Curing Violations Sample Clauses
Curing Violations. If Lennar or LNR violates the applicable one of Paragraph 6.1 or 6.2 with regard to a specific property or asset, (i) the other of them may not institute any action or proceeding seeking injunctive relief, damages or any other type of relief because of the violation until at least 90 days after it has given notice of the violation to the violating party and (ii) the violating party will be relieved of all liability with regard to the violation if the violating party either (A) discontinues the violation within the 90 day period or (B) within the 90 day period offers to sell the property or other asset to the other Owner for the lesser of the amount the violating party paid for property or other asset or the fair market value of the property or other asset and, if that offer is not accepted within 30 days after it is made, the violating party disposes of the property or other asset, or discontinues the violation, within 120 days after the end of the 30 day period.
Curing Violations. Except for those violations disclosed in the Title Report, M▇▇▇▇▇▇▇▇ will promptly cause to be dismissed any and all violations of any federal, state or local laws, ordinances, or regulations affecting or against the Mortgaged Property, but in any event all municipal violations shall be dismissed prior to the date such violations would become a lien or encumbrance against the Mortgaged Property. The violations disclosed in the Title Report are dealt with in the Undertaking signed by M▇▇▇▇▇▇▇▇ and delivered to Mortgagee on this date.