Curing of Defaults Clause Samples
The "Curing of Defaults" clause outlines the process by which a party in breach of a contract (the defaulting party) can remedy, or "cure," their failure to meet contractual obligations within a specified period after receiving notice of the default. Typically, this clause sets out a timeframe—such as 10 or 30 days—during which the defaulting party must correct the issue, such as making a late payment or fulfilling a missed obligation, to avoid further consequences like termination or penalties. Its core practical function is to provide a fair opportunity for parties to resolve minor breaches before more severe contractual remedies are enforced, thereby promoting contract stability and reducing unnecessary disputes.
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Curing of Defaults. Upon the close of this Agreement the Purchaser agrees to provide funding to ORA to cure its mortgage payment default owed to AAL by next-day delivery to AAL of a check in the amount of $90,743.62. Within fifteen (15) days of the date of this Agreement, ORA agrees to enter into a settlement arrangement with the County of Los Angeles to pay any and all property taxes owed by ORA relating to its building at 9410 ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇. In addition, Purchaser shall arrange for Seller to be notified by AAL should ORA be in default in the future and if that default is not cured within forty-five (45) days after notice of default from AAL. If the default is not cured, Seller shall have the right to cure such default and thereafter shall have the right to sell the building under terms which will result in the release of Ruth ▇▇▇▇▇▇ ▇▇▇ Seller from any contingent liability to AAL. Any proceeds from the sale of the building over and above the payment of the mortgage and expenses related thereto, including any expenses of the Seller relating to such sale, shall be paid to ORA less ten percent (10%) of such net proceeds which shall be paid to Seller.
Curing of Defaults. 8.7.1. If Trustor shall at any time fail to perform or comply with any of the terms, covenants and conditions required on Trustor's part to be performed and complied with under this Deed of Trust or any other Security Document relating to the Trust Estate (after the lapse of any cure period provided therein), then Beneficiary shall have the right, but not the obligation, without waiving or releasing any of the Secured Obligations, to:
8.7.1.1. make any payments thereunder payable by Trustor and take out, pay for and maintain any of the insurance policies provided for therein, and/or
8.7.1.2. after the expiration of any applicable grace period and subject to Trustor's rights to contest certain obligations specifically granted hereby, perform any such other acts thereunder on the part of Trustor to be performed and enter upon the Property and incur reasonable attorneys' fees and expenses for such purpose.
8.7.2. The making by Beneficiary of such payment out of Beneficiary's own funds shall not, however, be deemed to cure such default by Trustor, and the same shall not be so cured unless and until Trustor shall have reimbursed Beneficiary within the applicable cure period for such payment including interest at the Default Rate from the date of such expenditure. All sums so paid and all reasonable costs and expenses actually incurred and paid by Beneficiary in connection with the performance of any such act, together with interest on unpaid balances thereof at the Default Rate from the respective dates of Beneficiary's making of each such payment, shall be secured by the lien of this Deed of Trust, prior to any right, title or interest in or claim upon the Property
Curing of Defaults. Upon the occurrence of a Default hereunder, Administrative Agent or any Lender, without waiving any right of acceleration or foreclosure under the Loan Documents which Administrative Agent or the Lenders may have by reason of such Default or any other right Administrative Agent or the Lenders may have against Borrower because of said Default, shall have the right (but not the obligation) to take such actions and make such payments as shall be necessary to cure such Default, including, without limitation, the making of Advances. All amounts so expended shall constitute Obligations and shall be payable by Borrower on demand by Administrative Agent.
Curing of Defaults. Upon the occurrence of a Default hereunder, without waiving any right of acceleration or foreclosure under the Loan Documents which Lender may have by reason of such Default or any other right Lender may have against Borrower because of said Default, Lender shall have the right (but not the obligation) to take such actions and make such payments as shall be necessary to cure such Default, including, without limitation, the making of Advances. All amounts so expended shall constitute Obligations and shall be payable by Borrower on demand by Lender.
