Common use of DEFAULT AND RECOURSE Clause in Contracts

DEFAULT AND RECOURSE. 5.1 In the event of breach or default in the obligations and covenants of the Owner under this Agreement, the CA may take any action available to it at law, in equity, by statute or under this Agreement provided that the CA shall first give to the Owner written notice of the default, which notice shall specify the nature of the non-compliance and the measures necessary to secure compliance with the terms of this Agreement. If notice of default is given, the Owner shall have sixty (60) days following receipt of the notice of default to complete the required measures and to rectify the non-compliance or default. 5.2 In the event that the Owner has failed to comply within the sixty-day period allowed, the CA shall be entitled to enter onto the Lands and to complete those works and measures necessary to provide compliance and to remedy the default at the expense of the Owner. 5.3 If the CA in its sole discretion determines that circumstances require immediate action to prevent or mitigate damage to the natural features of the Lands, the CA may pursue its remedies under this Article 5 without prior notice to the Owner or without waiting for expiry of the sixty- day notice period as otherwise required under Article 5.1. 5.4 The parties recognize that damages based on market value may not be adequate or effective to compensate for destruction of or restoration of the natural features of the Lands as they existed prior to default or breach of the Agreement. Accordingly, the parties agree that: a) compensation to the CA in the event of default or breach of the Agreement may be based on market value or the restoration or replacement costs, whichever, in the opinion of the court, shall better compensate the CA; and b) in addition, and without limiting the scope of the other enforcement rights available to the CA under this Agreement, the CA may bring an action or an application for injunctive relief to prohibit or prevent default or the continuance of default under this Agreement. 5.5 All reasonable costs incurred by the CA in enforcing the terms of this Agreement, including without limitation legal costs and expenses, and any costs of restoration required to remedy any violation of the terms of this Agreement by the Owner shall be paid by the Owner to the CA. Until paid, such costs of remedy incurred by the CA shall be a debt owed by the Owner to the CA and shall be a charge upon the Lands enforceable in the same manner as a mortgage and recoverable by the CA in a court of law.