§ 102-693. Remedies for events of default.  


Latest version.
  • (a)

    Upon the occurrence of an event of default by a party to this agreement other than the event of default contained in section 102-692, the joint venture, besides any other rights or remedies it may have, shall have the right to deny such party the use of the facilities either in whole or in part until such event of default has been cured. Moreover, commission members of the party which committed an event of default shall not participate in the vote of the commission regarding remedies to be pursued following an event of default by such party.

    (b)

    With respect to the occurrence of an event of default by either party to this agreement as contained in section 102-692, the commission members who are in attendance for the regularly scheduled meeting which constituted an event of default are hereby granted authority to conduct the business of the joint venture and make decisions which shall be legally binding on both parties in accordance with the terms and conditions of this division.

(Res. of 5-28-86, § 5.3)