Common use of Notice of Defaults/Right to Cure Clause in Contracts

Notice of Defaults/Right to Cure. The party aggrieved by an Incident of Default hereunder shall declare a default hereunder by delivering a written Notice of Default to the other party (and its surety, if applicable), which Notice shall specify the Incident(s) of Default asserted and a specific cure therefore. After the effective date of such Notice, the time periods for cure shall be: 1) Within three (3) business days if the default is maintenance of a hazardous condition or failure to maintain and/or prove required insurance coverage(s); or 2) Within ten (10) calendar days if the default is failure to make full and timely payments hereunder; or 3) Within twenty (20) calendar days if the default is in the performance of any other obligation or conditions to be performed under the provisions of this Agreement. If, in the discretion of the aggrieved party, the cure required cannot reasonably be completed within the foregoing time periods and the cure is promptly undertaken by the defaulting party and diligently prosecuted, the aggrieved party will, upon request and proof of these mitigating circumstances, extend the period to cure by a reasonable time. In the event of multiple Incidents of Default, the cure periods above shall be concurrent, not consecutive.

Notice of Defaults/Right to Cure. a. The party aggrieved by an Incident of Default hereunder shall declare a default hereunder by delivering a written Notice of Default to the other party (and its surety, if applicable), which Notice shall specify the Incident(s) of Default asserted and a specific cure therefore. After the effective date of such Notice, the time periods for cure shall be: 1) Within three (3) business days if the default is maintenance of a hazardous condition or failure to maintain and/or prove required insurance coverage(s); or 2) Within ten (10) calendar days if the default is failure to make full and timely payments hereunder; or 3) Within twenty (20) calendar days if the default is in the performance of any other obligation or conditions to be performed under the provisions of this Agreement. If, in the discretion of the aggrieved party, the cure required cannot reasonably be completed within the foregoing time periods and the cure is promptly undertaken by the defaulting party and diligently prosecuted, the aggrieved party will, upon request and proof of these mitigating circumstances, extend the period to cure by a reasonable time. In the Inthe event of multiple Incidents of Default, the cure periods above shall be concurrent, not consecutive.