Common use of Right to Cure Event of Default Clause in Contracts

Right to Cure Event of Default. Without waiving or releasing any obligation contained in this Agreement, the FCRHA may (but shall be under no obligation to) perform such obligation on Developer’s behalf to cure an Event of Default (provided such Event of Default can be cured by payment or performance). Nothing in this Section 4.03.C or elsewhere in this Agreement shall imply any duty upon the part of the FCRHA to do anything required to cure an Event of Default and any performance by the FCRHA shall not constitute a waiver of an Event of Default. The FCRHA shall not be liable for any damage to Developer resulting from the FCRHA’s exercise of its rights hereunder, and the obligations of Developer under this Agreement shall not be affected thereby. All reasonable sums paid by the FCRHA and all reasonable costs and expenses incurred by the FCRHA in connection with its performance hereunder, together with interest thereon at the lesser of: (a) twelve percent (12%) per annum, compounded monthly, or (b) the highest interest rate permitted by Virginia law for commercial loans shall be paid by Developer, to the FCRHA within ten (10) days after the FCRHA shall have submitted to Developer, as applicable, a statement, in reasonable detail, substantiating the amount demanded by the FCRHA.

Right to Cure Event of Default. Without waiving or releasing any obligation contained in this Agreement, the FCRHA may (but shall be under no obligation to) perform such obligation on Developer’s behalf to cure an Event of Default (provided such Event of Default can be cured by payment or performance). Nothing in this Section 4.03.C or elsewhere in this Agreement shall imply any duty upon the part of the FCRHA to do anything required to cure an Event of Default and any performance by the FCRHA shall not constitute a waiver of an Event of Default. The FCRHA shall not be liable for any damage to Developer resulting from the FCRHA’s exercise of its rights hereunder, and the obligations of Developer under this Agreement shall not be affected thereby. All reasonable sums paid by the FCRHA and all reasonable costs and expenses incurred by the FCRHA in connection with its performance hereunder, together with interest thereon at the lesser of: (a) twelve percent (12%) per annum, compounded monthly, or (b) the highest interest rate permitted by Virginia law for commercial loans shall be paid by DeveloperXxxxxxxxx, to the FCRHA within ten (10) days after the FCRHA shall have submitted to Developer, as applicable, a statement, in reasonable detail, substantiating the amount demanded by the FCRHA.