Common use of Charter School’s Material Breach and Default Clause in Contracts

Charter School’s Material Breach and Default. The occurrence of any one of the following events shall be considered a material breach and default of this Agreement by Charter School: (a) Any failure by Charter School to make payments required to be paid hereunder (where such failure continues for thirty (30) days after receipt of written notice by District to Charter School); (b) The complete abandonment or vacation of the entire Site by Charter School; (c) A failure by Charter School to observe and perform any other provision of this Agreement to be observed or performed by Charter School, where such failure continues for thirty (30) days after receipt of written notice thereof by District to Charter School; unless, however, the nature of the default is such that the same cannot reasonably be cured within said thirty (30) day period. Charter School shall not be deemed to be in default if Charter School shall within such thirty (30) day period commence such cure and thereafter diligently prosecute the same to completion; (d) The making by Charter School of any general assignment or general arrangement for the benefit of creditors; the filing by or against Charter School of a petition to have Charter School adjudged bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Charter School, the same is dismissed within 60 days); the appointment of a trustee or receiver to take possession of substantially all of Charter School’s assets located at the Site or of Charter School's interest in this Agreement, where possession is not restored to Charter School within 30 days; or the attachment execution or other judicial seizure of substantially all of Charter School's assets located at the Site or of Charter School's interest in this Agreement, where such seizure is not discharged within 30 days.