Common use of Default of Owner Clause in Contracts

Default of Owner. If Owner fails to comply with or perform in any respect any of the material terms and provisions to be complied with or any of the obligations to be performed by Owner under this Agreement, and such failure continues uncured for a period of thirty (30) calendar days after written notice to Owner specifying the nature of such default (or such longer period of time as may be needed in the exercise by Owner of due diligence to effect a cure of any non-monetary default), then Developer shall have the right, in addition to all other rights and remedies available to Developer at law or in equity, at its option, to terminate this Agreement by giving written notice thereof to Owner, in which event Owner shall promptly pay to Developer, in cash, the sums payable to Developer upon termination as provided in Section 12.6 hereof, and upon the payment of such amounts, subject to Sections 3.6, 6.1, 6.3, 9.2 and 12.7 hereof, Owner and Developer shall have no further rights, duties, liabilities or obligations whatsoever under this Agreement (Developer hereby waiving all other rights and remedies that may be available under applicable law).