Work Stop. Subject to the terms and conditions of Section 22, and after construction has begun, if (i) the Project is not completed (as determined in accordance with Section 12(c)) within thirty (30) months of the Closing Date; or (ii) all construction work of a material nature ceases with respect to the Project for a period of at least sixty (60) consecutive days or for more than a total of ninety (90) days during any one hundred eighty (180) day period, then, at any time until construction work of a material nature resumes and is continuing, 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; (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the Mixed-Use Condominium Units to vest in CDC; and (iii) terminate the Ancillary Documents, including, without limitation, the Garage Lease and Developer’s leasehold estate in the Garage and the Garage Condominium Unit pursuant to the Garage Lease; in each case, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to (A) Developer of written notice (1) at any time after the expiration of the 24th month in the case of clause (i) of the preceding sentence (but prior to Substantial Completion of the Project); or (2) prior to material resumption of the construction work in the case of clause (ii) of the preceding sentence; and (B) Project Lender of the Divestiture Payment. Such notice together with evidence of remittance of the Divestiture Payment to Project Lender may be recorded by CDC contemporaneously with, or at any time after, its delivery of such notice and payment to Developer and Project Lender. Upon delivery of such notice, Developer shall surrender possession of the Mixed-Use Condominium Units and the Garage to CDC and title to, and all estates of Developer in, the Garage Lease shall terminate, and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit and the Garage shall automatically, and without further action, vest in CDC Any such vesting of shall be free and clear of the Project Loan and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior to CDC’s delivery of the Public Land Deed to Developer, and Project Lender shall imme...
Work Stop. After Commencement of Construction, subject to Force Majeure, if all construction work of a material nature ceases with respect to the Project for a period of at least one hundred twenty (120) consecutive days or for more than a total of two hundred (200) days during any three hundred sixty (360) day period, then, at any time until construction work of a material nature resumes and is continuing, City may elect, in addition to any other legal and equitable remedies available to City, to (i) unilaterally terminate this Agreement; (ii) re-enter the Site and exercise its Power of Termination and cause title to the Site to vest in RDC, without any liability or obligation to Company. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Company of Notice prior to material resumption of the construction work. Such Notice together with evidence of remittance of the Divestiture Payment to Company may be recorded by RDC contemporaneously with, or at any time after, its delivery of such Notice and payment to Company. Upon delivery of such Notice and payment, if applicable, Company shall surrender possession of the Site to RDC and title to the Site shall automatically and without further action of the parties’ vest in RDC; provided, however, if title to the property cannot automatically vest in the RDC, Company acknowledges and agrees that it shall execute a limited warranty deed and take all other required action under the Laws or by the Title Insurer to convey the Site to the RDC. Any such vesting of shall be free and clear of any, and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior to Closing. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 13(b), 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.
Work Stop. Subject to Force Majeure, and after construction has begun, if (i) Substantial Completion of the Garage has not occurred by August 1, 2018; or (ii) all construction work of a material nature ceases with respect to the Garage for a period of at least sixty (60) consecutive days or for more than a total of ninety (90) days during any one hundred eighty (180) day period, then, at any time until construction work of a material nature resumes and is continuing, 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) re-enter the Project Site and exercise its Power of Termination without any liability or obligation to Xxxxxxxx or Garage 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 (A) Xxxxxxxx and Garage Lender of written notice (1) at any time after the expiration of the time period set forth in clause (i) of the preceding sentence (but prior to Substantial Completion of the Garage); or (2) prior to material resumption of the construction work in the case of clause
Work Stop. Subject to the terms and conditions of Section 22, and once construction has begun, if the Town enters into the Termination Agreement with the owner of the Xxxxxx Building and (i) the Project is not completed (as determined in accordance with Section 12(c)) within twenty-four (24) months of the Closing Date; or
Work Stop. If (i) the Project is not completed (as determined in accordance with Section 12(c)) within twelve (12) months of the Closing Date; or (ii) all construction work of a material nature ceases with respect to the Project for a period of at least sixty (60) consecutive days or for more than a total of ninety (90) days during any one hundred eighty (180) day period, then, at any time until construction work of a material nature resumes and is continuing, Town may elect, in addition to any other legal and equitable remedies available to Town, to
Work Stop. Subject to Force Majeure, and after construction has begun, if (i) Substantial Completion of the Police Station has not occurred by August 1, 2018; or (ii) all construction work of a material nature ceases with respect to the Police Station for a period of at least sixty (60) consecutive days or for more than a total of ninety (90) days during any one hundred eighty (180) day period, then, at any time until construction work of a material nature resumes and is continuing, 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
Work Stop. After construction has begun, if (i) the Project has not reached Substantial Completion within eighteen (18) months of the Commencement of Construction; or
Work Stop. Subject to the terms and conditions of Section 22, and after Developer commences construction after Closing, if (i) the Office Building and Garage have not reached Substantial Completion within twenty-four (24) months of the Closing Date; or (ii) all construction work of a material nature ceases with respect to the Initial Project for a period of at least sixty (60) consecutive days or for more than a total of ninety (90) days during any one hundred eighty (180) day period, then, at any time until construction work of a material nature resumes and is continuing, 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; (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the Project Site to vest in Building Corp.; and (iii) terminate the Ancillary Documents, including, without limitation, the Garage Lease and Developer’s leasehold estate in the Garage and the Garage Parcel pursuant to the Garage Lease; in each case, without any liability or obligation to Developer. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to (A) Developer of the written notice (1) at any time after the expiration of the 24th month in the case of clause (i) of the preceding sentence (but prior to Substantial Completion of the Initial Project); or
Work Stop. Subject to the terms and conditions of Section 22, and after construction has begun, if (i) the Project is not completed (as determined in accordance with Section 12(c)) within thirty (30) months of the Closing Date; or (ii) all construction work of a material nature ceases with respect to the Project for a period of at least sixty
