Default Cure Remedies Sample Clauses
Default Cure Remedies. In the event of a default under this Agreement by any party hereto (the “Defaulting Party”), which default is not cured within the cure period provided for below, then the other party (the “Non- defaulting Party”) shall have an action for damages, or in the event damages would not fairly compensate the Non-defaulting Party’s for the Defaulting Party’s breach of this Agreement, the Non- defaulting Party shall have such other equity rights and remedies as are available to them at law or in equity. Any damages payable by the City hereunder shall be limited to the real estate tax increment payable to the Developer under the terms of this Agreement. In the event a Defaulting Party shall fail to perform a monetary covenant which it is required to perform under this Agreement, it shall not be deemed to be in default under this Agreement unless it shall have failed to perform such monetary covenant within thirty (30) days of its receipt of a notice from a Non-defaulting Party specifying that it has failed to perform such monetary covenant. In the event a Defaulting Party fails to perform any non-monetary covenant as and when it is required to under this Agreement, it shall not be deemed to be in default if it shall have cured such default within thirty (30) days of its receipt of a notice from a Non-defaulting Party specifying the nature of the default, provided, however, with respect to those non-monetary defaults which are not capable of being cured within such thirty (30) day period, it shall not be deemed to be in default if it commences curing within such thirty (30) days period, and thereafter diligently and continuously prosecutes the cure of such default until the same has been cured.
Default Cure Remedies. Each and every term and condition hereof shall be deemed to be a material element of this Agreement. In the event either party fails or refuse to perform according to the material terms of this Agreement, such party may be declared in default thereof by the other party by a written notice; provided, however, that no default shall be deemed or construed to exist unless and until the non-defaulting party has permitted the defaulting party full and fair opportunity for thirty (30) calendar days (or, in the case of the failure of a party to pay Fees when due, five (5) calendar days) to cure the nonperformance identified in such notice. In the event that the default has not been corrected or begun to be corrected, or the defaulting party has ceased to pursue the correction with due diligence, the party declaring default may elect to (a) terminate the Agreement and seek damages; or (b) treat the Agreement as continuing and require specific performance.
Default Cure Remedies. In the event of a default under this Predevelopment Agreement by any party hereto (the “Defaulting Party”), which default is not cured within the cure period provided for below, then the other Party (the “Non-defaulting Party”), may have an action for damages, or, in the event damages would not fairly compensate the Non-defaulting Parties for the Defaulting Party’s breach of this Predevelopment Agreement, the Non-defaulting Party shall have such other equity rights and remedies as are available to them at law or in equity. Any damages payable by the City hereunder shall be limited to the real estate tax increment payable to the Developer under the terms of this Agreement. In the event a Defaulting Party shall fail to perform a monetary covenant which it is required to perform under this Predevelopment Agreement, it shall not be deemed to be in default under this Predevelopment Agreement unless it shall have failed to perform such monetary covenant within thirty
Default Cure Remedies a) If either Party fails to perform its obligations under this Agreement and such failure continues for a period of 30 days after written notice thereof from the other Party (the “Cure Period”), such failure shall constitute a default under this Agreement (a “Default”); provided, however, that if the failure is such that more than 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 its obligations so long as such Party commences performance or compliance within said 30 day period and diligently proceeds to complete such performance. Any notice of an alleged Default shall specify the nature of the alleged Default and the manner in which said Default may be satisfactorily cured. If a Default is not cured within the Cure Period, the non-defaulting Party shall have the remedies set forth in Section 7(b) or Section 7(c) of this Agreement, as applicable.
Default Cure Remedies