Common use of Developer’s Default Clause in Contracts

Developer’s Default. The occurrence of any of the following shall be an “event of default” of Developer under this Agreement: (a) The failure of Developer or any of its affiliates to fulfill any obligations with respect to the TIF, including specifically payment of Statutory Service Payments and Minimum Service Payments in its capacity as a TIF Parcel Owner (provided that nothing contained herein shall be construed as a default by Developer if a TIF Parcel Owner that is not affiliated with Developer fails to pay any applicable Statutory Service Payments or Minimum Service Payments). (b) The dissolution of Developer or the filing of any bankruptcy or insolvency proceedings by or against Developer, the appointment of a receiver (temporary or permanent) for Developer, the attachment of, levy upon, or seizure by legal process of any property of Developer, or the insolvency of Developer. (c) The failure of Developer to perform or observe any obligation, duty, or responsibility under this Agreement or any TIF Declaration to which the Developer or any of its affiliates is a party, and failure by Developer to correct such failure within thirty (30) days after Developer’s receipt of written notice thereof from the City; provided, however, that if the nature of the default is such that it cannot reasonably be cured within thirty (30) days, Developer shall not be in default so long as Developer commences to cure the default within such thirty day period and thereafter diligently completes such cure within ninety (90) days after Developer’s receipt of the City’s initial notice of default. The foregoing notwithstanding, if Developer’s failure to perform or observe any obligation, duty, or responsibility under this Agreement creates a dangerous condition or otherwise constitutes an emergency as determined by the City, an event of default shall be deemed to have occurred if Developer fails to take corrective action immediately upon discovering such dangerous condition or emergency.

Developer’s Default. The occurrence of any Each of the following events shall be an “event Event of defaultDefault” of by the Developer under this Agreement: (a) The failure of Developer or any of its affiliates shall fail to fulfill any obligations with respect pay to the TIF, including specifically payment City any monetary sum required of Statutory Service Payments it as and Minimum Service Payments in its capacity as a TIF Parcel Owner (provided that nothing contained herein when the same shall be construed as a become due and payable and shall not cure such default by Developer if a TIF Parcel Owner that is not affiliated with Developer fails to pay any applicable Statutory Service Payments or Minimum Service Payments). (b) The dissolution of Developer or the filing of any bankruptcy or insolvency proceedings by or against Developer, the appointment of a receiver (temporary or permanent) for Developer, the attachment of, levy upon, or seizure by legal process of any property of Developer, or the insolvency of Developer. (c) The failure of Developer to perform or observe any obligation, duty, or responsibility under this Agreement or any TIF Declaration to which the Developer or any of its affiliates is a party, and failure by Developer to correct such failure within thirty (30) days after Developer’s receipt the later of the date on which written notice thereof from is given by the City to the Developer, as provided in this Agreement. The Developer shall fail in any material respect to maintain any of the insurance or bonds required by this Agreement. (b) The Developer shall fail to comply in any material respect with any term, provision or covenant of this Agreement (other than the payment of money to the City; provided), howeverand shall not cure such failure within ninety (90) days after written notice thereof is given by the City to the Developer; (c) The filing by Developer of a voluntary proceeding under present or future bankruptcy, that if insolvency, or other laws respecting debtors, rights; (d) The consent by Developer to an involuntary proceeding under present or future bankruptcy, insolvency, or other laws respecting debtor’s rights; (e) The Developer shall be in default of any continuing disclosure agreement entered into by it and the nature City with respect to any bonds issued by the City for the benefit of the default Developer; (f) The entering of an order for relief against Developer or the appointment of a receiver, trustee, or custodian for all or a substantial part of the property or assets of Developer in any involuntary proceeding, and the continuation of such order, judgment or degree unstayed for any period of ninety (90) consecutive days; (g) The failure by Developer or any Affiliate to pay Impositions and Assessments on property owned by the Developer and/or any Affiliates within the PID, if such failure is such that it cannot reasonably be cured within thirty (30) days, ; (h) Any representation or warranty confirmed or made in this Agreement by the Developer shall not be was untrue in any material respect as of the Effective Date; or The Developer is in default so long as Developer commences under the Development Agreement and has failed to cure such default under the default within such thirty day period and thereafter diligently completes such cure within ninety (90) days after Developer’s receipt terms of the City’s initial notice of default. The foregoing notwithstanding, if Developer’s failure to perform or observe any obligation, duty, or responsibility under this Agreement creates a dangerous condition or otherwise constitutes an emergency as determined by the City, an event of default shall be deemed to have occurred if Developer fails to take corrective action immediately upon discovering such dangerous condition or emergencyDevelopment Agreement.

