Common use of Manager’s Right to Perform Owner’s Obligations Clause in Contracts

Manager’s Right to Perform Owner’s Obligations. If Owner shall fail to make any payment or to perform any act to be made or performed by Owner pursuant to this Agreement and such failure shall continue for ten (10) days after Manager has given written notice thereof to Owner, then Manager may (but shall not be obligated to) without further notice to, or demand upon, Owner, and without waiving or releasing Owner from any obligations under this Agreement, make such payment (either with its own funds or with funds withdrawn for such purpose from the Operating Accounts or the Reserve) or perform such act. All sums so paid by Manager and all necessary incidental costs and expenses incurred by Manager in connection with the performance of any such act, together with interest thereon at the Default Rate from the date of making such expenditure or expenditures by Manager, shall be payable to Manager upon demand.

Manager’s Right to Perform Owner’s Obligations. If ------------ ---------------------------------------------- Owner shall fail to make any payment or to perform any act to be made or performed by Owner pursuant to this Agreement and such failure shall continue continues for a period of ten (10) days after Manager has given written notice thereof to OwnerOwner is notified thereof, then Manager Management Agreement may (but shall not be obligated to) without further notice to, or demand upon, Owner, and without waiving or releasing Owner from any obligations under this Agreement, make such payment (either with its own funds or with funds withdrawn for such purpose from the Operating Accounts or the Reserve) or perform such act. All sums so paid by Manager from its funds and all necessary incidental costs and expenses incurred by Manager in connection with the performance of any such act, together with interest thereon at the Default Rate from the date of making such expenditure or expenditures by Manager, shall be payable to Manager upon demand.