CM@R Events of Default. The following shall be considered “CM@R Events of Default”:
CM@R Events of Default. Any of the following shall be considered “CM@R Events of Default”: if the CM@R fails or neglects to carry out the Work in accordance with the provisions of the Contract Documents, and fails, after seven (7) Days written notice from the Project Manager, to commence a cure to correct such failure or neglect and thereafter diligently pursue such cure to completion; if the CM@R materially breaches this Contract and fails, after seven (7) Days written notice from the Project Manager, to commence a cure to correct such breach and thereafter diligently pursue such cure to completion (such breach to include, but not be limited to, failure to make payment to Subcontractors for materials or labor in accordance with the respective Contracts between the Contractor and the Subcontractors or disregard of Legal Requirements); and/or if a custodian, trustee or receiver is appointed for the CM@R, or if the CM@R becomes insolvent or bankrupt, is generally not paying its debts as they become due or makes an assignment for the benefit of creditors, or the CM@R causes or suffers an order for relief to be entered with respect to it under applicable Federal bankruptcy law or applies for or consents to the appointment of a custodian, trustee or receiver for the CM@R, or bankruptcy, reorganization, arrangement or insolvency proceedings, or other proceedings for relief under any bankruptcy or similar law or laws for the relief of debtors, are instituted by or against the CM@R, and in any of the foregoing cases such action is not discharged or terminated within sixty (60) Days of its institution. Remedies of City upon a CM@R Event of Default Termination of Contract. Upon the occurrence of a CM@R Event of Default, City shall have the right to terminate this Contract upon an additional seven (7) Days written notice to the CM@R, provided that the CM@R has not commenced a cure within such seven (7) Day period. Without prejudice to any other rights or remedies of City, City, subject to any prior rights of the Surety, may: take possession of the Site and of all materials, equipment, tools and construction equipment thereon owned by the CM@R; accept assignment of the Subcontracts; and finish the Work by whatever reasonable method City may deem expedient. When City terminates the Contract as aforesaid, the CM@R shall not be entitled to receive further payment until the Work is finished. If the unpaid balance of the GMP exceeds costs incurred in finishing the Work, such excess shall be paid ...
