Common use of Defaults Remedies and Termination Clause in Contracts

Defaults Remedies and Termination. A. [s501] Defaults - General Subject to the extensions of time set forth in Section 604, failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this Agreement. The party who so fails or delays must immediately commence to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with reasonable diligence and during any period of curing shall not be in default. The injured party shall give written notice of default to the party in default specifying the default complained of by the injured party. Except as required to protect against further damages, and except as otherwise expressly provided in Sections 507 and 508 of this Agreement, the injured party may not institute proceedings against the party in default until thirty (30) days after giving such notice. Failure or delay in giving such notice shall not constitute a waiver of any default nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as to any default shall not operate as a waiver' of any default or of any such rights or remedies or deprive such party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. B. [s502] Legal Action

Defaults Remedies and Termination. A. [s501] 401. Defaults - – General Subject to the extensions of time set forth in Section 604505, failure or delay by either party to perform any term or provision of this Agreement (each, a “breach”), which breach is not cured by the first to occur of (i) forty-five (45) days following receipt of written notice thereof from the other party or such longer period as may be reasonably necessary to cure such breach (subject to the provisions of the following sentence), or (ii) the Closing Date, constitutes a default under this Agreement. The party who so fails or delays breaches must immediately commence to cure, correct or remedy such failure or delay breach and shall complete such cure, correction or remedy with reasonable diligence and during any period of curing shall not be in default. The injured party shall give written notice of default breach to the party in default breach specifying the default breach complained of by the injured party. Except as required to protect against further damages, and except as otherwise expressly provided in Sections 507 and 508 of this Agreement, the injured party may not institute proceedings against the party in default breach until thirty (30) days after giving such noticeexpiration of the cure period set forth above. Failure or delay in giving such notice shall not constitute a waiver of any breach or default nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as to any breach or default shall not operate as a waiver' waiver of any breach or default or of any such rights or remedies or deprive such party of its right to institute and maintain any actions or proceedings which that it may deem necessary to protect, assert or enforce any such rights or remedies. B. [s502] Legal Action