Common use of Initial Notice and Cure Periods Clause in Contracts

Initial Notice and Cure Periods. The Development Entity shall provide written notice to the Department of the occurrence of a Department Default. Upon receipt of the Development Entity’s notice, the Department shall have the following cure periods with respect to the following Department Defaults: (a) for a Department Default under Section 23.1(a), a period of thirty (30) days after the Development Entity delivers to the Department written notice of such a Department Default; (b) for a Department Default under Section 23.1(d) or Section 23.1(f), a period of sixty (60) days after the Development Entity delivers to the Department written notice of such a Department Default; (c) for a Department Default under Section 23.1(b) or Section 23.1(c), a period of thirty (30) days after the Development Entity delivers to the Department written notice of such a Department Default; provided, that if such Department Default cannot be cured within such time period, despite the Department’s commencement of meaningful steps to cure immediately after receiving the default notice, then the Department shall have such additional period of time, up to a maximum cure period of one hundred twenty (120) days, as is reasonably necessary to effect cure; and (d) for any other Department Default not referred to in Sections 23.2(a), (b) and (c), there is no cure period.

Initial Notice and Cure Periods. The Development Entity shall provide written notice to the Department of the occurrence of a Department Default. Upon receipt of the Development Entity’s notice, the Department shall have the following cure periods with respect to the following Department Defaults: (a) for a Department Default under Section 23.1(a), a period of thirty (30) days after the Development Entity delivers to the Department written notice of such a Department Default; (b) for a Department Default under Section 23.1(d) or Section 23.1(f), a period of sixty (60) days after the Development Entity delivers to the Department written notice of such a Department Default; (c) for a Department Default under Section 23.1(b) or Section 23.1(c), a period of thirty (30) days after the Development Entity delivers to the Department written notice of such a Department Default; provided, that if such Department Default cannot be cured within such time period, despite the Department’s commencement of meaningful steps to cure immediately after receiving the default notice, then the Department shall have such additional period of time, up to a maximum cure period of one hundred twenty (120) days, as is reasonably necessary to effect cure; and (d) for any other Department Default not referred to in Sections 23.2(a), (b) and (c), there is no cure period.