Developer Default Clause Samples

Developer Default. A “Developer Default” shall occur if the Developer shall default in performing any duty or obligation to be performed by the Developer under this Agreement and such default shall not be remedied within (a) thirty (30) calendar days after written notice of such default shall have been given by the Owner to the Developer describing the default in reasonable detail, or (b) in the case of any such default which is capable of being cured, but which cannot with due diligence and in good faith be cured within thirty (30) calendar days, within such additional period as may be reasonably required to cure such default with due diligence and in good faith, provided that the Developer has commenced such cure within such thirty (30) calendar day cure period.

Developer Default. If a Developer Event of Default has occurred and the Developer Event of Default has not been cured within the period specified in Paragraph 10.3, Utility, in its sole discretion, may take any or all of the following actions: (a) terminate this Agreement by delivering written notice to the Developer (Utility Termination Notice) or (b) proceed in accordance with Paragraph 14 (Resolution of Disputes) to protect and enforce its rights and to recover any damages to which it may be entitled, including all costs and expenses reasonably incurred in the exercise of its remedy, or (c) at its election, take such steps as are reasonably necessary to cure the default before so proceeding.

Developer Default a. In the event Developer fails to obtain Initial Acceptance within {period of time in months} from the commencement of construction, subject to extension at the City’s sole discretion, the City may retain the Infrastructure Security and apply such funds to completion of the Infrastructure Improvements including administrative costs related to the retention of the Infrastructure Security and completion of construction. b. The City may, at its sole discretion, refund all or part of the Infrastructure Security not applied to completion of the Infrastructure Improvements. c. The method and manner in which the City elects to construct or install the Infrastructure Improvements shall be at the sole discretion of the City; provided, however, that nothing herein shall obligate the City to install or complete the Infrastructure Improvements and nothing herein shall prevent, prohibit or limit the remedies available to the City to enforce the obligations of this Agreement.

Developer Default. Upon the happening of any Event of Default by Developer, Owner shall have the absolute unconditional right, in addition to all other rights and remedies available to Owner at law or in equity, to terminate this Agreement by giving written notice of such termination to Developer. Any one or more of the following events shall constitute an “Event of Default” by Developer under this Agreement: (a) If Developer shall fail to observe, perform or comply with any material term, covenant, agreement or condition of this Agreement which is to be observed, performed or complied with by Developer under the provisions of this Agreement, and such failure shall continue uncured for thirty (30) calendar days after the giving of written notice thereof by Owner to Developer specifying the nature of such failure, unless such failure can be cured but is not susceptible of being cured within said thirty (30) calendar day period, in which event such a failure shall not constitute an Event of Default if Developer commences curative action within said thirty (30) calendar day period and thereafter prosecutes such action to completion with all due diligence and dispatch and completes such cure within ninety (90) calendar days after the giving of such notice. (b) If Developer shall make a general assignment for the benefit of creditors; (c) If any petition shall be filed by or against Developer in any court, pursuant to any statute of the United States or of any State, in any bankruptcy, reorganization, dissolution, liquidation, composition, extension, arrangement or insolvency proceedings, and Developer files, consents to or directly or indirectly acquiesces to such petition; (d) If, in any proceeding, a receiver, trustee, liquidator or similar court- appointed agent be appointed for all or a substantial portion of the property or assets of Developer, and same shall not be discharged within thirty (30) calendar days after such appointment; (e) If Developer shall misappropriate any funds of Owner or the Construction Lender in the possession or control of Developer (unless such misappropriation is caused by personnel employed in the performance of Developer’s responsibilities and such individual’s relationship with Developer is immediately terminated and the misappropriated funds are restored within five (5) Business Days of such misappropriation); (f) If Developer shall commit willful misconduct, gross negligence or an act of fraud against Owner or otherwise in connection with the ...

Developer Default. An “Event of Default” or “default” entitling CRA to its remedies below shall occur by the Developer on the happening of any of the following events:

Developer Default a. In the event Developer fails to complete the Landscape Improvements within eight (8) months from the date of the City’s written request, the City may retain the Landscape Security and apply such funds to completion of the Landscape Improvements. b. The City may, at its sole discretion, refund all or part of the Landscape Security not applied to completion of the Landscape Improvements. c. The method and manner in which the City elects to install the Landscape Improvements shall be at the sole discretion of the City; provided, however, that nothing herein shall obligate the City to install or complete the Landscape Improvements and nothing herein shall prevent, prohibit or limit the remedies available to the City to enforce the obligations of this Agreement.

Developer Default. Each of the following shall be an Event of Default by Developer:

Developer Default. Each of the following events shall be an “Event of Default” by the Developer under this Agreement: (a) The Developer shall fail to pay to the City any monetary sum hereby required of it as and when the same shall become due and payable and shall not cure such default within thirty

Developer Default. The term “Developer” shall have the meaning ascribed to it in Section 17.02 of this Agreement.