Common use of Breach and Remedies Clause in Contracts

Breach and Remedies. A. Default A default occurs when (i) any party repudiates, breaches or fails to perform any covenant, material term or provision in this Agreement; (ii) an event required to occur does not occur by the time required; (iii) Owner misstates or overstates the actual value of land dedicated or the actual cost of any improvement constructed or otherwise places a false claim under an Impact Fee Credit Agreement or Impact Fee Reimbursement Agreement, or under this Agreement; or (iv) any event otherwise described in this Agreement as a breach or default.