Common use of Default by the Operating Partnership Clause in Contracts

Default by the Operating Partnership. In the event of any default by the Operating Partnership under this Agreement that is not cured within five (5) days after the Operating Partnership’s receipt of notice thereof (but in no event later than the Closing Date), the Company Manager shall be entitled, as its and the Seller’s sole and exclusive remedy, to terminate this Agreement and receive the reimbursement from the Operating Partnership for all of the Seller’s and the Company Manager’s documented out-of-pocket expenses incurred by Contributor in connection with this Agreement and its contribution of the Property not to exceed, in the aggregate, the sum of $75,000.00, which receipt shall operate to terminate this Agreement and release the Operating Partnership from any and all liability hereunder except for the indemnification obligations set forth in Section 3.4 hereof and any unpaid Lender’s Fees.