Common use of Owner Events of Default Clause in Contracts

Owner Events of Default. The following shall constitute events of default on the part of Owner (each, an “Owner Event of Default”) under this Agreement: (a) If Owner fails to make any payment required hereunder within ten (10) days after written notice thereof from Developer; (b) If Owner makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of the insolvency of Owner, or if Owner files a petition seeking to take advantage of any other Law relating to bankruptcy, insolvency, reorganization, winding up or composition of or readjustment of debts and, in the case of any such proceeding instituted against Owner (but not by Owner) such proceeding is not dismissed within sixty (60) days of such filing; (c) If Owner fails to comply with any material terms of this Agreement not otherwise set forth as an Owner Event of Default in this Section 11.1 and fails to cure or remedy such failure within thirty (30) days after notice and a written demand is made by Developer to Owner to cure the same or, if such failure cannot be cured within thirty (30) days, Owner fails to commence to cure such failure within thirty (30) days after such notice and written demand and thereafter diligently pursue such cure to completion, which shall in no event be later than ninety