DEFAULTS BY BORROWER Sample Clauses
The "Defaults by Borrower" clause defines the specific actions or failures by the borrower that constitute a default under the agreement. Typically, this includes missed payments, failure to maintain required insurance, insolvency, or breach of other material obligations. By clearly outlining what constitutes a default, the clause provides both parties with certainty regarding the circumstances that may trigger remedies such as acceleration of the loan or foreclosure, thereby managing risk and ensuring clarity in the lender-borrower relationship.
DEFAULTS BY BORROWER. The occurrence of any one or more of the following shall constitute an "Event of Default" or a "Default" hereunder, and any Event of Default or Default that may occur hereunder shall constitute a default under each of the other Loan Documents:
(a) A failure by Borrower to make any payment on the Note when and as the same becomes due, which failure continues for a period of thirty (30) days.
(b) Any failure of Borrower or the Guarantor after any applicable notice and cure period, to observe or perform any of the covenants (other than payment of the Note), contained in this Agreement or any of the other Loan Documents, or an Event of Default shall occur under any of the Loan Documents.
(c) The disapproval by Lender of any construction work and failure of Borrower to commence correction thereof to the satisfaction of Lender within fifteen (15) days after notice to Borrower of such disapproval, and thereafter to diligently complete the same.
(d) A discontinuance or abandonment of construction for a period of thirty (30) days, or material failure to adhere to the Construction Schedule except to the such discontinuance or abandonment is caused by inclement weather or a force majeure event, in which case the period shall be reasonably extended by Lender.
(e) Bankruptcy or insolvency of any contractor or subcontractor and failure of Borrower to diligently procure a replacement contractor or subcontractor satisfactory to Lender.
(f) The occurrence of a Prohibited Transfer.
(g) The existence of any collusion, fraud, dishonesty or bad faith by or with the acquiescence of Borrower or the Guarantor that in any way relates to or affects the Loan or the Project.
(h) If, at any time, any material representation, statement, report or certificate made now or hereafter by Borrower or the Guarantor is not true and correct, or if at any time any material statement or representation made in the construction loan application or any supporting materials submitted to Lender for this Loan is not true and correct.
(i) If all or a substantial part of the assets of Borrower or the Guarantor are attached, seized, subjected to a writ or distress warrant, or is levied upon, and such attachment, seizure, writ, warrant or levy is not vacated within thirty (30) days thereafter.
(j) If Borrower or the Guarantor is enjoined or restrained or in any way prevented by court order from performing any of their obligations hereunder or under the other Loan Documents or conducting all or a substantia...
DEFAULTS BY BORROWER. 13.01 The occurrence of any condition that would for any reason disable or prevent Borrower from complying with the terms and provisions of this Agreement within the time and in the manner required and which has not been cured or corrected prior to the expiration of the applicable grace, notice or cure periods. The existence of any collusion or bad faith by or with the acquiescence of Borrower with any third party relating to the securing of the Agreement or in the securing of any advance of loan proceeds.
DEFAULTS BY BORROWER. An "Event of Default" shall be deemed to have occurred under this Agreement as and when an "Event of Default" shall have occurred under the Deeds of Trust.
DEFAULTS BY BORROWER. The occurrence of any one or more of the following shall constitute an "Event of Default" hereunder, and any Event of Default which may occur hereunder shall constitute a default under each of the other Loan Documents:
(a) A failure by Borrower to make any payment on the Note when and as the same becomes due, which failure continues for a period of fifteen (15) days.
(b) Any failure of Borrower for a period of thirty (30) days after written notice from Lender to Borrower, to observe or perform any of the covenants (other than payment of the Note or payments required hereunder), contained in this Agreement or any of the other Loan Documents; provided, that such thirty (30)-day period shall be extended to permit the cure of any default which by its nature is not reasonably susceptible to cure within said thirty (30)-day period, so long as Borrower promptly within said thirty (30)-day period commences its efforts to cure and thereafter diligently pursues the same to completion.
(c) Any failure by Borrower to repay the Loan or any portion thereof as required herein.
(d) The failure of Borrower to fund the DSC Cash Collateral Reserve as required herein.
DEFAULTS BY BORROWER
DEFAULTS BY BORROWER