Extension to Cure Clause Samples

The "Extension to Cure" clause allows a party additional time to remedy a breach or failure to perform under a contract before further consequences, such as termination or penalties, are imposed. Typically, this clause specifies a notice period during which the non-breaching party must inform the breaching party of the issue, after which the breaching party is granted a defined period to correct the problem. By providing this opportunity to cure, the clause helps prevent unnecessary contract termination and encourages resolution of issues, thereby maintaining the contractual relationship and reducing the risk of disputes.
Extension to Cure. Subject to the provisions of Section 10.2 hereof, if, on the Closing Date (a) the Sellers shall be unable to give title or to make conveyance, or to deliver possession of the Assets, the Securities and the Properties all as herein stipulated, in any material respect, (b) the Assets, the Subsidiaries, the Securities and/or the Properties do not conform with the provisions hereof, in any material respect, or (c) if all of the Closing Conditions have not been satisfied in any material respect (or waived in writing), THEN, (i) the Purchaser shall so notify the Sellers and the Escrow Agent on or, if reasonably possible, before the Closing Date or (ii) with respect to any Closing Condition that is a condition precedent to the Sellers' obligations to consummate the Closing, the Sellers shall so notify the Purchaser and the Escrow Agent on or, if reasonably possible, before the Closing Date; whereupon, at the Sellers' option (exercisable in the Sellers' sole and absolute discretion on or before the Closing Date), the Closing Date shall be extended up to thirty (30) days to allow the Closing Conditions to be satisfied. The Purchaser shall have the election, at either the original or extended time for performance, to accept such title as the Sellers can deliver to the Assets, the Securities and the Properties (in their then condition) and/or to waive any unsatisfied Closing Conditions and to pay the Purchase Price for the Assets without deduction (except as otherwise expressly provided in Section 10.2), in which case, the Sellers shall convey such title to the Assets, PROVIDED, HOWEVER, that in the event of such conveyance in accord with the provisions of this Section 10.1, if any portion of any (x) Property shall be damaged by fire or other insured casualty, THEN subject to the terms of the applicable Lease Documents and/or Loan Documents, the Sellers shall pay over to the Purchaser at Closing all amounts recovered on account of any applicable insurance policies and, to the extent that any such damaged Property is a Mortgaged Property, MMI shall assign to the Purchaser all of its rights (including amounts recoverable) under any applicable insurance policies and (y) Property has been taken or condemned by any 109 <PAGE> action of a Governmental Authority or quasi-governmental authority or damaged by action of any Governmental Authority, THEN, subject to the terms of the applicable Lease Documents and/or Loan Documents, the Sellers shall pay over to the Purchaser at ...
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Extension to Cure. If Seller shall be unable to give title or to make conveyance, or to deliver possession of the Property, all as herein stipulated, or if on the date of Closing the Property does not conform with the provisions hereof, then Seller shall use good faith and reasonable efforts to remove any defects in title, or to deliver possession as provided herein, or to make the Property conform to the provisions hereof, as the case may be, and the Closing shall automatically be extended for a period of sixty (60) days (the “Extended Time”). If at the expiration of the Extended ▇▇▇▇ ▇▇▇▇▇▇ shall have failed so to remove any defects in title, deliver possession, or make the Property conform, as the case may be, all as herein agreed, after using good faith and reasonable efforts to do so, then, at Buyer’s option, the Deposit shall be forthwith refunded by Escrow Agent to Buyer and all other obligations of all parties hereto shall cease and this Agreement shall be void without recourse to the parties hereto. Notwithstanding the foregoing, in no event shall Seller be required to expend more than Twenty Thousand Dollars ($20,000.00) to cure any requirement under this Section 4.02. Buyer shall have the election, at either the original date of Closing or the Extended Time, to accept such title as Seller can deliver to the Property in its then condition and to pay therefore the Purchase Price without deduction, in which case Seller shall convey such title.
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Extension to Cure. If on the Closing Date Owner shall be unable to give title, or to make the contribution, or to deliver possession, all as herein provided, or if on the Closing Date the Property does not conform to the provisions of Section 7.b. for reasons beyond Owner's reasonable control, Owner, in its sole discretion, may give notice to Operating Partnership, on or before the Closing Date, that it elects to use reasonable efforts to cure all impediments which cause it to be unable to give title, make conveyance or deliver possession as aforesaid, all as herein provided. Operating Partnership shall thereupon have the option, to be exercised by notice to Owner given on or before the third (3rd) business day following receipt of such notice from Owner, (i) to terminate this Agreement, whereupon Escrow Holder shall return the Deposit to Operating Partnership and all obligations of the parties hereto shall cease without recourse to the parties hereto except as otherwise expressly set forth herein, (ii) to exercise its election under Section 7.e, or (iii) to extend the Closing Date for a period (the "Owner's Extension Period") of up to thirty (30) days to permit Owner to cure as aforesaid. In the event that Operating Partnership shall fail to timely give the aforesaid notice then Operating Partnership shall be deemed to have elected the option in the foregoing clause (i).
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Extension to Cure. If on the Closing Date Seller shall be unable ----------------- to give title, or to make conveyance, or to deliver possession, all as herein provided, or if on the Closing Date the Property does not conform to the provisions of Section 7.b., Seller, shall give notice to Buyer, on or before the Closing Date, that it will use reasonable efforts to cure all impediments which cause it to be unable to give title, make conveyance or deliver possession as aforesaid, all as herein provided, in which case the Closing Date shall be extended for a period (the "Seller's Extension Period") of up to thirty (30) days to permit Seller to cure as aforesaid. Seller's "reasonable efforts" shall not require the expenditure of more than $200,000 other than for the elimination of any Forced Removal Title Exception.
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Related to Extension to Cure

