Termination by Developer. Developer may terminate this Agreement if one or more of the following events shall occur: (a) a failure by Owner to pay any amounts or monetary obligations due and owing to Developer which is not cured within three (3) business days following receipt of written notice by Developer specifying such default; (b) a material default by Owner under this Agreement that is not cured within thirty (30) days following receipt of written notice from Developer specifying the default; provided, however, that if such default cannot be cured within such thirty (30) day period through the use of diligent efforts, such period shall be extended for an additional thirty (30) days; provided, further, that if Owner promptly commences such cure and thereafter diligently prosecutes such cure but is unable to complete such cure within the aforesaid two thirty (30) day periods, Owner shall be afforded an additional thirty (30) days to complete such cure.
Appears in 3 contracts
Sources: Development Agreement (Behringer Harvard Opportunity REIT I, Inc.), Development Agreement (Behringer Harvard Opportunity REIT I, Inc.), Development Agreement (Behringer Harvard Opportunity REIT I, Inc.)