Common use of DEFAULT CURE PERIOD Clause in Contracts

DEFAULT CURE PERIOD. Failure by either party to perform or otherwise act in accordance with any term or provision of this Agreement for a period of thirty (30) days after written notice thereof from the other party, shall constitute a default under this Agreement; provided, however, that if an emergency exists such that it calls for an immediate remedy of the problem and the party in default fails to immediately cure or to otherwise undertake the necessary steps to cure said emergency, then and in that event the non- defaulting party shall have the discretion, but not the obligation to correct said default. Thereafter, the non- defaulting party shall so notify the defaulting party and, upon the discretion of the non-defaulting party, declare said Agreement in default and to declare said Agreement terminated. If the failure or delay is such that more than thirty (30) days would reasonably be required to perform such action or comply with any term or provision hereof, then such party shall have such additional time as may be necessary to perform or comply so long as such party commences performance or compliance within the thirty (30) day period and diligently proceeds to complete such performance or fulfill such obligation. Said notice shall specify the nature of the alleged default and the manner in which said default may be satisfactorily cured, if possible. In the event such default is not cured within the thirty (30) days, the non-defaulting party shall have all rights and remedies which may be available under law or equity including without limitation, the right to specifically enforce any term or provision hereof.