Common use of Developer Event of Default Clause in Contracts

Developer Event of Default. Each of the following events, if uncured after expiration of the applicable cure period, shall constitute a “Developer Event of Default”: (i) The Developer refuses for any reason (including, but not limited to, lack of funds) to accept conveyance from the City of the Transfer Property or any portion thereof within the time and in the manner specified in Article 4. (ii) The Developer attempts or completes a Transfer except as permitted under Article 9. (iii) The Developer breaches any material provision of this Agreement. (iv) Any representation or warranty of the Developer contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement proves to have been incorrect in any material and adverse respect when made and continues to be materially adverse to the City. (v) A court having jurisdiction shall have made or entered any decree or order: (A) adjudging the Developer to be bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization of the Developer under the bankruptcy law or any other applicable debtor’s relief law or statute of the United States or any state or other jurisdiction, (C) appointing a receiver, trustee, liquidator, or assignee of the Developer in bankruptcy or insolvency or for any of their properties, or (D) directing the winding up or liquidation of Developer. (vi) Developer shall have assigned its assets for the benefit of its creditors (other than pursuant to a Security Financing Interest) or suffered a sequestration or attachment of or execution on any substantial part of its property, unless the property so assigned, sequestered, attached or executed upon shall have been returned or released within ninety (90) days after such event. (vii) Developer shall have voluntarily suspended its business, or the Developer shall have been dissolved or terminated.

Developer Event of Default. Each of the following events, if uncured after expiration of the applicable cure period, shall constitute a “"Developer Event of Default”": (i1) The Developer refuses for any reason (including, but not limited to, lack of funds) to accept conveyance from the City of the Transfer Property or any portion thereof within the time and in the manner specified in Article 4. (ii2) The Developer attempts or completes a Transfer except as permitted under Article 9. (iii3) The Developer breaches any material provision of this Agreement. (iv4) Any representation or warranty of the Developer contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement proves to have been incorrect in any material and adverse respect when made and continues to be materially adverse to the City. (v5) A court having jurisdiction shall have made or entered any decree or order: : (A) adjudging the Developer to be bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization of the Developer under the bankruptcy law or any other applicable debtor’s 's relief law or statute of the United States or any state or other jurisdiction, (C) appointing a receiver, trustee, liquidator, or assignee of the Developer in bankruptcy or insolvency or for any of their properties, or (D) directing the winding up or liquidation of Developer. (vi6) Developer shall have assigned its assets for the benefit of its creditors (other than pursuant to a Security Financing Interest) or suffered a sequestration or attachment of or execution on any substantial part of its property, unless the property so assigned, sequestered, attached or executed upon shall have been returned or released within ninety (90) days after such event.ninety (vii7) Developer shall have voluntarily suspended its business, or the Developer shall have been dissolved or terminated.