Common use of Recipient not Remedying Clause in Contracts

Recipient not Remedying. If NOHFC has provided the Recipient with an opportunity to remedy the Event of Default pursuant to Section 10.3 and: (a) the Recipient does not remedy the Event of Default to NOHFC’s satisfaction within the time period specified in the notice; (b) NOHFC determines that the Recipient cannot satisfactorily remedy the Event of Default within the time period specified in the notice or such further period of time as NOHFC considers reasonable; or (c) the Recipient is not proceeding to remedy the Event of Default in a way that is satisfactory to NOHFC; then NOHFC may immediately initiate any one or more of the actions provided for in Section 10.2.