Common use of Default and Waiver Clause in Contracts

Default and Waiver. In the event either party fails to comply with any of the material terms herein, then the other party may declare a default if such failure continues for thirty (30) days after the non-complying party receives written notice specifying the nature of the default (provided further that any such default notices are also sent to LPS, as defined herein); provided, however, in the event such failure cannot, in the exercise of reasonable diligence, reasonably be cured within such thirty (30) day period, such failure shall not be considered a default, provided the non-complying party commences the cure within the thirty (30) day period and continues to exercise reasonable diligence to complete the cure. If any default under this Operating Agreement shall occur and the defaulting party fails to cure the same within the time period provided herein, the other party may seek any remedy at law or in equity without notice or demand, including specific performance. No delay in exercising remedies or custom or practice of the parties which varies from the terms of this Operating Agreement shall be a waiver of any party’s right to demand exact compliance with the terms herein. Any waiver by any party of a default of any other party of this Operating Agreement shall not affect or impair any right arising from any subsequent default. It is hereby agreed that time is of the essence, and all provisions herein relating thereto shall be strictly construed. No right or remedy given in this Operating Agreement to CITY or LCZ is intended to be exclusive of any other right or remedy hereof provided by law. In the event the Operating Agreement expires or is terminated, LCZ shall peacefully surrender possession of the Premises in good condition and repair to CITY.

Default and Waiver. On the occurrence of any of the following: (i) if taxes, assessments, or other payment from LCZ to CITY shall be and remain unpaid in whole or part for more than thirty (30) days after it is due and payable; (ii) if LCZ shall be adjudged bankrupt or file a petition in bankruptcy or for any arrangements under the Bankruptcy Code or become insolvent or have appointed a Receiver of its property; or (iii) if LCZ shall vacate or abandon the Premises, then CITY may without demand and notice terminate this Lease Agreement and re-enter the Premises with or without process of law using such force as may be necessary to remove all persons or chattels therefrom, and CITY shall not be liable for damage by reason of such re-entry or forfeiture and CITY can take any other action available to it under law. In the event either party fails to comply with any of the other material terms herein, then the other party may declare a default if such failure continues for thirty (30) days after the non-non- complying party receives written notice specifying the nature of the default (provided further that any such default notices are also including written notice sent to LPS, LPS (as defined hereinbelow) which is a subtenant of LCZ); provided, however, in the event such failure cannot, in the exercise of reasonable diligence, reasonably be cured within such thirty (30) day period, such failure shall not be considered a default, provided the non-non- complying party commences the cure within the thirty (30) day period and continues to exercise reasonable diligence to complete the cure. If any default under this Operating Lease Agreement shall occur and the defaulting party fails to cure the same within the time period provided herein, the other party may seek any remedy at law or in equity without notice or demand, including specific performance. No delay in exercising remedies or custom or practice of the parties which varies from the terms of this Operating Lease Agreement shall be a waiver of any party’s right to demand exact compliance with the terms herein. Any waiver by any party of a default of any other party of this Operating Lease Agreement shall not affect or impair any right arising from any subsequent default. It is hereby agreed that time is of the essence, and all provisions herein relating thereto shall be strictly construed. No right or remedy given in this Operating Lease Agreement to CITY or LCZ is intended to be exclusive of any other right or remedy hereof provided by law. In the event the Operating Lease Agreement expires or is terminated, LCZ shall peacefully surrender peaceful possession of the Premises in good condition and repair shall be given to the CITY.