Remedies on Occurrence of Events of Default Clause Samples
The "Remedies on Occurrence of Events of Default" clause defines the actions a party may take if the other party breaches key obligations under the agreement. Typically, this clause outlines specific remedies such as accelerating payment obligations, terminating the contract, or seeking damages if an event of default occurs, such as non-payment or insolvency. Its core function is to provide a clear framework for addressing serious breaches, ensuring that the non-defaulting party has enforceable options to protect their interests and mitigate losses.
Remedies on Occurrence of Events of Default. Upon the occurrence of an Event of Default, the CAB Districts and the CAB shall, individually and collectively, have the following rights and remedies:
(a) The non-defaulting CAB District(s) or the CAB may ask a court of competent jurisdiction to enter a writ of mandamus to compel the board of directors of the defaulting CAB District to perform its duties under this CABEA, and/or to issue temporary and/or permanent restraining orders, or orders of specific performance, to compel the defaulting CAB District to perform in accordance with this CABEA.
(b) The non-defaulting CAB District(s) or the CAB, or both, may protect and enforce its rights under this CABEA by such suits, actions, or special proceedings as it shall deem appropriate, including, without limitation, any proceedings for the specific performance of any covenant or agreement contained in this CABEA, for the enforcement of any other appropriate legal or equitable remedy, or for the recovery of damages, including attorneys’ fees and all other costs and expenses incurred in enforcement this CABEA.
(c) The non-defaulting CAB District(s) shall have the right to impose a mill levy, budget, and expend funds as necessary to enforce the terms of this CABEA.
(d) To foreclose any and all liens in the manner specified by law. Notwithstanding anything to the contrary contained in this CABEA, prior to the time the CAB requires a CAB District to impose a mill levy for their obligations under this CABEA, any CAB District may file for inactive status and filing for such inactive status shall not constitute an Event of Default.
Remedies on Occurrence of Events of Default. (a) Upon the occurrence of an Event of Default by Company, after written notice by Rangeview to the Company and opportunity to cure as provided in Section 5.4, Rangeview shall have the following rights and remedies:
(i) To shut off or discontinue water and/or wastewater service, in accordance with law and the Rules and Regulations, to those Lots owned by Company for which service fees have not been paid or that otherwise are not compliant with the Rules and Regulations.
Remedies on Occurrence of Events of Default. Upon the occurrence of an Event of Default, each of the Members and the Authority (together) shall have the following rights and remedies:
(a) Any non-defaulting Member(s) and/or the Authority may ask a court of competent jurisdiction to enter a writ of mandamus to compel the board of directors of the defaulting Member to perform its duties under this Agreement, and/or to issue temporary and/or permanent restraining orders, or orders of specific performance, to compel the defaulting Member to perform in accordance with this Agreement.
(b) Any non-defaulting Member(s) and/or the Authority may protect and enforce their rights under this Agreement by such suits, actions, or special proceedings as they shall deem appropriate, including, without limitation, any proceedings for the specific performance of any covenant or agreement contained in this Agreement, for the enforcement of any other appropriate legal or equitable remedy, or for the recovery of damages, including attorneys’ fees and all other costs and expenses incurred in enforcing this Agreement.
(c) The non-defaulting Member(s) and/or the Authority shall have the right to budget and expend funds as necessary to enforce the terms of this Agreement.
Remedies on Occurrence of Events of Default. Upon the occurrence of an Event of Default, each of the Members and the Authority (together) shall have the following rights and remedies:
(a) Any non-defaulting Member(s) and/or the Authority may ask a court of competent jurisdiction to enter a writ of mandamus or order any similar or equivalent relief, to compel the board of directors of the defaulting Member to perform its duties under this Agreement, and/or to issue temporary and/or permanent restraining orders, or orders of specific performance, to compel the board of directors of the defaulting Member to perform in accordance with this Agreement.
(b) Any non-defaulting Member(s) and/or the Authority may protect and enforce their rights under this Agreement by such suits, actions, or special proceedings as they shall deem appropriate, including, without limitation, any proceedings for the specific performance of any covenant or agreement contained in this Agreement, for the enforcement of any other appropriate legal or equitable remedy, or for the recovery of damages, including attorneys’ fees and all other costs and expenses incurred in enforcing this Agreement.
(c) The non-defaulting Member(s) and/or the Authority shall have the right to budget and expend funds as necessary to enforce the terms of this Agreement.