Common use of Termination for Developer Default Clause in Contracts

Termination for Developer Default. (a) Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Developer fails to cure the default within the Cure Period set forth below, or where no Cure Period is specified, then within a Cure Period of 60 (sixty) days, the Developer shall be deemed to be in default of this Agreement (the “Developer Default”), unless the default has occurred solely as a result of any breach of this Agreement by the Client or due to Force Majeure. The defaults referred to herein shall include: (i) has been paying Damages but has not been able to fulfill all the Condition Precedent in terms of Article 5 within the Cure period of 28 days. (ii) the Performance Security has been encashed and appropriated and the Developer fails to replenish or provide fresh Performance Security within a Cure Period of 30 (thirty) days; (iii) subsequent to the replenishment or furnishing of fresh Performance Security, the Developer fails to cure, within a Cure Period of 90 (ninety) days, the Developer Default for which whole or part of the Performance Security was appropriated; (iv) the Developer does not achieve the latest outstanding Project Milestone due in accordance with the provisions of Schedule G and continues to be in default for 120 (one hundred and twenty) days; (v) the Developer abandons or manifests intention to abandon the construction of the Project without the prior written consent of the Client; (vi) Project Completion Date does not occur within the period specified in Schedule G;