Common use of Default by Grantee Clause in Contracts

Default by Grantee. Upon an Event of Default by Grantee, and subject to the cure rights and cure provisions in Sections 1.3 and 8.1 of this Option Agreement, the Owner shall (i) have the right to (A) terminate this Option Agreement, (B) retain the Option Fees actually paid by Grantee as of the date of such Event of Default, (C) have Grantee pay any unpaid Option Fees which have become due prior to such Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default), (D) have Grantee pay any and all reimbursements due under this Option Agreement as of the date of such Event of Default, and (E) have Grantee remove any equipment and personal property from, and restore the Property as provided in Section 4.3 hereof; and (ii) remain entitled to the indemnifications provided by Grantee pursuant to Sections 7.2 and 7.4 hereof. The Owner agrees that under the circumstances existing as of the Effective Date of this Option Agreement, the Owner’s retention of Option Fees actually paid by Grantee and being paid Option Fees which come due prior to any Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default) as provided for in this Section represent a reasonable estimate of the damages which the Owner will incur as a result of the Owner’s having kept the Property off the market. The Owner agrees that the retention by the Owner of the Option Fees actually paid to the Owner as of the date of such default, the Owner’s right to be paid any unpaid Option Fees which become due prior to such Event of Default or as a result of such Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default), and the retention by the Owner of the rights set forth in clauses (i)(C), (i)(D), (i)(E), and (ii) above, shall be in lieu of any other monetary relief, or specific performance, to which the Owner might otherwise be entitled under this Option Agreement for Grantee’s default, and shall be the Owner’s sole and exclusive rights and remedies under this Option Agreement for Grantee’s default.

Default by Grantee. Upon an Event If Grantee defaults under this Easement Agreement, after thirty (30) days’ Notice and the defaulting Party’s failure to cure, the non-defaulting Party shall have all rights and remedies available at law, in equity, pursuant to this Easement Agreement or otherwise, including but not limited to the right to recover damages, the right of Default by Granteespecific performance, and subject the right to the cure rights and cure provisions in Sections 1.3 and 8.1 of this Option Agreementobtain an injunction; provided, the Owner shall (i) however, that Pinal County shall not have the right to (A) terminate this Option Easement Agreement, except as follows: (Bi) retain in the Option Fees actually paid by Grantee as event of the date of such Event of Default, (C) have Grantee pay any unpaid Option Fees which have become due prior to such Event of Default (including a default in the payment of any Option Fees where amount hereunder, and the failure of Grantee to pay cure such default within the applicable grace period constitutes the Event thirty (30) days of Default)written notice of default from Pinal County to Grantee, (D) have Grantee pay any and all reimbursements due under this Option Agreement as of the date of such Event of Default, and (E) have Grantee remove any equipment and personal property from, and restore the Property as provided in Section 4.3 hereof; and or (ii) remain the failure or omission by Grantee to observe, keep or perform any of the other terms, agreements or conditions set forth in this Easement Agreement, and such failure or omission has continued for thirty (30) days after Pinal County has delivered a written notice of default to Grantee (or such longer period required to cure such failure or omission, not to exceed one hundred eighty (180) days, if such failure or omission cannot reasonably be cured within such thirty (30) day period, provided that Grantee commences its efforts to cure within such 30-day period and diligently continues such efforts until failure or omission is cured). If Pinal County becomes entitled to terminate this Easement Agreement due to an uncured default by Grantee, Pinal County will not terminate this Easement Agreement unless it has first given written notice of such uncured default and of its intent to terminate this Easement Agreement to a Notifying Lender as set forth above. Upon the indemnifications provided by Grantee pursuant to Sections 7.2 and 7.4 hereof. The Owner agrees that occurrence of a default under the circumstances existing as of the Effective Date of this Option Easement Agreement, Grantee shall be liable to Pinal County for all costs and expenses including but not limited to attorneys’ fees incurred by the Owner’s retention of Option Fees actually paid by Grantee and being paid Option Fees which come due prior to any Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default) as provided for in this Section represent a reasonable estimate of the damages which the Owner will incur non-defaulting Party as a result of the Ownerdefault. In the event of Pinal County’s having kept the Property off the market. The Owner agrees that the retention by the Owner termination of the Option Fees actually paid Easement Agreement following an uncured default by Grantee as permitted above, within thirty (30) days following the effective date of such termination Grantee shall commence removal of all equipment, supplies and improvements from the Pinal County Property, and shall restore the Pinal County Property to the Owner condition it was in as of the date Effective Date, subject to the reasonable satisfaction of such default, the Owner’s right to be paid any unpaid Option Fees which become due prior to such Event of Default or as a result of such Event of Default (including the payment of any Option Fees where the failure to pay within the applicable grace period constitutes the Event of Default), and the retention by the Owner of the rights set forth in clauses (i)(C), (i)(D), (i)(E), and (ii) above, shall be in lieu of any other monetary relief, or specific performance, to which the Owner might otherwise be entitled under this Option Agreement for Grantee’s default, and shall be the Owner’s sole and exclusive rights and remedies under this Option Agreement for Grantee’s defaultPinal County.