Common use of Default by the Developer Clause in Contracts

Default by the Developer. (A) The occurrence of (i) an Event of Bankruptcy or (ii) any failure by the Developer to perform any obligation under this Agreement where such event or failure shall continue for more than thirty (30) days after the City’s written notice (the “Default Notice”) of such event or failure is received by the Developer and the Developer shall fail to provide a response to the Default Notice specifying the actions undertaken or to be undertaken to effect a cure within thirty (30) days after receipt of the Default Notice; or shall respond to the Default Notice but shall fail to effect the cure specified in such response shall be an Event of Default by the Developer (“Developer Default”) provided, however, that the Developer shall not be in default with respect to any matter referred to in a Default Notice which is susceptible of cure but cannot be reasonably cured within said thirty (30)-day period, so long as the Developer responds to the Default Notice and sets out a reasonable plan and schedule to effect a cure and thereafter makes reasonable efforts to complete the same in accordance with such schedule. (B) Except as otherwise provided in this Agreement if a Developer Default occurs, the City shall be entitled to pursue its rights and remedies pursuant to this Agreement or as may otherwise be available at law or in equity. (C) It is agreed and understood that in the event a Developer Default occurs, the Developer agrees, upon City’s prior written request, to execute such assignments or other documentation as may be reasonably required to effect an assignment to the City of Developer’s DECD Brownfields Grant Assistance Agreement and/or any other agreement Developer has for funding obtained from the State, as well as any and all permits, approvals or other related documentation or agreements necessary for the City to complete the Environmental Remediation Work. (D) It is agreed and understood that the provisions of this Section 9.1 shall not affect the Right of Reversion set forth on Section 3.6 above, and that the City may, in the City’s sole discretion, elect to pursue such remedy as it may deem necessary or desirable from time to time.

Default by the Developer. An event of Default by the Developer (Aa “Developer Default”) The occurrence of shall occur upon (i) an Event of Bankruptcy (provided that such an Event of Bankruptcy shall not be a Developer Default if the same is dismissed within ninety (90) days), or (ii) any failure by the Developer to perform any obligation under this Agreement where in which such event or failure shall continue for more than thirty (30) days after the City’s written notice (the “Default Notice”) of such event or failure is received by the Developer Developer, and the Developer (A) shall fail to provide a response to the Default Notice specifying the actions undertaken or to be undertaken to effect a cure within thirty (30) days after receipt of the Default Notice; , or (B) shall respond to the Default Notice but shall fail to effect the cure specified in such response shall be an Event of Default by the Developer (“Developer Default”) response, provided, however, that the Developer shall not be in default with respect to any matter referred to in a Default Notice which is susceptible of cure but cannot be reasonably cured within said thirty (30)-day 30) day period, so long as the Developer responds to the Default Notice and sets out a reasonable plan and schedule to effect a cure and thereafter makes reasonable efforts to complete the same in accordance with such schedule. (B) . Except as otherwise provided in this Agreement Agreement, if a Developer Default occurs, the City shall be entitled to pursue its rights and remedies pursuant to this Agreement or as may otherwise be available at law or in equity. (C) It is agreed and understood that in the event a Developer Default occurs, the Developer agrees, upon City’s prior written request, to execute such assignments or other documentation as may be reasonably required to effect an assignment to the City of Developer’s DECD Brownfields Grant Assistance Agreement and/or any other agreement Developer has for funding obtained from the State, as well as any and all permits, approvals or other related documentation or agreements necessary for the City to complete the Environmental Remediation Work. (D) . It is agreed and understood that the provisions of this Section 9.1 7.1 shall not affect the Right of Reversion set forth on Section 3.6 aboveany right or remedy pursuant to this Agreement, and that the City may, in the City’s sole discretion, elect to pursue such right or remedy as it may deem necessary or desirable from time to time.