Examples of Construction Default in a sentence
Upon the occurrence of any Builder Default or Construction Default, Transferor shall have the right to require Builder to promptly reconvey the Remaining Property (defined below) to Transferor in accordance with the terms and conditions of this paragraph and all subparagraphs hereof (the “Reconveyance Right”).
The term “Reconveyance Demand Process” shall mean, with regard to any Builder Default or Construction Default, the process the Transferor shall follow pursuant to its Reconveyance Right so as to give Builder reasonable time to cure which shall be no less than thirty (30) days and no more than one hundred and eighty (180) days after the date on which Transferor delivers the Reconveyance Demand to Builder (the “Reconveyance Cure Period”).
Notwithstanding anything to the contrary contained in this Agreement, Builder shall not be in breach or default hereunder unless Builder fails to cure any material breach of any obligation of Builder under this Agreement within ten (10) days after the Builder’s receipt of written notice of such default from Transferor, except that such cure period shall not apply to a Construction Default (defined below).
This Section 18.8 will not apply to excuse Operator from any Construction Default.
You agree to pay to Us in cleared funds the Initial Fee on signature of this Agreement.