Common use of Notice of Default and Cure Clause in Contracts

Notice of Default and Cure. Any Party claiming a default under this Agreement shall deliver to the defaulting Party a written notice of default (“Notice of Default”). The Notice of Default shall specify the reasons for the allegation of default with reasonable particularity and the manner in which the default can be cured. The defaulting Party shall have the right to cure the default within thirty (30) days after receipt of the Notice of Default; provided, however, that if the nature of the alleged default is such that it cannot be reasonably cured within such thirty- day (30-day) period, the thirty-day (30-day) period shall be extended for the time reasonably required to complete the cure, so long as the defaulting Party commences the cure within the thirty-day period and diligently prosecutes the cure to completion thereafter and such cure is complete within one hundred twenty (120) after the cure is commenced; provided, that if a Party has timely commenced and diligently prosecutes the cure to completion thereafter, then the other party shall reasonably provide one or more extensions up to a total of one hundred twenty (120) days.

Notice of Default and Cure. Any Upon default by any Party claiming a default under of any obligations or covenants contained in this Agreement shall deliver Agreement, the non-defaulting Party shall, as prerequisite to remedy entitlement, provide the defaulting Party with a written notice "NOTICE OF DEFAULT", specifying the nature of default (“Notice of Default”). The Notice of Default shall specify the reasons for the allegation of default with reasonable particularity and the manner in which the default can be cureddefault. The defaulting Party shall thereafter have thirty (30) days from the right date of receipt of the Notice of Default to cure such default, or if such default cannot be reasonably cured within such thirty (30) day period, the defaulting Party shall have thirty (30) days to take substantial and material steps in curing said default, and shall diligently and continuously pursue such cure efforts until such default is fully remedied. In the event the default has not been cured, or a diligent effort has not been made to cure said default within thirty (30) days after from the receipt of the Notice of Default; provided, however, that if the nature of the alleged default is such that it cannot be reasonably cured within such thirty- day (30-day) periodDefault as set forth above, the thirtynon-day (30-day) period defaulting Party shall be extended for the time reasonably required to complete the cure, so long as provide the defaulting Party commences the cure within the thirty-day period and diligently prosecutes the cure to completion thereafter and such cure is complete within one hundred twenty additional ten (12010) after the cure is commenced; provided, that if a Party has timely commenced and diligently prosecutes the cure to completion thereafter, then the other party shall reasonably provide one or more extensions up to a total of one hundred twenty (120) days.day