Common use of Withdrawal of Notice of Intent to Terminate Clause in Contracts

Withdrawal of Notice of Intent to Terminate. If, during the Remedy period, the "DEVELOPER" rectifies or remedies the default to the satisfaction of the "OWNERS" or the "OWNERS" is satisfied with steps taken or proposed to be taken by the "DEVELOPER" or the Event of Default, giving rise to the Notice of Intent to Terminate, has ceased to exist, the "OWNERS" shall withdraw the Notice of Intent to Terminate in writing.