No Commencement. Subject to the terms and conditions of Section 19, if Developer has not commenced construction of the Project within ninety (90) days after the Closing Date, then, at any time until Developer commences construction of the Project, Town may elect, in addition to any other legal and equitable remedies available to Town, to (i) terminate this Agreement and all Ancillary Agreements; (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the Office Building Parcel and Multi-Family Parcel to re-vest in Building Corp.; and (iii) terminate the Declaration and the Garage Lease; in each case, without any liability or obligation to Developer or Project Lender. The Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such ninety (90) day period but prior to commencement of construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by Town contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice and payment of the applicable Divestiture Payment [$1.00] to Developer, Developer shall surrender possession of the Project Site to Building Corp and title to, and all estates in, the Garage Parcel, Office Building Parcel and Multi-Family Parcel shall terminate and the Office Building Parcel and Multi-Family Parcel shall automatically, and without further action, re-vest in Building Corp. Any such re-vesting shall be free and clear of the Project Loan and any and all encumbrances, liens, easements, agreements, and other matters of record other then existing upon Building Corp.'s delivery of the Office Building Parcel Deed and Multi-Family Parcel Deed, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Office Building Parcel or Multi-Family Parcel whether or not such instruments are released and extinguished by operation of law. No delay or failure by Town to enforce any of the covenants, conditions, reservations and rights contained in this Agreement, or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by Town of the right to do so thereafter, or an estoppel of Town to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations her...
No Commencement. As of the date hereof, no steps to commence construction on the Land have been taken, including, without limitation, steps to clear or otherwise prepare the Land for construction or the delivery of material for use in construction of the Improvements; and no action has been taken under the Construction Contract or any other contract or other agreement for construction which could give rise to a lien on the Land.
No Commencement. Subject to Force Majeure, if Xxxxxxxx has not Commenced Construction of the Police Station within ninety (90) days after the Effective Date, then, at any time until Xxxxxxxx commences construction of the Police Station, City may elect, in addition to any other legal and equitable remedies available to City, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) exercise its Power of Termination without any liability or obligation to Xxxxxxxx or Police Station Lender, except as provided in this paragraph and in the Scoping Agreement. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Xxxxxxxx and Police Station Lender of written notice delivered at any time after such ninety (90) day period but prior to commencement of construction. Such notice shall be accompanied by the Divestiture Payment. Upon delivery of such notice and payment of the applicable Divestiture Payment to Xxxxxxxx, Xxxxxxxx shall abandon the Project Site and remove all equipment and personal property from the Project Site. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 7.04(A), or to invoke any available remedy with respect to an Event of Default by Hagerman shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Police Station Lender or any cure right in favor of Police Station Lender shall be required in connection with the exercise of such right. The foregoing terms shall be incorporated into the Multi-Party Agreement.
No Commencement. Other than contracts for ordinary and customary maintenance of the Improvements and the completion of certain tenant improvements as described on Exhibit “D”, as of the date of this Agreement, no contract or other agreement for construction on the Mortgaged Property has been entered into for furnishing materials or for any other purpose, the performance of which by the other party thereto would give rise to a lien on the Land.
No Commencement. Subject to Force Majeure, if Company has not commenced construction of the Project within ninety (90) days after the Closing Date, then, at any time until Company commences construction of the Project, City Bodies may elect, in addition to any other legal and equitable remedies available to City Bodies, to unilaterally terminate this Agreement and the Ancillary Agreements, without any liability or obligation to Company. The foregoing rights shall be deemed exercised upon delivery to Company of Notice delivered at any time after such ninety (90) day period but prior to Commencement of Construction (as defined herein below) of the Project. Within thirty (30) days of the delivery of the Notice to Company, Company shall reimburse the Commission for the City Land in the amount of One Hundred Thirty Thousand, Four Hundred Fifteen and no/100 Dollars ($130,415.00) No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 11(a) or to invoke any available remedy with respect to an Event of Default by Company shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. For purposes of this Section 11(a), “Commencement of Construction” shall mean material and substantial work on the Project pursuant to Required Permits such as installation of footings and foundations and shall not be deemed to occur as a result of mere excavation work.
No Commencement. Provided the Bond Proceeds are issued in accordance with Sections 6(m) and 7(d), if Developer has not commenced construction of the Project within sixty (60) days after the Closing Date, then, at any time until Developer commences construction of the Project, Town may elect, in addition to any other legal and equitable remedies available to Town, to (i) terminate this Agreement and all Ancillary Agreements; and
No Commencement. With respect to each House or Lot, as of the date of each applicable Security Instrument, no steps to commence construction on the applicable Lots, including steps to clear or otherwise prepare such Lots for construction thereon or the delivery of material for use in construction of the Improvements, have been taken. With respect to each A&D Project, as of the date of each applicable Security Instrument, no steps to commence construction on the applicable Land, including steps to clear or otherwise prepare such Lots for construction thereon or the delivery of material for use in construction of the A&D Improvements, have been taken.
No Commencement. As of the date of this Agreement, no steps to commence construction on the Land, including steps to clear or otherwise prepare the Land for construction thereon or the delivery of material in connection therewith have been taken, nor has any contract or other agreement for construction thereon been entered into, for furnishing materials for such construction or for any other purpose, the performance of which by the other party thereto would give rise to a lien on the Land. LOAN AGREEMENT - Page 17 667404; Miami-Dade County – Florida
No Commencement. As of the date of recordation of the Mortgage, (a) no steps to commence construction on the Land, including steps to clear or otherwise prepare the Land for construction thereon or the delivery of materials for use in construction of the Improvements, have been taken, and (b) no contract or other agreement has been executed for construction (including development) on the Land for engineering, architecture or other design related to any such construction, has been entered into, for furnishing materials for such construction or for any other related purpose, the performance of which by the other party thereto could give rise to a Lien.
No Commencement. As of the date of the execution of the Original Deed of Trust, no steps to commence construction on the portion of the Land covered by such Original Deed of Trust, including steps to clear or otherwise prepare such portion of the Land for construction thereon or the delivery of material for use in construction of the applicable Improvements, have been taken, and no contract or other agreement for construction thereon has been entered into, for furnishing materials for such construction or for any other purpose, the performance of which by the other party thereto would give rise to a Lien.
