Common use of Termination by Authority Clause in Contracts

Termination by Authority. Subject to the timing and provisions of Section 3.10.1 (including, without limitation, the reimbursement provisions set forth therein), in the event that Authority is not in Default under this Agreement, and: (a) Developer is unable to obtain sufficient financing for the development and operation of Phase I in accordance with the provisions of Section 3.10.1, subject to Developer’s right of reimbursement and Authority’s right to all plans pursuant to Section 3.10.1(a); or (b) Developer fails to receive an allocation of Tax Credits for Phase I and Authority elects to terminate this Agreement pursuant to Section 3.10.1(a), subject to the restrictions contained in Section 3.10.1(a) and further subject to Developer’s right of reimbursement and Authority’s right to all plans pursuant to Section 3.10.1(a); or (c) One or more of the Conditions Precedent set forth in Section 2.2.1 is not satisfied (or waived by Authority) on or before the time set forth in the Schedule of Performance, and such Condition Precedent is not satisfied after notice and an opportunity to satisfy as provided in Section 6.1 hereof, and such failure is not caused by Authority; or (d) Developer is otherwise in Default of this Agreement and fails to cure such Default within the time set forth in Section 6.1 hereof; then this Agreement and any rights of Developer or any assignee or transferee with respect to or arising out of this Agreement shall, at the option of Authority, be terminated by Authority by written notice thereof to Developer. From the date of the written notice of termination of this Agreement by Authority to Developer and thereafter this Agreement shall be deemed terminated, and there shall be no further rights or obligations between the parties as to Phase I (except as provided in Section 3.10 as to Developer’s delivery and assignment of Development Plans and other materials to Authority, if applicable), except that if Developer is in default hereunder Authority, after delivery of notice of default and expiration of the cure period provided in Section 6.1 hereof, may pursue any remedies it has at law or equity.

Termination by Authority. Subject to the timing and provisions of Section 3.10.1 (including, without limitation, the reimbursement provisions set forth therein), in the event that Authority is not in Default under this Agreement, and: (a) Developer is unable to obtain sufficient financing for the development and operation of Phase I II in accordance with the provisions of Section 3.10.1, subject to Developer’s right of reimbursement and Authority’s right to all plans pursuant to Section 3.10.1(a); or (b) Developer fails to receive an allocation of Tax Credits for Phase I II and Authority elects to terminate this Agreement pursuant to Section 3.10.1(a), subject to the restrictions contained in Section 3.10.1(a) and further subject to Developer’s right of reimbursement and Authority’s right to all plans pursuant to Section 3.10.1(a); or (c) One or more of the Conditions Precedent set forth in Section 2.2.1 is not satisfied (or waived by Authority) on or before the time set forth in the Schedule of Performance, and such Condition Precedent is not satisfied after notice and an opportunity to satisfy as provided in Section 6.1 hereof, and such failure is not caused by Authority; or (d) Developer is otherwise in Default of this Agreement and fails to cure such Default within the time set forth in Section 6.1 hereof; then this Agreement and any rights of Developer or any assignee or transferee with respect to or arising out of this Agreement shall, at the option of Authority, be terminated by Authority by written notice thereof to Developer. From the date of the written notice of termination of this Agreement by Authority to Developer and thereafter this Agreement shall be deemed terminated, and there shall be no further rights or obligations between the parties as to Phase I II (except as provided in Section 3.10 as to Developer’s delivery and assignment of Development Plans and other materials to Authority, if applicable), except that if Developer is in default hereunder Authority, after delivery of notice of default and expiration of the cure period provided in Section 6.1 hereof, may pursue any remedies it has at law or equity.