (30) days or Developer, makes an assignment for the benefit of its creditors; or a custodian, trustee or receiver is appointed or retained to take charge of and manage any substantial part of the assets of Developer and such appointment is not dismissed within sixty (60) days; or any execution or attachment shall issue against Developer whereupon the District, or any part thereof, or any interest therein of Developer under this Agreement shall be taken and the same is not released prior to judicial sale thereunder (each of the events described in this subsection being deemed a default under the provisions of this Agreement); or (e) Developer breaches the representations and warranties set forth in this Agreement and fails to cure or correct same within thirty (30) days of notice from the City.

  • Default by Buyer THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF A FAILURE TO CONSUMMATE THE SALE DUE TO BUYER’S DEFAULT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE ▇▇▇▇▇▇▇ MONEY IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN THE EVENT OF BUYER’S DEFAULT. IN THE EVENT BUYER FAILS, WITHOUT LEGAL EXCUSE, TO COMPLETE THE PURCHASE OF THE PROPERTY, THE ▇▇▇▇▇▇▇ MONEY MADE BY BUYER SHALL BE FORFEITED TO SELLER AS LIQUIDATED DAMAGES AND THE SOLE AND EXCLUSIVE REMEDY AVAILABLE TO SELLER FOR SUCH FAILURE. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THIS SECTION 8.1 IS NOT INTENDED TO LIMIT SELLER’S RIGHTS UNDER SECTIONS 2.2, 2.3 AND 10.2 OF THIS AGREEMENT.

  • Default by Tenant In addition to provisions of Article 8 of the ----------------- Lease, Tenant shall be deemed to be in default with respect to the License in the event that (a) Tenant shall fail to pay the License Fees within ten (10) days after Tenant's receipt of Landlord's written notice of such failure to pay; provided Landlord shall be required to give such notice only twice in any twelve (12) month period and thereafter Tenant shall be in default if any such payment is not received when due and without notice, or (b) Tenant shall fail to maintain the Tenant Equipment in good order and repair and in a safe condition as provided in this Exhibit and shall fail to remedy that condition within [(i)] twenty-four (24) hours after notice from Landlord [if such failure has an adverse effect on Landlord or other tenants of the Building or creates a possibility of immediate harm to person or property or (ii) thirty (30) days after notice from Landlord in all other circumstances], or (c) Tenant shall fail to maintain all necessary licenses and permits with respect to the operation of the Tenant Equipment. Upon a default by Tenant with respect to the License, Landlord may, at Landlord's sole election, pursue the remedies granted to Landlord for default under the Lease or, in the alternative, terminate any License granted hereunder without terminating the Lease or terminating Tenant's right to possession of the Leased Premises under the Lease.

  • Default by Seller Except as specifically provided elsewhere in this Contract, in the event that Seller fails to consummate this Contract or if Seller fails to perform any of Seller's other material obligations hereunder either prior to or at the Closing and such failure or refusal results from any reason other than the termination of this Contract by Purchaser pursuant to a right to terminate expressly set forth in this Contract or Purchaser's failure to perform Purchaser's obligations under this Contract, Purchaser may as its only remedy either (i) terminate this Contract by giving written notice thereof to Seller prior to or at the Closing, in which event Purchaser will be entitled to a return of the Deposit Note, whereupon neither party hereto will have any further rights or obligations hereunder, except (a) that Seller will authorize the Title Company to deliver to Purchaser the Deposit Note and Title Company will deliver the Deposit Note to Purchaser free of any claims by Seller or any other person with respect thereto, (b) that Seller shall reimburse Purchaser for its out of pocket costs associated with the negotiation and preparation of this Agreement and its examination of the Property, including, the fees and disbursements of its counsel, advisers, and agents, and (c) for provisions which survive Closing by their terms or (ii) enforce specific performance of Seller's duties and obligations under this Contract, provided that the right to enforce specific performance shall not require Seller to remove any title encumbrances placed on the Property after the Effective Date or require Seller to perform any covenant beyond the then current ability of Seller. In the event Purchaser fails to file an action for specific performance of this Contract on or before ninety (90) days after the date of such non-performance, Purchaser shall be deemed to have elected to proceed under clause (i) above and shall be deemed to have waived its right to enforce specific performance of this Contract.