Common use of Default by the Agency Clause in Contracts

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.

Default by the Agency. ‌ 1. Provided Developer is not then in default under this Agreement 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:‌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.