Common use of Notice of Noncompliance; Time to Cure Clause in Contracts

Notice of Noncompliance; Time to Cure. Prior to exercising or imposing any sanction(s) under section 6.2 herein, the CDFI Fund will, to the maximum extent practicable, provide the Recipient with written notice of the noncompliance and the prescribed sanctions(s). Unless otherwise specified in the notice, the Recipient shall have up to thirty (30) days from the date of the sanction notice to cure the noncompliance, at the sole discretion of the CDFI Fund. If the Recipient believes that the noncompliance is of such a nature that it cannot be cured within the time set forth in the notice, then the Recipient may, within five (5) days of the date of the notice, request, in writing, additional time to cure the noncompliance. If the CDFI Fund determines, in its sole discretion, that such additional time is necessary, the CDFI Fund may extend the cure period. If the CDFI Fund does not extend the cure period, as outlined above, and the Recipient fails to cure the noncompliance within the period specified in the written notice of sanction, the CDFI Fund may, in its sole discretion, impose or exercise the sanction(s) set forth in its written notice, and any other sanction to which it might be entitled hereunder, or in law or at equity, within a timeframe set by the CDFI Fund in its sole discretion. Nothing in the Assistance Agreement will create in the Recipient any right to any formal or informal hearing or comparable proceeding not otherwise required by law. Notwithstanding the foregoing, if the CDFI Fund determines, in its sole discretion, that the Recipient has engaged in fraud, mismanagement, or other prohibited misconduct, or that the noncompliance is of such a nature that it cannot be cured, the CDFI Fund may, in its sole discretion, impose the prescribed sanction(s) without notice, except as may be required by law.

Notice of Noncompliance; Time to Cure. Prior to exercising or imposing any sanction(s) remedy/remedies for noncompliance under section 6.2 Section 8.2 herein, the CDFI Fund will, to the maximum extent practicable, will provide the Recipient with written notice of the noncompliance and the prescribed sanctions(s)remedy/remedies, if any, for noncompliance, provided that the CDFI Fund reserves the right to provide notice through alternative reasonable means. Unless otherwise specified in the notice, and provided that the CDFI Fund reserves the right to provide hearing through alternative reasonable means, the Recipient shall have up to thirty ten (3010) days from the date of the sanction noncompliance notice to cure the noncompliance, at the sole discretion of the CDFI Fund. If the Recipient believes that the noncompliance is of such a nature that it cannot be cured within the time set forth in the notice, then the Recipient may, within five (5) days of the date of the notice, request, in writing, additional time to cure the noncompliance. If the CDFI Fund determines, in its sole discretion, that such additional time is necessary, then the CDFI Fund may extend the cure period. If the CDFI Fund does not extend the cure period, as outlined above, and the Recipient fails to cure the noncompliance within the ten-day (or other period specified in the written notice of sanctionnotice) cure period, the CDFI Fund may, in its sole discretion, impose or exercise the sanction(s) remedy/remedies, if any, for noncompliance set forth in its written notice, and any other sanction remedy for noncompliance to which it might be entitled hereunder, or in law or at equity, within a timeframe set by the CDFI Fund in its sole discretion. Nothing in the Assistance Agreement Agreement, however, will create in the Recipient any right to any formal or informal hearing or comparable proceeding not otherwise required by law. Notwithstanding the foregoingforegoing paragraph in this Section 8.4, if the CDFI Fund determines, in its sole discretion, that the Recipient has engaged in fraud, mismanagement, or other prohibited misconduct, or that the noncompliance is of such a nature that it cannot be cured, the CDFI Fund may, in its sole discretion, impose the prescribed sanction(s) remedy/remedies for noncompliance without notice, except as may be required by law.

Notice of Noncompliance; Time to Cure. Prior to exercising or imposing any sanction(s) remedy/remedies for noncompliance under section 6.2 Section 8.2 herein, the CDFI Fund will, to the maximum extent practicable, will provide the Recipient with written notice of the noncompliance and the prescribed sanctions(s)remedy/remedies, if any, for noncompliance, provided that the CDFI Fund reserves the right to provide notice through alternative reasonable means. Unless otherwise specified in the notice, and provided that the CDFI Fund reserves the right to provide hearing through alternative reasonable means, the Recipient shall have up to thirty (30) days from the date of the sanction noncompliance notice to cure the noncompliance, at the sole discretion of the CDFI Fund. If the Recipient believes that the noncompliance is of such a nature that it cannot be cured within the time set forth in the notice, then the Recipient may, within five (5) days of the date of the notice, request, in writing, additional time to cure the noncompliance. If the CDFI Fund determines, in its sole discretion, that such additional time is necessary, then the CDFI Fund may extend the cure period. If the CDFI Fund does not extend the cure period, as outlined above, and the Recipient fails to cure the noncompliance within the thirty-day (or other period specified in the written notice of sanctionnotice) cure period, the CDFI Fund may, in its sole discretion, impose or exercise the sanction(s) remedy/remedies, if any, for noncompliance set forth in its written notice, and any other sanction remedy for noncompliance to which it might be entitled hereunder, or in law or at equity, within a timeframe set by the CDFI Fund in its sole discretion. Nothing in the Assistance Agreement Agreement, however, will create in the Recipient any right to any formal or informal hearing or comparable proceeding not otherwise required by law. Notwithstanding the foregoingforegoing paragraph in this Section 8.4, if the CDFI Fund determines, in its sole discretion, that the Recipient has engaged in fraud, mismanagement, or other prohibited misconduct, or that the noncompliance is of such a nature that it cannot be cured, the CDFI Fund may, in its sole discretion, impose the prescribed sanction(s) remedy/remedies for noncompliance without notice, except as may be required by law.

Notice of Noncompliance; Time to Cure. Prior to exercising or imposing any sanction(s) under section 6.2 Section 7.2 herein, the CDFI Fund will, to the maximum extent practicable, provide the Recipient with written notice of the noncompliance and the prescribed sanctions(s). Unless otherwise specified in the notice, the Recipient shall have up to thirty (30) days from the date of the sanction noncompliance notice to cure the noncompliance, at the sole discretion of the CDFI Fund. If the Recipient believes that the noncompliance is of such a nature that it cannot be cured within the time set forth in the notice and unless otherwise specified in the notice, then the Recipient may, within five (5) days of the date of the notice, request, in writing, additional time to cure the noncompliance. If the CDFI Fund determines, in its sole discretion, that such additional time is necessary, then the CDFI Fund may extend the cure period. If the CDFI Fund does not extend the cure period, as outlined above, and the Recipient fails to cure the noncompliance within the 30‐day (or other period specified in the written notice of sanctionnotice) cure period, the CDFI Fund may, in its sole discretion, impose or exercise the sanction(s) set forth in its written notice, and any other sanction to which it might be entitled hereunder, or in law or at equity, within a timeframe set by the CDFI Fund in its sole discretion. Nothing in the Assistance Agreement Award Agreement, however, will create in the Recipient any right to any formal or informal hearing or comparable proceeding not otherwise required by law. Notwithstanding the foregoing, if the CDFI Fund determines, in its sole discretion, that the Recipient has engaged in fraud, mismanagement, or other prohibited misconduct, or that the noncompliance is of such a nature that it cannot be cured, the CDFI Fund may, in its sole discretion, impose the prescribed sanction(s) without notice, except as may be required by law.