Common use of Work Stop Clause in Contracts

Work Stop. Subject to the terms and conditions of Section 22, and after construction has begun, if (i) the Project Phase Work is not completed (as determined in accordance with Section 12(c)) within twenty-four (24) months after the Bond Proceeds Date for the specific Project Phase; or (ii) all construction work of a material nature ceases with respect to the Project Phase Work for a period of at least one hundred twenty (120) consecutive days or for more than a total of one hundred fifty (150) days during any two hundred forty (240) day period, then, at any time until construction work of a material nature resumes and is continuing, City may elect, in addition to any other legal and equitable remedies available to City, to unilaterally terminate this Agreement and all Ancillary Agreements and notify Developer that no additional Bond Proceeds will be disbursed, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice (1) at any time after the expiration of the 24th month in the case of clause (i) of the preceding sentence (but prior to Substantial Completion of the Project Phase Work); or (2) prior to material resumption of the construction work in the case of clause (ii) of the preceding sentence. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(b), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. The foregoing terms shall be incorporated into the Multi-Party Agreement.

Work Stop. Subject After Commencement of Construction, subject to the terms and conditions of Section 22, and after construction has begunForce Majeure, if (i) the Project Phase Work is not completed (as determined in accordance with Section 12(c)) within twenty-four (24) months after the Bond Proceeds Date for the specific Project Phase; or (ii) all construction work of a material nature ceases with respect to the Project Phase Work for a period of at least one hundred twenty (120) consecutive days or for more than a total of one two hundred fifty (150200) days during any two three hundred forty sixty (240360) day period, then, at any time until construction work of a material nature resumes and is continuing, City Bodies may elect, in addition to any other legal and equitable remedies available to CityCity Bodies, to unilaterally terminate this Agreement and all the Ancillary Agreements and notify Developer that no additional Bond Proceeds will be disbursedAgreements, without any liability or obligation to Developer or Project LenderCompany. Subject to the foregoing, the Power of Termination and The foregoing rights shall be deemed exercised upon delivery to Developer Company of written notice (1) Notice delivered at any time after the expiration of the 24th month in the case of clause such ninety (i90) of the preceding sentence (day period but prior to Substantial Completion of the Project Phase Work); or (2) prior to material resumption of the construction work work. Within thirty (30) business days of the delivery of the Notice to Company, Company shall reimburse the Commission for the City Land in the case amount of clause One Hundred Thirty Thousand, Four Hundred Fifteen and no/100 Dollars (ii) $130,415.00). Subject to the foregoing, the foregoing rights shall be deemed exercised upon delivery to Company of Notice prior to material resumption of the preceding sentenceconstruction work. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(b11(b), or to invoke any available remedy with respect to an Event of Default by Developer Company shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. The foregoing terms shall be incorporated into the Multi-Party Agreement.