Common use of DEFAULTS BY HUNTINGTON Clause in Contracts

DEFAULTS BY HUNTINGTON. The occurrence of any one or more of the following events shall constitute a material default and breach of this Agreement by Huntington: (a) The failure of Huntington to make any payment of rent or any other payment required to be made by Huntington hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Owner to Huntington. In the event that Owner serves Huntington with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall not constitute the notice required by this subsection; or (b) The failure by Huntington to observe or perform any of the covenants, conditions or provisions of this Agreement to be observed or performed by Huntington, other than described in Section 13.1(a) above, where such failure shall continue for a period of thirty (30) days after written notice thereof from Owner to Huntington, which notice shall specify the specific nature of the failure, provided, however, that if the nature of the Huntington's default is such that more than thirty (30) days are reasonably required for its cure, then Huntington shall not be deemed to be in default if Huntington commences such cure within said thirty (30) days period and thereafter diligently prosecutes such cure to completion; or (c) The occurrence of any two (2) audits during any twelve (12) month period disclosing that Huntington has understated its receipts by twenty percent (20%) or more as described in Section 6.2 above.

DEFAULTS BY HUNTINGTON. The occurrence of any one or more of the following events shall constitute a material default and breach of this Agreement by Huntington: (a) The failure of Huntington to make any payment of rent or any other payment required to be made by Huntington hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Owner to Huntington. In the event that Owner serves Huntington with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall not constitute the notice required by this subsection; or (b) The failure by Huntington to observe or perform any of the covenants, conditions or provisions of this Agreement to be observed or performed by Huntington, other than described in Section 13.1(a) 7 above, where such failure shall continue for a period of thirty (30) days after written notice thereof from Owner to Huntington, which notice shall specify the specific nature of the failure, provided, however, that if the nature of the Huntington's default is such that more than thirty (30) days are reasonably required for its cure, then Huntington shall not be deemed to be in default if Huntington commences such cure within said thirty (30) days period and thereafter diligently prosecutes such cure to completion; or (c) The occurrence of any two (2) audits during any twelve (12) month period disclosing that Huntington has understated its receipts by twenty percent (20%) or more as described in Section 6.2 above.