Events and Conditions Constituting Default by Developer Sample Clauses
Events and Conditions Constituting Default by Developer. Developer shall be in default under this Agreement upon the occurrence of any one or more of the following events or conditions:
(a) Developer fails promptly to begin the authorized scope of work under the Contract Documents following issuance of Project NTP1 or Project NTP2, fails to promptly begin preparation of a Facility Implementation Plan following issuance of the Facility NTP1, or fails to promptly begin performance of Developer’s responsibilities for completion of Facility Development Work following issuance of a Facility NTP2; or
(b) Developer fails to resume performance of Work that has been suspended or stopped, within a reasonable time after receipt of notice from TxDOT to do so or (if applicable) after cessation of the event preventing performance; or
(c) Developer fails to perform the Work in accordance with the Contract Documents, including conforming to applicable standards set forth therein; or
(d) Developer suspends, ceases, stops or abandons the Work or persistently fails to continuously and diligently prosecute the Work; or
(e) Developer fails to obtain, provide and maintain any insurance, bonds, guarantees, letters of credit or other performance security as and when required under this Agreement for the benefit of relevant parties, or fails to comply with any requirement of this Agreement pertaining to the amount, terms or coverage of the same; or
(f) Developer makes or attempts to make or suffers a voluntary or involuntary assignment or transfer of all or any portion of any right or interest in this Agreement or in any of the Contract Documents, except as expressly permitted under Section 24.4; or
(g) Any representation or warranty in the Contract Documents made by Developer or any Guarantor, or any certificate, schedule, report, instrument or other document delivered by or on behalf of Developer to TxDOT pursuant to the Contract Documents is false or materially misleading or inaccurate in any material respect when made or omits material information when made; or
(h) Developer materially fails to timely observe or perform or cause to be observed or performed any other material covenant, agreement, obligation, term or condition required to be observed or performed by Developer under the Contract Documents; or
(i) Developer or any Guarantor fails to discharge or obtain a stay within 30 days of any final judgment(s) or order for the payment of money against it in excess of $250,000 in the aggregate (provided that for purposes hereof, pos...