Common use of EFFECT OF AN EVENT OF DEFAULT Clause in Contracts

EFFECT OF AN EVENT OF DEFAULT. Following an Event of Default, the non-defaulting party shall give written notice to the other party of any Event of Default, and the defaulting party shall have thirty (30) days from receipt of the non-defaulting party’s notice to cure said Event of Default. Should said Event of Default remain uncured as of the 31st day following the receipt of notice of default and the non-defaulting party is not otherwise in default, the non-defaulting party shall have the right to exercise the rights and remedies set forth in this Paragraph 7. In the event, Applicant defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall immediately cease to be entitled to receive the payments set forth herein, until such time as Applicant cures such default, if at all, as the sole and exclusive remedy for any default by Applicant hereunder. In the event, FEDC defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall have the right to exercise all rights and remedies available at law or in equity, including, but not limited to, the right of specific performance.

EFFECT OF AN EVENT OF DEFAULT. Following an Event of Default, the non-defaulting party shall give written notice to the other party of any Event of Default, and the defaulting party shall have thirty (30) days from receipt of the non-defaulting party’s notice to cure said Event of Default. Should said Event of Default remain uncured as of the 31st day following the receipt of notice of default and the non-defaulting party is not otherwise in default, the non-defaulting party shall have the right to exercise the rights and remedies set forth in this Paragraph 7. In the event, Applicant defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall immediately cease to be entitled to receive the payments set forth herein, until such time as Applicant cures such default, if at all, as the sole and exclusive remedy for any default by Applicant hereunder. In the event, FEDC defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall have the right to exercise all rights and remedies available at law or in equity, including, but not limited to, the right of specific performance.

EFFECT OF AN EVENT OF DEFAULT. Following an Event of Default, the non-defaulting party shall give written notice to the other party of any Event of Default, and the defaulting party shall have thirty (30) days from receipt of the non-defaulting party’s notice to cure said Event of Default. Should said Event of Default remain uncured as of the 31st day following the receipt of notice of default and the non-defaulting party is not otherwise in default, the non-defaulting party shall have the right to exercise the rights and remedies set forth in this Paragraph 7. In the event, Applicant defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall immediately cease to be entitled to receive the payments set forth herein, until such time as Applicant cures such default, if at all, and shall reimburse FEDC the payments made per Full-Time Equivalent Employment Position that terminated within one (1) year, as the sole and exclusive remedy for any default by Applicant hereunder. In the event, FEDC defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall have the right to exercise all rights and remedies available at law or in equity, including, but not limited to, the right of specific performance.

EFFECT OF AN EVENT OF DEFAULT. Following an Event of Default, the non-defaulting party shall give written notice to the other party of any Event of Default, and the defaulting party shall have thirty sixty (3060) days from receipt of the non-defaulting party’s notice to cure said Event of Default; provided, however, that if any default by Developer cannot reasonably be cured within such 60-day period, but Developer commences to cure such failure within such 60-day period and thereafter diligently pursues the curing thereof to completion, then Developer shall not be in default under this Agreement. Should Subject to the immediately preceding sentence, should said Event of Default remain uncured as of the 31st 61st day following the receipt of notice of default and the non-defaulting party is not otherwise in default, the non-defaulting party shall have the right to exercise the rights and remedies set forth in this Paragraph 7. In the event, Applicant Developer defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant Developer shall immediately cease to be entitled to receive the payments set forth herein, until such time as Applicant Developer cures such default, if at all, as the sole and exclusive remedy for any default by Applicant Developer hereunder. In the event, FEDC defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant Developer shall have the right to exercise all rights and remedies available at law or in equity, including, but not limited to, the right of specific performance.

EFFECT OF AN EVENT OF DEFAULT. Following an Event of Default, the non-defaulting party shall give written notice to the other party of any Event of Default, and the defaulting party shall have thirty (30) days from receipt of the non-defaulting party’s notice to cure said Event of Default. Should said Event of Default remain uncured as of the 31st day following the receipt of notice of default and the non-defaulting party is not otherwise in default, the non-defaulting party shall have the right to exercise the rights and remedies set forth in this Paragraph 7. In the event, Applicant defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall immediately cease repay FEDC for the Project Grants/Incentives received: (1) Rent Forgiveness Grants received in the first year of the Lease with FEDC; and (2) the difference of the appraised value of the Property and the reduced sale price offered to be entitled to receive the payments set forth herein, until such time as Applicant cures such defaultApplicant, if at all, as Applicant has purchased the sole and exclusive remedy for any default by Applicant hereunderProperty. In the event, the FEDC defaults and is unable or unwilling to cure said Event of Default within the prescribed time period, Applicant shall have the right to exercise all rights and remedies available at law or in equity, including, but not limited to, the right of specific performance.