Common use of Initial Notice and Cure Periods Clause in Contracts

Initial Notice and Cure Periods. The Department shall provide written notice to the Development Entity of the occurrence of a Development Entity Default. Upon receipt of the Department’s notice (if required), the Development Entity shall have the following cure periods: (a) For a Development Entity Default under Sections 22.1(b), through 22.1(d), a period of thirty (30) days after the Development Entity receives written notice from the Department of such Development Entity Default. (b) For a Development Entity Default under Sections 22.1(a), 22.1(e) or 22.1(k) a period of thirty (30) days after the Development Entity receives written notice from the Department of such Development Entity Default; provided, that: (i) if such Development Entity Default cannot be cured within such time period, despite the Development Entity’s commencement of meaningful steps to cure immediately after receiving the default notice, then the Development Entity 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 (ii) with respect to a Development Entity Default under Section 22.1(e), cure will be regarded as complete when the adverse effects of the breach are cured. (c) For any other Development Entity Default not referred to in Section 22.3(a) or Section 22.3(b), there is no cure period.

Initial Notice and Cure Periods. The Department shall provide written notice to the Development Entity of the occurrence of a Development Entity Default. Upon receipt of the Department’s notice (if required), the Development Entity shall have the following cure periods: (a) For a Development Entity Default under Sections 22.1(b), ) through 22.1(d), a period of thirty (30) days after the Development Entity receives written notice from the Department of such Development Entity Default. (b) For a Development Entity Default under Sections 22.1(a), 22.1(e22.3(b) or 22.1(k22.3(h) a period of thirty (30) days after the Development Entity receives written notice from the Department of such Development Entity Default; provided, that: (i) if such Development Entity Default cannot be cured within such time period, despite the Development Entity’s commencement of meaningful steps to cure immediately after receiving the default notice, then the Development Entity 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 (ii) with respect to a Development Entity Default under Section 22.1(e22.3(b), cure will be regarded as complete when the adverse effects of the breach are cured. (c) For any other Development Entity Default not referred to in Section 22.3(a22.5(a) or Section 22.3(b22.5(b), there is no cure period.

Initial Notice and Cure Periods. The Department shall provide written notice to the Development Entity of the occurrence of a Development Entity Default. Upon receipt of the Department’s notice (if required), the Development Entity shall have the following cure periods: (a) For a Development Entity Default under Section 22.1(a) and Sections 22.1(b), 22.1(c) through 22.1(d22.1(f), a period of thirty (30) days after the Development Entity receives written notice from the Department of such Development Entity Default. (b) For a Development Entity Default under Sections 22.1(a22.1(b), 22.1(e22.1(g) or 22.1(k22.1(o) a period of thirty (30) days after the Development Entity receives written notice from the Department of such Development Entity Default; provided, that: (i) if such Development Entity Default cannot be cured within such time period, despite the Development Entity’s commencement of meaningful steps to cure immediately after receiving the default notice, then the Development Entity 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 (ii) with respect to a Development Entity Default under Section 22.1(e22.1(g), cure will be regarded as complete when the adverse effects of the breach are cured. (c) For any other Development Entity Default not referred to in Section 22.3(a) or Section 22.3(b), there is no cure period.