Step-in rights clause

The following Property precedent provides comprehensive and up to date legal information covering:

  • Step-in rights clause

Step-in rights clause

    1. 1

       

      1. 1.1

        The Developer agrees that it shall not without first giving the Funder not less than [28] days written notice exercise any right the Developer may have to:

        1. 1.1.1

          terminate this agreement; or

        1. 1.1.2

          treat this agreement as having been repudiated by the Owner; or

        1. 1.1.3

          discontinue the performance of any obligations to be performed by the Developer under this agreement.

      1. 1.2

        The Developer's right to terminate this agreement or treat this agreement as being repudiated or discontinue performance of any obligations to be performed by the Developer under this agreement shall cease if within the period of notice described in clause 1.1 (subject to clause 1.3) the Funder shall give written notice to the Developer requiring the Developer not to terminate this agreement or treat this agreement as having been repudiated by the Owner or discontinue the performance of any obligations to be performed by the Developer under this agreement.

      1. 1.3

        It shall

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