Common use of Right to Cure Events of Default Clause in Contracts

Right to Cure Events of Default. Upon receipt of the Notice of Default, Party in default shall have ten days to commence a cure of the default, and 45 days, or such period as agreed to by the Parties, to complete the cure, provided that the defaulting party shall continuously and diligently pursue such remedy at all times until such item of default is cured. In the event a cure is not commenced, or completed within the time frames set forth herein, the City may modify or terminate this Agreement in accordance with the provisions set forth in Section 5.4, and Developer may terminate this Agreement.