Curing of Defaults. Whenever MEDICAL CENTER or DISTRICT takes an action or fails to act and such action or failure to act constitutes a material default of the obligations of such Party under this Agreement, the Party not in default shall give the defaulting Party written notice thereof ("Notice of Default"). Such Notice of Default shall be set forth with specificity and describe in detail both the reasons why the non- defaulting Party believes that the defaulting Party has materially breached the terms and conditions of this Agreement and the proposed resolution for curing such default. The Party not in default shall grant the defaulting Party a period of ninety (90) days from and after receipt of such notice within which to cure such default. If the default specified is not the failure to pay money and it is not possible to correct such default within such ninety (90) day period, then such period shall be extended from time to time as long as the defaulting Party exercises and continues to exercise due diligence to remedy such default. The giving of such written notice of default and the granting of such period within which to cure such default shall be a condition precedent to the exercise of any other right or remedy by the Party not in default.
Curing of Defaults. If Tenant shall default in the performance or observance of any covenant or condition herein contained on Tenant's part to be performed or observed for more than the applicable grace period, Landlord may perform the same for the account and at the expense of Tenant, and the expense of doing so, together with interest thereon at the rate of fifteen percent (15%) per annum, from the date of the advance therefor shall be immediately due and payable. If Landlord shall incur any expense, including reasonable attorney's fees, by instituting, prosecuting or defending any action or proceedings instituted by reason of default by Tenant, Tenant shall reimburse Landlord for the amount of such expense.
Curing of Defaults. The Licensor agrees that the Partnership and any Third Party shall have the right to cure any default by the Company under the License Agreement at any time during the ___-day period specified in Section ___ of the License Agreement. Partnership Option at Termination The Licensor hereby grants the Partnership an option to acquire all the license and other rights granted to the Company under the License Agreement (the "Company License Rights"), which option shall be exercisable at any time within 60 days after receipt by the Partnership of a copy of any notice of termination given to the Company terminating the License Agreement for any reason. The Licensor hereby grants the Partnership a license to use the Company License Rights in accordance with the provisions of the License Agreement during the period from such termination of the License Agreement until such option lapses unexercised.
Curing of Defaults. If Landlord's notice of termination shall have been nullified pursuant to Section 11.2, Landlord shall not have the right subsequently to terminate this Lease so long as the Leasehold Mortgagee or its nominee or successor continues to pay the Rent due hereunder and either (a) the Leasehold Mortgagee or its nominee proceeds with reasonable diligence to complete or cause the completion of the work of curing non-monetary Defaults (and diligently and continuously prosecutes same to completion), or (b) the Leasehold Mortgagee or its nominee proceeds with reasonable diligence to acquire or sell Tenant's interest in this Lease by foreclosure or otherwise and following such acquisition or sale, the Leasehold Mortgagee or its nominee or any purchaser or assignee of Tenant's interest in this Lease proceeds with reasonable diligence to complete or cause the completion of the work of curing non-monetary Defaults, which are susceptible of cure by Leasehold Mortgagee or its nominee. The giving of a notice of Default or termination by Landlord pursuant to the provisions of this Article does not impair Landlord's right to give, nor impair Tenant's and the Leasehold Mortgagee's right to receive, such notices for other Defaults that may arise hereunder, and the giving of such notices shall be subject to the provisions of this Article.
Curing of Defaults. If there occurs any Event of Default that may be cured by the payment of money, Lender shall have the right upon five (5) Business Days’ notice to Borrower to pay that money from the Account thereby curing or avoiding the default. If any such payment results, or may, in Lender’s reasonable good faith determination, result in the reduction in the amount of funds available under the Budget below the amount which is required to complete the Improvements, the amount that Lender determines in good faith to be reasonably necessary to provide for such completion shall be deposited by Borrower in the Account within thirty (30) days after Borrower’s receipt of written demand therefor by Lender.
Curing of Defaults. 8.7.1. If Trustor shall at any time fail to perform or comply with any of the terms, covenants and conditions required on Trustor's part to be performed and complied with under this Deed of Trust or any other Security Document relating to the Trust Estate (after the lapse of any cure period provided therein), then Beneficiary