Occurrence of Default. A default under this Agreement shall occur if either party hereto violates, breaches, or fails to comply with any provision of, or obligation under, this Agreement (including, without limitation, by reason of its violation, breach, or failure to comply with any portion of the Applicable Public Housing Requirements). A default by Owner that is attributable to an action or omission, or assertion or demonstration of an intended action or omission, of a Management Agent shall be deemed a default by Owner for purposes of this section (unless said Management Agent is an affiliate of the Authority) except to the extent that Owner diligently is pursuing the remedies available to Owner for such a default in accordance with the provisions of the Management Agreement as then in force.
Appears in 2 contracts
Sources: Regulatory and Operating Agreement, Regulatory and Operating Agreement