Common use of Defaults and Termination Rights Clause in Contracts

Defaults and Termination Rights. 7.1 DEFAULT BY MANAGER Manager shall be deemed to be in default hereunder in the event Manager shall fail to keep, observe or perform any material covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Manager, and such default shall (i) result from Manager's grossly negligent acts or omissions or willful misconduct; (ii) involve Manager's misappropriation or intentional misapplication of funds received or held by Manager hereunder; or (iii) continue for a period often (10) days after written notice thereof by Bluerock to Manager as to any default in payment of money or thirty (30) days after written notice thereof by Bluerock to Manager as to any non-monetary default, or, if such non-monetary default cannot be cured within thirty (30) days, then such additional period as shall be reasonable provided that Manager is capable of curing same and has continuously attempted to cure such default. Manager shall also be deemed to be in default hereunder if a petition for bankruptcy, reorganization or rearrangement is filed under state or federal insolvency statutes by Manage, or if any such petition is filed against Manager and not removed or discharged within sixty (60) days thereafter.

Defaults and Termination Rights. 7.1 DEFAULT BY MANAGER Manager shall be deemed to be in default hereunder in the event Manager shall fail to keep, observe or perform any material covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Manager, and such default shall (i) result from Manager's grossly negligent acts or omissions or willful misconduct; (ii) involve Manager's misappropriation or intentional misapplication of funds received or held by Manager hereunder; or (iii) continue for a period often of ten (10) days after written notice thereof by Bluerock Owner to Manager as to any default in payment of money or thirty (30) days after written notice thereof by Bluerock Owner to Manager as to any non-monetary default, or, if such non-monetary default cannot be cured within thirty (30) days, then such additional period as shall be reasonable provided that Manager is capable of curing same and has continuously attempted to cure such default. Manager shall also be deemed to be in default hereunder if a petition for bankruptcy, reorganization or rearrangement is filed under state or federal insolvency statutes by ManageManager, or if any such petition is filed against Manager and not removed or discharged within sixty (60) days thereafter.