Common use of Default by Optionee Clause in Contracts

Default by Optionee. In the event Optionee is in default in the observance or performance of any of Optionee's covenants, agreements or obligations under this Agreement, Optionor may give written notice of such alleged default specifying the details of same. The Optionee shall have 30 days following receipt of said notice (or, in the event Optionee in good faith disputes the existence of such a default, 30 days after a final, non-appealable order of a court of competent jurisdiction finding that such a default exists) within which to remedy any such default described therein, or to diligently commence action in good faith to remedy such default. If the Optionee does not cure or diligently commence to cure such default by the end of the applicable 30-day period, then Optionor shall have the right to terminate this Agreement by providing 30 days advance written notice to the Optionee. In the event of such termination, the provisions of Section 5.1 shall apply with respect to the parties' ongoing obligations and liabilities.