Events of Default by Developer. In addition to other events of default by Developer set forth in this Agreement, each of the following events constitute a default of this Agreement by Developer: (a) The CDC reasonably and in good faith determines that any representation or warranty on behalf of Developer contained in this Agreement or in any financial statement, certificate, report, or opinion submitted to the CDC or the City in connection with this Agreement was incorrect or misleading in any material respect when made. (b) Any attachment or other levy against the Development or any portion thereof with respect to a claim, excluding mechanic’s and materialman’s liens, remains unpaid, undischarged, or not dismissed for a period of 120 days. (c) ▇▇▇▇▇▇▇▇▇ makes an assignment for the benefit of creditors. (d) Developer files a voluntary petition in bankruptcy or is adjudicated insolvent or bankrupt. (e) If taxes owed to the City by Developer become delinquent, and ▇▇▇▇▇▇▇▇▇ fails to timely and properly follow the legal procedures for protest or contest. (f) Developer fails to timely, fully and completely comply with any one or more of the deadlines, material requirements, obligations, duties, terms, conditions or warranties of this Agreement.
Appears in 2 contracts
Sources: Incentive Agreement, Incentive Agreement
Events of Default by Developer. In addition to other events of default by Developer set forth in this Agreement, each of the following events constitute a default of this Agreement by Developer:
(a) The CDC City reasonably and in good faith determines that any representation or warranty on behalf of Developer contained in this Agreement or in any financial statement, certificate, report, or opinion submitted to the CDC City or the City in connection with this Agreement was incorrect or misleading in any material respect when made.
(b) Any attachment or other levy against the Development or any portion thereof with respect to a claim, excluding mechanic’s and materialman’s liens, remains unpaid, undischarged, or not dismissed for a period of 120 business days.
(c) ▇▇▇▇▇▇▇▇▇ makes an assignment for the benefit of creditors.
(d) Developer files a voluntary petition in bankruptcy or is adjudicated insolvent or bankrupt.
(e) If taxes owed to the City by Developer become delinquent, and ▇▇▇▇▇▇▇▇▇ fails to timely and properly follow the legal procedures for protest or contest.
(f) Developer fails to timely, fully and completely comply with any one or more of the deadlines, material requirements, obligations, duties, terms, conditions or warranties of this Agreement.
Appears in 1 contract
Sources: Incentive Agreement