Common use of Election to Dissolve Clause in Contracts

Election to Dissolve. If the non-Defaulter does not elect to acquire the entire interest of the Defaulter as set forth in Subsection 7.3.1, the non-Defaulter may elect (i) to dissolve and terminate the Joint Venture pursuant to Section 7.2 of this Agreement by written notice to the Defaulter or (ii) to pursue any other right or remedy available to it at law or in equity. The right of the non-Defaulter to institute the procedures for purchase of the Defaulter's Joint Venture interest as set forth in this Section 7.3 shall continue until such non-Defaulter elects to exercise its right to terminate the Joint Venture as provided in this Subsection 7.3.2.

Election to Dissolve. If the non-Defaulter does not elect to acquire the entire interest of the Defaulter as set forth in Subsection 7.3.17.4.1, the non-Defaulter may elect (i) to dissolve and terminate the Joint Venture pursuant to Section 7.2 7.3 of this Agreement by written notice to the Defaulter or (ii) to pursue any other right or remedy available to it at law or in equity. The right of the non-Defaulter to institute the procedures for purchase of the Defaulter's Joint Venture interest as set forth in this Section 7.3 7.4 shall continue until such non-Defaulter elects to exercise its right to terminate the Joint Venture as provided in this Subsection 7.3.27.4.2.