Developer’s Default. The occurrence of any of the following events shall be constitute an “event of default” default on the part of Developer under this Agreement:(“Developer Event of Default”): (a) The failure After taking into account the extension of time permitted under Section 11.2, Developer fails to commence or any complete construction of its affiliates the Project within the times set forth in Section 3.6 after a notice and cure period, or abandons or suspends construction of the Project prior to fulfill any obligations with respect completion of all construction for a period of sixty (60) days; (b) A voluntary Transfer occurs in violation of Article VI; (c) Developer fails to maintain insurance on the TIFportions of the Property Developer owns and the Project as required pursuant to this Agreement and Developer fails to cure such default within ten (10) days of receipt of written notice by the Developer; (d) Subject to Developer’s right to contest the following charges pursuant to Section 5.3, including specifically payment of Statutory Service Payments and Minimum Service Payments in its capacity as a TIF Parcel Owner (provided that nothing contained herein shall be construed as a default by Developer if a TIF Parcel Owner that is not affiliated with Developer fails to pay prior to delinquency taxes or assessments due on the portions of the Property Developer owns or the Project or fails to pay when due any other charge that may result in a lien on the portions of the Property Developer owns or the Project, and Developer fails to cure such default within 30 days of date of delinquency, but in all events upon the imposition of any such tax or other lien; (e) A default arises under any loan secured by a mortgage, deed of trust or other security instrument recorded against the portions of the Property Developer owns and remains uncured beyond any applicable Statutory Service Payments or Minimum Service Payments).cure period such that the holder of such security instrument has the right to accelerate repayment of such loan; (bf) The dissolution Any representation or warranty contained in this Agreement or in any application, financial statement, certificate or report submitted to the Agency or the City in connection with this Agreement or Developer’s request for Agency Financial Assistance proves to have been incorrect in any material and adverse respect when made and continues to be materially adverse to the Agency or the City; (g) A court having jurisdiction shall have made or entered any decree or order (1) adjudging the Developer to be bankrupt or insolvent, (2) approving as properly filed a petition seeking reorganization of the Developer or seeking any arrangement for Developer under bankruptcy law or any other applicable debtor's relief law or statute of the filing United States or any state or other jurisdiction, (3) appointing a receiver, trustee, liquidator, or assignee of any the Developer in bankruptcy or insolvency proceedings by or against Developer, the appointment of a receiver (temporary or permanent) for Developer, the attachment of, levy upon, or seizure by legal process of any property of Developer, or the insolvency of Developer. (c) The failure of Developer to perform or observe any obligation, duty, or responsibility under this Agreement or any TIF Declaration to which the Developer or any of its affiliates properties, or (4) directing the winding up or liquidation of the Developer; (h) Developer shall have assigned its assets for the benefit of its creditors (other than pursuant to a mortgage loan) 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 sixty (60) days after such event (unless a lesser time period is permitted for cure under any other mortgage on the Property, in which event such lesser time period shall apply under this subsection as well) or prior to any sooner sale pursuant to such sequestration, attachment, or execution; (i) The Developer shall have voluntarily suspended its business or Developer shall have been dissolved or terminated other than in a partyreorganization in which Developer meets the transfer restrictions in Sections 6.3 or 6.4; (j) An event of default arises under any Agency Document and remains uncured beyond any applicable cure period; or (k) Developer defaults in the performance of any material term, provision, covenant or agreement contained in this Agreement other than an obligation enumerated in this Section 9.1 and failure by Developer to correct unless a shorter cure period is specified for such failure within default, the default continues for thirty (30) days in the event of a monetary default or ninety (90) days in the event of a nonmonetary default after Developer’s receipt of the date upon which Agency shall have given written notice thereof from the City; provided, however, that if the nature of the default to Developer. (l) Upon Developer’s default under this Agreement, the Agency shall provide written notice of the purported breach, and unless a shorter cure period is specified or in the case of a Developer Event of Default arising under clauses (b) through (i) above, Developer shall have ninety (90) days after the date upon which Agency shall have given written notice of the default to Developer to cure such default; provided however, if the default is of a nature that it cannot reasonably be cured within thirty (30) 90 days, a Developer Event of Default shall not be in default so long as arise hereunder if Developer commences to cure the default within such thirty day period 180 days and thereafter diligently completes prosecutes the curing of such cure within ninety (90) default with due diligence and in good faith to completion and in no event later than 180 days after Developer’s receipt of the City’s initial notice of the default. The foregoing notwithstanding, if Developer’s failure to perform or observe any obligation, duty, or responsibility under this Agreement creates a dangerous condition or otherwise constitutes an emergency as determined by the City, an event of default shall be deemed to have occurred if Developer fails to take corrective action immediately upon discovering such dangerous condition or emergency.