Developer Default definition
Examples of Developer Default in a sentence
Without limiting the generality of the foregoing, D▇▇▇▇▇▇▇▇ agrees that if a Developer Default is continuing, (i) Owner is not subject to any “one action” or “election of remedies” law or rule (to the extent applicable), and (ii) all liens and other rights, remedies or privileges provided to Owner shall remain in full force and effect.
On the date that Developer delivers the applicable Draw Request and on the date of such Advance, no Developer Default shall be ongoing and no default, condition, or state of facts shall exist which, with the passage of time or the giving of notice or both, would constitute a Developer Default (a “Default”), and no Material Adverse Effect shall have occurred and be continuing, in each case, as determined by Owner in its sole and absolute discretion.
After the occurrence and during the continuance of any Developer Default, Owner shall have the right and power (but shall not be obligated) to assume all or any portion of the obligations of Developer under any or all Project Agreements as Owner may elect and to take over and use all or any part or parts of the labor, materials, supplies and equipment contracted for by or on behalf of Developer, whether or not previously incorporated into the Property.
The payment of such late charge shall not constitute waiver of, nor excuse or cure, any Developer Default under this Agreement, nor prevent Owner from exercising any other rights and remedies available to Owner.
Whether or not a Developer Default shall have occurred and be continuing, if a Casualty could result in Proceeds in excess of the Casualty Amount, Owner and Developer will jointly engage a public adjuster acceptable to Owner; provided, however, that Owner shall have the right to approve any final determination of such joint adjuster and any settlement which might result in any Proceeds in excess of the Casualty Amount.