Common use of Notice of Default and Right to Cure Clause in Contracts

Notice of Default and Right to Cure. Upon the occurrence of an Event of Default, the non-defaulting party shall provide the other party (the “Defaulting Party”) written notice setting forth the nature of such Event of Default, and the Defaulting Party shall have thirty (30) days to cure any Event of Default other than the failure of Proinvest to maintain insurance in accordance with this Agreement, and Proinvest shall have ten (10) days to cure any failure to maintain insurance in accordance with this Agreement, provided, however, that if the nature of the Event of Default (other than the failure of Proinvest to maintain insurance in accordance with this Agreement) is such that it cannot reasonably be cured within thirty (30) days, the Defaulting Party may cure such Event of Default by commencing in good faith to cure the default promptly after its receipt of such written notice and prosecuting the cure of such default to completion with diligence and continuity within a reasonable time thereafter, but in any event within ninety (90) days thereafter.