Common use of FAILURE OF SHARED HOME OWNER TO PERFORM Clause in Contracts

FAILURE OF SHARED HOME OWNER TO PERFORM. In the event that the Shared Home Owner fails to observe and perform its obligations described in this Agreement, including those contained in clause 3.1, and does not rectify the failure within 10 Working Days of receiving written notice from BHCT requiring the failure to be rectified, BHCT may rectify any such failure itself and the cost of doing so shall be payable on demand by the Shared Home Owner to BHCT. Should the Shared Home Owner fail to pay the cost of rectifying the breach to BHCT, BHCT may, in addition to any other remedies and rights it may have, acting reasonably and properly at all times, following BHCT giving not less than 10 Working Days’ written notice to that effect to the Shared Home Owner, reduce the Share in the Property owned by the Shared Home Owner, and consequently increase BHCT’s Share, to the extent of the cost of rectifying the Shared Home Owner’s failure to observe and perform its obligations plus the Transfer Fee following which the Share Allocation shall adjust accordingly. For the purposes of any adjustment in the Share Allocation in accordance with clause