Common use of Default by the City Clause in Contracts

Default by the City. Subject to any other provision of this Agreement, the occurrence of any one or more of the following events shall constitute a Default by the City under this Agreement but shall not be considered an Event of Default unless such Default is not remedied prior to the expiry of the relevant notice period (if any) and the relevant cure period (if any) applicable to such Default provided that if such Default is not able to be cured within the relevant cure period and the City is acting diligently to cure such Default, so long as the City is acting diligently to effect a cure, there shall not be an Event of Default as hereinafter set forth: (a) If the City defaults in the payment of any amount due to the Operator under this Agreement and such Default shall continue unremedied for sixty (60) days following notice thereof from the Operator to the City. Any amount not paid by the City shall be repayable on demand together with accrued interest from the date the invoice is otherwise due thereon at two percent (2%) above the prime rate published from time to time by the Royal Bank of Canada; (b) If the City fails to perform or observe any of its material obligations under this Agreement, or continually fails to perform or observe any of its other obligations under this Agreement, and such failure to observe or perform shall continue unremedied for a consecutive period of ninety (90) days following notice thereof (giving particulars of the Default in reasonable detail) from the Operator to the City, or such longer period as the Operator may reasonably determine to be necessary to cure such failure; provided that the City has demonstrated to the satisfaction of the Operator, acting reasonably, that: (i) The City is proceeding with all due diligence to cure or cause to be cured such failure; (ii) The City can be reasonably expected to cure or cause to be cured such failure within a time frame acceptable to the Operator, acting reasonably; and (iii) The City shall thereafter cure such failure with all due diligence and within the time frame acceptable to the Operator, acting reasonably.

Default by the City. Subject (a) Provided the Borrower is not then in default under Section 14.01, there shall be an “Event of Default” by the City under this Agreement in the event the City shall fail to perform or comply with any other material provision of this AgreementAgreement applicable to it; provided, however, that suspension of or delay in performance by the occurrence City during any period in which the Borrower is in default of any one or more this Agreement as provided in Section 14.01 will not constitute an Event of the following events shall constitute a Default by the City under this Agreement but shall not be considered an Event of Default unless such Default is not remedied prior to the expiry of the relevant notice period (if any) and the relevant cure period (if any) applicable to such Default provided that if such Default is not able to be cured within the relevant cure period and the City is acting diligently to cure such Default, so long as the City is acting diligently to effect a cure, there shall not be an Event of Default as hereinafter set forth: subsection (a) If the City defaults in the payment of any amount due to the Operator under this Agreement and such Default shall continue unremedied for sixty (60) days following notice thereof from the Operator to the City. Any amount not paid by the City shall be repayable on demand together with accrued interest from the date the invoice is otherwise due thereon at two percent (2%) above the prime rate published from time to time by the Royal Bank of Canada;). (b) If an Event of Default by the City fails described in subsection (a) shall occur, the Borrower shall provide written notice to perform the City, and, if such Event of Default shall not be cured by the City within 60 days after receipt of the written notice from the Borrower specifying in reasonable detail the Event of Default by the City, or observe any if such Event of its material obligations under Default is of such nature that it cannot be cured within such time period, then if the Borrower is not then in default of this Agreement and the City shall not have commenced to cure such default within such 60 day period and shall not diligently prosecute such cure to completion within such reasonable longer period as may be necessary, then Borrower may institute an action to compel specific performance of the terms hereof by the City, terminate this Agreement, or continually fails pursue any and all legal or equitable remedies to perform which the Borrower is entitled; provided, however, it is expressly understood and agreed that prior to commencing any action in a court of law, the parties shall first submit to non- binding mediation. Enforcement of the terms of this Agreement may be brought through any proceedings at law or observe in equity brought by the Borrower. Such actions may seek remedy by injunction or restraint of a violation or attempted violation, or an action for damages, or any of its them, without the necessity of making an election, or any and all other obligations under this Agreement, and such failure remedies available at law or equity. (c) Any attempt by the Borrower to observe or perform shall continue unremedied for a consecutive period of ninety (90) days following notice thereof (giving particulars pursue any of the Default remedies referred to in reasonable detail) from the Operator to the City, Section 14.02 will not be deemed an exclusive election of remedy or such longer period as the Operator may reasonably determine to be necessary to cure such failure; provided that the City has demonstrated to the satisfaction waiver of the Operator, acting reasonably, that: (i) The City is proceeding with all due diligence Borrower’s right to cure or cause pursue any other remedy to which it might be cured such failure; (ii) The City can be reasonably expected to cure or cause to be cured such failure within a time frame acceptable to the Operator, acting reasonably; and (iii) The City shall thereafter cure such failure with all due diligence and within the time frame acceptable to the Operator, acting reasonablyentitled.

