Events of Default by Developer. Each of the following shall constitute an Event of Default on the part of Developer: (a) An Act of Bankruptcy with respect to the Developer occurs. (b) Developer’s breach of any of its covenants or representations hereunder. (c) Failure of Developer to pay the Access Fee, as specified in Section 3 of this Develop- ment Agreement to MIRA by the twentieth (20) day of any calendar month in any Op- erating Year that such payment is due. (d) Failure of Developer to decommission the CEF in accordance with Exhibit D of this Development Agreement. (e) Developer's allowing or conducting any activities on any of the Property not expressly authorized by this Development Agreement. (f) Developer’s failure to comply with any and all Applicable laws as relating to this De- velopment Agreement and Developer’s performance hereunder. (g) Developer’s failure to provide or maintain the Insurance as required and specified in Section 9 of this Development Agreement, or the Letter of Credit as required and speci- fied in Section 5 of this Development Agreement. (h) Developer’s storage or disposal of any Hazardous Substances at the Property, except as provided for in Section 4.19.5 of this Development Agreement.
Appears in 1 contract
Sources: Access and Use Option Agreement
Events of Default by Developer. Each of the following shall constitute an Event of Default on the part of Developer:
(a) An Act of Bankruptcy with respect to the Developer or the Guarantor occurs.
(b) Developer’s breach of any of its covenants or representations hereunder.
(c) Failure of Developer to pay the Access Fee, as specified in Section 3 of this Develop- ment Agreement to MIRA by the twentieth (20) day of any calendar month in any Op- erating Year that such payment is due.
(d) Failure of Developer to decommission the CEF in accordance with Exhibit D of this Development Agreement.
(e) Developer's allowing or conducting any activities on any of the Property Properties not expressly authorized by this Development Agreement.
(f) Developer’s failure to comply with any and all Applicable laws as relating to this De- velopment Agreement and Developer’s performance hereunder.
(g) Developer’s failure to provide or maintain the Insurance as required and specified in Section 9 of this Development Agreement, or the Letter of Credit as required and speci- fied in Section 5 of this Development Agreement.
(h) Developer’s storage or disposal of any Hazardous Substances hazardous materials at the Property, except as provided for in Section 4.19.5 of this Development Agreementlandfill(s).
Appears in 1 contract
Sources: Agreement to Access and Use for Development of Clean Energy