Default by the Agency Clause Samples

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Default by the Agency. It shall constitute an “Agency Default” under this Agreement, if the Agency fails to perform any of its agreements or obligations under this Agreement, and such failure continues for the period of time for any cure or the expiration of any grace period specified in this Agreement therefor, or if no such time or grace period is specified, within sixty (60) days after the Agency’s receipt of notice thereof from Vertical Developer, or, in the case of a default that is curable but is not susceptible of cure within sixty (60) days, if the Agency fails promptly to commence to cure such default and thereafter diligently to prosecute such cure to completion within a reasonable time, but in no event to exceed one hundred and twenty (120) days.
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Default by the Agency. ‌ 1. Provided Developer is not then in default under this Agreement as set forth in Section 8.1, and subject to Force Majeure, there shall be an “Event of Default” by the Agency under this Agreement upon the occurrence of any one or more of the following:‌ (a) The Agency shall have failed or refused to make the Increment Revenue Payments to Developer, subject to Article 5, Section 5.2.3, in a timely manner, provided sufficient Surplus Tax Increment Revenues are available, time being the essence of such obligation; or (b) The Agency shall fail to perform or comply with any material provision of this Agreement applicable to it. 2. If an “Event of Default” described in Subsection 8.2.1 hereof shall have occurred, Developer, after giving written notice of such event of default to the Agency and, upon the expiration of a thirty (30) day period after receipt by the Agency of such notice, if such Event of Default has not been cured, Developer may terminate this Agreement and all rights and duties of Agency hereunder shall then cease, and, in addition, Developer may pursue any and all other remedies then available to Developer whether at law or in equity, including instituting an action to recover from the Agency any amount due and payable to it, including any Increment Revenue Payments payable to Developer.
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Default by the Agency. Provided that the Developer is not then in default under this Agreement, there shall be an “event of default” by the Agency under this Agreement if the Agency has failed to perform or comply with any material provision of this Agreement applicable to it.
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Related to Default by the Agency

  • Default by the Company If the Company shall fail at Closing Time or at the Date of Delivery to sell the number of Securities that it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any nondefaulting party; provided, however, that the provisions of Sections 1, 4, 6, 7 and 8 shall remain in full force and effect. No action taken pursuant to this Section shall relieve the Company from liability, if any, in respect of such default.

  • Default by Seller If Seller is unable to give title to the Property such as will be insured by a reputable title insurance company as provided in Paragraph 5 hereof, then Purchaser shall have the option of (a) taking such title as Seller can give with an appropriate abatement of the Purchase Price as determined as follows: Purchaser shall select an appraiser (the "Purchaser's Appraiser") and Seller shall select an appraiser (the "Seller's Appraiser"). Within five (5) days after the appointment of the two appraisers, the Purchaser's Appraiser and the Seller's Appraiser shall select a third appraiser (the "Third Appraiser"). Each of the appraisers shall submit to Purchaser and Seller a determination of the abatement within thirty (30) days of the date of selecting the Third Appraiser. The determinations of the two appraisers submitted to the Purchaser and the Seller which are closest in value shall be averaged, provided that if the appraisals are equidistant, all three appraisals shall be averaged. Such average will, absent fraudulent collusion, constitute the amount of the abatement and shall be final and binding upon the Purchaser and the Seller, free of challenge or review in any court. All costs associated with such appraisal process shall be borne fifty percent (50%) by the Purchaser and fifty percent (50%) by Queen Carpet Corporation, or (b) to terminate this Agreement; and in the latter event, there shall be no further liability or obligation by either of the parties hereunder and this Agreement shall become null and void.

  • 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.