What happens if the developer defaults on his obligations under the contract?

>What happens if the developer defaults on his obligations under the contract?

In all of its projects, Cogress are the general partner, holding the majority of the equity. Our investors typically hold 90% of the equity of the development partnership, which is managed by Cogress. The developer is obligated to run the project. Defaults of their obligations can include not getting the planning permissions on time or going into liquidations. If this occurs they will have a certain time limit to correct it and if their default is not corrected we have the right to step in and remove them from their duties. In this case we have staff members experienced in property development who have the skills to improvise and oversee or run the project.

By Cogress|2015-02-25T10:48:48+00:00February 25 th, 2015|