Common use of Notice of Default; Cure Period Clause in Contracts

Notice of Default; Cure Period. In the event that there is a default by Lessor or Lessee (the “Defaulting Party”) with respect to any of the provisions of this Agreement or Lessor’s or Lessee’s obligations under this Agreement, the other party (the “Non-Defaulting Party”) shall give the Defaulting Party written notice of such default. After receipt of such written notice, the Defaulting Party shall have thirty (30) days in which to cure any monetary default and sixty (60) days in which to cure any non-monetary default. The Defaulting Party shall have such extended periods as may be required beyond the sixty (60) day cure period to cure any non-monetary default if the nature of the cure is such that it reasonably requires more than sixty (60) days to cure, and Defaulting Party commences the cure within the sixty (60) day period and thereafter continuously and diligently pursues the cure to completion. The Non-Defaulting Party may not maintain any action or effect any remedies for default against the Defaulting Party unless and until the Defaulting Party has failed to cure the same within the time periods provided in this Section.

Appears in 2 contracts

Samples: Option and Ground Lease Agreement, Option and Ground Lease Agreement State of Indiana

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Notice of Default; Cure Period. In the event that there is a default by Lessor or Lessee (the Defaulting Party”) Party with respect to any of the provisions of this Agreement or Lessor’s or Lessee’s obligations under this Agreement, the other party (the “Non-Defaulting Party”) Party shall give the Defaulting Party written notice of such default. After receipt of such written notice, the Defaulting Party shall have thirty (30) days in which to cure any monetary default and sixty (60) days in which to cure any non-monetary default. The Defaulting Party shall have such extended periods as may be required beyond the sixty (60) day cure period to cure any non-monetary default if the nature of the cure is such that it reasonably requires more than sixty (60) days to cure, and Defaulting Party commences the cure within the sixty (60) day period and thereafter continuously and diligently pursues the cure to completion. The Non-Defaulting Party may not maintain any action or effect any remedies for default against the Defaulting Party unless and until the Defaulting Party has failed to cure the same within the time periods provided in this Section.

Appears in 1 contract

Samples: Master Management and Lease Agreement

Notice of Default; Cure Period. In the event that there is a default by Lessor Licensor or Lessee Licensee (the “Defaulting Party”) with respect to any of the provisions of this Agreement License or LessorLicensor’s or LesseeLicensee’s obligations under this AgreementLicense, the other party (the “Non-Defaulting Party”) shall give the Defaulting Party written notice of such default. After receipt of such written notice, the Defaulting Party shall have thirty (30) days in which to cure any monetary default and sixty (60) days in which to cure any non-monetary default. The Defaulting Party shall have such extended periods as may be required beyond the sixty (60) day cure period to cure any non-monetary default if the nature of the cure is such that it reasonably requires more than sixty (60) days to cure, and Defaulting Party commences the cure within the sixty (60) day period and thereafter continuously and diligently pursues the cure to completion. The Non-Non- Defaulting Party may not maintain any action or effect any remedies for default against the Defaulting Party unless and until the Defaulting Party has failed to cure the same within the time periods provided in this Section, except for equitable relief.

Appears in 1 contract

Samples: License Agreement

Notice of Default; Cure Period. In the event that there is a default by Lessor Grantor or Lessee Crown (the “Defaulting Party”) with respect to any of the provisions of this Agreement Easement or LessorGrantor’s or LesseeCrown’s obligations under this AgreementEasement, the other party (the “Non-Defaulting Party”) shall give the Defaulting Party written notice of such default. After receipt of such written notice, the Defaulting Party shall have thirty (30) days in which to cure any monetary default and sixty (60) days in which to cure any non-monetary default. The Defaulting Party shall have such extended periods as may be required beyond the sixty (60) day cure period to cure any non-monetary default if the nature of the cure is such that it reasonably requires more than sixty (60) days to cure, and Defaulting Party commences the cure within the sixty (60) day period and thereafter continuously and diligently pursues the cure to completion. The Non-Defaulting Party may not maintain any action or effect effectuate any remedies for default against the Defaulting Party unless and until the Defaulting Party has failed to cure the same within the time periods provided in this Section.

Appears in 1 contract

Samples: Letter Agreement

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Notice of Default; Cure Period. In the event that there is a default by Lessor or Lessee (the “Defaulting Party”) with respect to any of the provisions of this Agreement or Lessor’s or Lessee’s obligations under this Agreement, the other party (the “Non-Non- Defaulting Party”) shall give the Defaulting Party written notice of such default. After receipt of such written notice, the Defaulting Party shall have thirty (30) days in which to cure any monetary default and sixty (60) days in which to cure any non-monetary default. The Defaulting Party shall have such extended periods as may be required beyond the sixty (60) day cure period to cure any non-monetary default if the nature of the cure is such that it reasonably requires more than sixty (60) days to cure, and Defaulting Party commences the cure within the sixty (60) day period and thereafter continuously and diligently pursues the cure to completion. The Non-Defaulting Party may not maintain any action or effect any remedies for default against the Defaulting Party unless and until the Defaulting Party has failed to cure the same within the time periods provided in this Section.

Appears in 1 contract

Samples: Option and Ground Lease Agreement

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