Common use of Ability to Cure Clause in Contracts

Ability to Cure. In the event that APPLICANT defaults pursuant to subsections (i), (ii), or (iii) of Section 7A above, the COUNTY shall give APPLICANT written notice of such default. If APPLICANT has not cured any such default within sixty (60) days, the COUNTY may terminate this Agreement, and the taxes abated by virtue of this Agreement shall be recaptured and paid within sixty (60) days from the date of such termination or the COUNTY abated tax repayment invoice issuance date; whichever date is later. If such failure cannot be cured within such sixty (60) day period in the exercise of all due diligence, and APPLICANT fails to commence to cure within such sixty (60) day period or fails to continuously thereafter diligently prosecute the cure of such failure, the COUNTY may terminate this Agreement, and the taxes abated by virtue of this Agreement shall be recaptured and paid within sixty (60) days from the date of termination.