Common use of Termination by the Vendor Clause in Contracts

Termination by the Vendor. The Vendor may terminate this Agreement if, within the periods specified in Section 7 (“Earning Costs - Initial Earn In Period”) or the period for Option Payments specified in Section 6 (“Option Payments”), or not later than the time provided by law for timely payment of Land Holding Costs as required by Section 11 (“Land Holding Costs”) hereof, Stone fails to pay or incur the scheduled Option Payments or otherwise fails to timely pay or incur the minimum Earning Costs or Land Holding Costs. The Vendor shall give Stone notice describing the alleged existence of any condition (or failure of condition) set forth in said Sections 6, 7 and 11 hereof on which the Vendor are asserting a right to terminate this Agreement. In the event that Stone fails to cure the same or to initiate action in the courts to dispute the existence thereof within thirty (30) days after its receipt of any such notice, then the Vendor may terminate this Agreement by giving Stone notice of the Vendor’ decision to do so. In the event that Stone initiates action in the courts to dispute the existence of any alleged default, then this Agreement may not be terminated by the Vendor unless Stone fails to commence curative action with respect to such default within a thirty (30) day period after its existence is confirmed by a court of competent jurisdiction.