Common use of Default Rights Clause in Contracts

Default Rights. In addition to the foregoing, if the Corporation defaults in its payments under obligations described in the Indenture, the District is hereby granted an exclusive option to purchase the property financed thereby (including the Project) for the amount of the outstanding indebtedness of the Corporation and accrued interest to the date of default. The District shall have (a) not less than 90 days from the date it is notified by the Corporation of the default in which to exercise the option, and (b) not less than 90 days from the date it exercises the option to purchase the property.