  • Extension of the Expiry Date; Non-Extension Advance No earlier than the 60th day and no later than the 40th day prior to the then effective Expiry Date (unless such Expiry Date is on or after the date that is 15 days after the Final Legal Distribution Date for the Class B Certificates), the Borrower shall request that the Liquidity Provider extend the Expiry Date to the earlier of (i) the date that is 15 days after the Final Legal Distribution Date for the Class B Certificates and (ii) the date that is the day immediately preceding the 364th day occurring after the last day of the Consent Period (as hereinafter defined). Whether or not the Borrower has made such request, the Liquidity Provider shall advise the Borrower no earlier than the 40th day (or, if earlier, the date of the Liquidity Provider’s receipt of such request, if any, from the Borrower) and no later than the 25th day prior to the then effective Expiry Date (such period, the “Consent Period”), whether, in its sole discretion, it agrees to so extend the Expiry Date. If the Liquidity Provider advises the Borrower on or before the date on which the Consent Period ends that such Expiry Date shall not be so extended, or fails to irrevocably and unconditionally advise the Borrower on or before the date on which the Consent Period ends that such Expiry Date shall be so extended (and, in each case, if the Liquidity Provider shall not have been replaced in accordance with Section 3.05(e) of the Intercreditor Agreement), the Borrower shall be entitled on and after the date on which the Consent Period ends (but prior to the then effective Expiry Date) to request a Non-Extension Advance in accordance with Section 2.02(b)(i) and Section 3.05(d) of the Intercreditor Agreement.

  • Extension Term The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term of this Lease shall irrevocably lapse and be void and of no further force and effect, Tenant shall have no further right to extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by the Extension Term. The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be as set forth below.

  • Extension Option Subtenant shall have the right (the “Extension Right”) to extend the Term of this Sublease for a single additional period of three (3) months (the “Sublease Extension Term”) on the same terms and conditions as this Sublease (other than Base Rent) by giving Sublandlord written notice of its election to exercise the Extension Right at least eight (8) months prior to the Expiration Date of the initial Term, which notice, once given, shall be irrevocable. If Subtenant timely elects to exercise such right to the Sublease Extension Term, the Sublease Extension Term shall commence on the day immediately following the initial Expiration Date. During the Sublease Extension Term, Base Rent for each portion of the Subleased Premises shall be payable at a rate equal to 103% of the rate in effect with respect to such portion of the Subleased Premised on the initial Expiration Date. The Extension Right is personal to Subtenant and shall not be assignable without Sublandlord’s and Prime Lessor’s consent in their respective sole discretion, except that it may (subject to obtaining the consent of Prime Lessor to the extent required under Section 22 of the Prime Lease) be assigned in connection with a Corporate Permitted Assignment of this Sublease. Notwithstanding the foregoing, Subtenant may not exercise the Extension Right (i) during any period of time that Subtenant is in default under any provision of this Sublease, (ii) if Subtenant has been in default under any provision of this Sublease two (2) or more times, whether or not the defaults are cured, during the last year of the initial Term of this Sublease, or (iii) if Subtenant is not in occupancy of at least eighty percent (80%) of the entire Subleased Premises both at the time of the exercise of the Extension Right and at the time of the commencement date of the Sublease Extension Term. The Extension Right shall terminate and be of no further force or effect even after Subtenant’s due and timely exercise of the Extension Right, if after such exercise, but prior to the commencement date of the Sublease Extension Term, (i) Subtenant fails to timely cure any default by Subtenant under this Sublease, or (ii) Subtenant has defaulted two (2) or more times during the period from the date of the exercise of the Extension Right to the date of the commencement of the Sublease Extension Term, whether or not such defaults are cured.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • Renewal, Extension The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.