Default; Right to Cure. If Master Tenant shall default in the performance or observance of any material term, covenant or condition of the Franchise Agreement on the part of Master Tenant to be performed or observed, past any applicable notice and grace period, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, upon ten (10) days prior written notice to Master Tenant (except in the case of an emergency of if failure to make such payment may result in the termination of the Franchise Agreement), Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Franchise Agreement on the part of Master Tenant or Borrower to be performed or observed to be promptly performed or observed on behalf of Master Tenant or Borrower, to the end that the rights of Master Tenant in, to and under the Franchise Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Franchisor shall deliver to Lender a copy of any notice sent to Master Tenant of default under the Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Any sums expended by Lender pursuant to this Section 4.1.18 shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Mortgage and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefore.
Default; Right to Cure. No party shall be deemed in default hereunder until such Party has failed to cure the alleged default with thirty (30) days in the case of a monetary default, or within thirty (30) days in the case of a non-monetary default, from notice of such default from the other Party; provided, however, if the nature of such non-monetary default is such that it cannot reasonably be cured within such thirty (30) days period, then such Party shall not be deemed in default if such Party commences to cure such default within such thirty (30) day period and thereafter diligently prosecutes such cure to completion. In the event of a default and except as may be otherwise provided herein to the contrary, the non-defaulting party may: (i) terminate this AGREEMENT upon written notice to the defaulting party, recover from the defaulting party all damages incurred by the non-defaulting party; (ii) except as may be otherwise expressly provided to the contrary herein, seek specific performance of this AGREEMENT, and, in addition, recover all damages incurred by the non- defaulting party; (the parties declare it to be their intent that this AGREEMENT may be specifically enforced); (iii) pursue all other remedies available at law, it being the intent of the parties that remedies be cumulative and liberally enforced so as to adequately and completely compensate the non-defaulting party. Notwithstanding the foregoing the liability of the City is limited to it obligation to remit to OWNER/DEVELOPER its portion sales taxes actually received by the City.
Default; Right to Cure. It shall be an event of default ("Event of Default") hereunder if either party hereto:
Default; Right to Cure. If a Participant defaults in any of its obligations hereunder, other than a payment obligation, the non-defaulting Participant may give the defaulting Participant written notice thereof and specify the default or defaults relied on. If the defaulting Participant has not cured or begun to cure such default within a reasonable time after receipt of such notice (which shall not, in any case, be less than 30 days), the non-defaulting Participant may exercise its legal and equitable remedies; provided that if the defaulting Participant disputes that any default has occurred, the matter shall be determined by litigation in a court of competent jurisdiction, and if the court shall find the defaulting Participant in default hereunder, the defaulting Participant shall have reasonable time (which in any case shall not be less than 60 days from receipt by the defaulting Participant of notice of entry of final judgment adverse to the defaulting Participant) to cure such default.
Default; Right to Cure. In the event of default under any deed of trust, including the City-approved Institutional First Deed of Trust, the City shall have the same right as the Owner to cure the default and redeem the Property prior to foreclosure sale. Such redemption shall be subject to the same fees, charges and penalties which would otherwise be assessed against the Owner. Nothing herein shall be construed as creating an obligation on the part of the City to cure any such default nor shall this right to cure and redeem operate to extend any time limitations in the default provisions of the underlying deed of trust or mortgage.
Default; Right to Cure. 20.1 On or before September 26, 1997, (a) ICMC, IGC, and Cyprus will execute, release and quitclaim deeds, in the form attached to this Agreement as Exhibit D-1 (referred to as the "Optionee's Deed"), transferring this option agreement and conveying their respective claims to Owner, and (b) Owner will execute release and quitclaim deeds, in the form attached to this option agreement as Exhibit D-2 (referred to as the "Owner's Deed"), transferring this option agreement and the Mining Property to Optionee. The Optionee's Deed and Owner's Deed will be delivered to an escrow company in Missoula, Montana, mutually satisfactory to the parties (hereinafter referred to as an "Escrow Agent"), tobe held subject to instructions mutually satisfactory to the parties, and subject to the Optionee's right to cure set forth in Section 20.2 below, shall either be (a) recorded upon the termination or expiration of the Orogrande/Deadwood Option Agreement, or (b) returned to Optionee when Optionee, its predecessors and/or successors shall have paid to owner, its purchasers or successors, the total amount of $500,000., and has made all the option payments as contemplated by Article 3 ("Option Payments") and Section 5.1 ("Net Smelter Return") of the this option agreement. In the case of the Owner's Deed, the Escrow Agent shall deliver the Owner's Deed upon Optionee, fulfilling all of its purchase obligations under Orogrande/Deadwood Option Agreement by the payment or prepayment Owner, its predecessors and/or successors, of an accumulated sum of $500,000.
Default; Right to Cure. If either party hereto shall default in its performance of any term, covenant, or conditio n of this agreement for twenty (20) days after notice, or where such default cannot reasonably be cured within said twenty (20) days, if after receiving notice of the default, the defaulting party does not promptly commence to cure such default and thereafter proceed with diligence to cure such default, then the other party may terminate this agreement by providing thirty (30) days advance written notice to the other.
Default; Right to Cure. If the owner of a Parcel shall at any time be in default in the performance of any of the covenants, terms, conditions or provisions of this Agreement, and the defaulting party shall fail to cure such default within ten days following receipt of Notice thereof, the owner of the other Parcel shall have the following rights:
Default; Right to Cure. In the event of any default by the Company under this Agreement, the EDA or the Locality will provide written notice of default and the Company shall have a period of thirty (30) days to cure such default, provided however, if a nonmonetary default cannot be cured within such thirty (30) day period and the Company in good faith and with due diligence has commenced cure within such initial thirty (30) day period, then the EDA in its reasonable discretion may extend the cure period for an additional period not to exceed sixty (60) days in order to permit the Company to continue to cure such default, provided further, that the total time period to cure shall default not exceed ninety (90) days. If such default is not cured, then the EDA or the Locality shall notify the Commonwealth Comptroller and as its sole and exclusive remedy against the Company under this Agreement and either the EDA or the Locality may thereafter revoke or terminate this Agreement. Upon any termination or similar event, any Performance Incentive Payment earned to the date of such notice of default shall be processed and provided in accordance with this Agreement.
Default; Right to Cure. In the event of any default by the Developer under this Agreement, the EDA or the Locality will provide written notice of default and the Developer shall have a period of thirty (30) days to cure such default, except that if the default cannot be cured within such thirty (30) day period, then the EDA in its reasonable discretion may permit the Developer to continue to cure such default until completed. If such default is not cured, then the EDA or the Locality shall notify the Commonwealth Comptroller and as its sole and exclusive remedy against the Developer under this Agreement the EDA or the Locality may revoke or terminate this Agreement. Upon any termination or similar event, any Performance Incentive Payment earned to the date of such notice of default shall be processed and provided in accordance with this Agreement.