Default by the City. Subject An event of default by the City shall be deemed to have occurred under this Agreement if the City fails to perform any other provision obligation or fulfill any covenant or agreement of the City set forth in this Agreement and such failure shall continue for thirty (30) days following the City’s receipt of written notice of the non-performance; provided, however, the City shall not be in default of this Agreement: (a) if the City provides Developer with a written response within said thirty (30) day period indicating the status of the City’s resolution of the breach and providing for a mutually agreeable schedule to correct same; or (b) with respect to any breach that is capable of being cured but that cannot reasonably be cured within said thirty (30) day period, if the City commences to cure such breach within such thirty (30) day period (or as soon thereafter as is reasonably possible) and diligently continues to cure the breach until completion, but no longer than a total of one hundred twenty (120) days. If such an event of default by the City occurs hereunder, the occurrence Developer shall have all rights and remedies available to it under this Agreement, at law and/or equity, including an action for specific performance and injunctive relief to enforce the terms, covenants, conditions and other provisions of this Agreement against the City as a result of or arising out of such event of default. The Developer’s election of a right or remedy under this Agreement, at law and/or in equity, with respect to any event of default by the City shall not limit or otherwise affect the Developer’s right to elect any other right or remedy available to it under this Agreement, at law and/or in equity with respect to the same or any other event of default by the City. Notwithstanding anything to the contrary contained in this Agreement, in no event whatsoever shall the City be liable to Developer for any indirect, special, incidental, consequential, punitive, economic damages (including, without limitation, diminution of property value) lost profits or similar damages, whether or not foreseeable or advised of the possibility of the same, in connection with, arising from or as a result of any one or more event of the following events shall constitute a Default default by the City under this Agreement but shall not be considered an Event of Default unless such Default is not remedied prior to the expiry of the relevant notice period (if any) and the relevant cure period (if any) applicable to such Default provided that if such Default is not able to be cured within the relevant cure period and the City is acting diligently to cure such Default, so long as the City is acting diligently to effect a cure, there shall not be an Event of Default as hereinafter set forth: (a) If the City defaults in the payment of any amount due to the Operator under this Agreement and such Default shall continue unremedied for sixty (60) days following notice thereof from the Operator to the City. Any amount not paid by the City shall be repayable on demand together with accrued interest from the date the invoice is otherwise due thereon at two percent (2%) above the prime rate published from time to time by the Royal Bank of Canada; (b) If the City fails to perform or observe any of its material obligations under this Agreement, or continually fails to perform or observe any of its other obligations under this Agreement, and such failure to observe or perform shall continue unremedied for a consecutive period of ninety (90) days following notice thereof (giving particulars of the Default in reasonable detail) from the Operator to the City, or such longer period as the Operator may reasonably determine to be necessary to cure such failure; provided that the City has demonstrated to the satisfaction of the Operator, acting reasonably, that: (i) The City is proceeding with all due diligence to cure or cause to be cured such failure; (ii) The City can be reasonably expected to cure or cause to be cured such failure within a time frame acceptable to the Operator, acting reasonably; and (iii) The City shall thereafter cure such failure with all due diligence and within the time frame acceptable to the Operator, acting reasonably.