Common use of Remedies in an Event of Default Clause in Contracts

Remedies in an Event of Default. Upon an Event of Default by the Developer, the Authority may in its sole and absolute discretion terminate this Agreement and, subject to the rights of the surety or other security provider, may: (1) take possession of the construction site for the Extended Facilities; (2) accept assignment of the construction contracts pursuant to Section 5.b above; (3) finish the construction of the Extended Facilities using whatever means and methods the Authority deems appropriate; and/or (4) maintain and repair the Extended Facilities using whatever means and methods the Authority deems appropriate. When the Authority terminates this Agreement as provided in Section 14.a, the Developer shall pay to the Authority any and all costs and expenses incurred by the Authority in completing the construction of the Extended Facilities including, without limitation, all costs of construction, testing and sterilization, and any and all costs incurred by the Authority in maintaining and repairing the Extended Facilities for a period of eighteen (18) months following the completion of the Extended Facilities.