Monetary and Performance Defaults. Failure to make any payment of principal, interest or Prepayment Premium on the Note or any Future Advance or to make any payment due under this Security Deed, within ten (10) days after the date when due and payable whether at maturity or by acceleration or as part of any prepayment or otherwise ("Monetary Default"); or default in the performance of, or breach of, any of the covenants or agreements of BORROWER contained herein, in the Note, in any note evidencing a Future Advance or in any Related Agreement ("Performance Default"), if such default or breach shall continue for fifteen (15) days or more after written notification specifying the nature of the default has been received from LENDER to cure the default; provided, however, that if such Performance Default is of a nature that it cannot be cured within such 15 day period, then BORROWER shall not be in default if it commences good faith efforts to cure such default within said 15 day period, demonstrates continuous diligent efforts to cure such Performance Default in a manner satisfactory to LENDER and, within a reasonable period, not to exceed 180 days after the date notification of default was received by ▇▇▇▇▇▇▇▇, completes the cure of such default.
Appears in 1 contract