Common use of Termination by Claremont Clause in Contracts

Termination by Claremont. If MAX defaults in any of its obligations, Claremont may give MAX written notice and specify the default or defaults. If within thirty (30) days MAX has not cured such default or, with respect to defaults not capable of being cured in thirty (30) days, begun and diligently pursued efforts to cure such default, Claremont may terminate this Agreement by written notice to MAX. If MAX disputes that any default has occurred, the matter shall be determined by litigation in a court of competent jurisdiction, and if the court finds MAX is in default, MAX shall have a reasonable time (which in any case shall not be less than sixty (60) days from receipt of notice of the judgment or order) to cure such default, and if so cured, Claremont shall have no right to terminate this Agreement by reason of such default.