Common use of Time to Cure Clause in Contracts

Time to Cure. a. If a monetary event of default occurs under the terms of any of the Loan Documents (including this Agreement), prior to exercising any remedies thereunder the Department shall give Borrower written notice of such default. Borrower shall have a period of seven (7) calendar days after such notice is given within which to cure the default prior to exercise of remedies by the Department under the Loan Documents, or such longer period of time as may be specified in the Loan Documents. b. If a non-monetary event of default occurs under the terms of any of the Loan Documents other than this Agreement, the applicable cure periods shall be as set forth therein. If a non-monetary event of default occurs under this Agreement, prior to exercising any remedies thereunder, the Department shall give Borrower written notice of such default. If the default is reasonably capable of being cured within thirty (30) calendar days, as determined by the Department in its sole discretion, Borrower shall have such 30-day period to effect a cure prior to exercise of remedies by the Department under the Loan Documents. If the default is such that it is not reasonably capable of being cured within such 30-day period, as determined by the Department in its sole discretion, and if Borrower: (a) initiates corrective action within said period, and (b) diligently, continually, and in good faith works to effect a cure as soon as possible, then Borrower shall have such additional time as is determined by the Department, in its sole discretion, to be reasonably necessary to cure the default prior to exercise of any remedies by the Department. If Borrower or its successor in interest is a limited partnership, if ▇▇▇▇▇▇▇▇ fails to take corrective action or to cure the default within such a specified time, the Department shall give Borrower written notice thereof, whereupon the limited partner may remove and replace the general partner with a substitute general partner, subject to all requirements, limitation and conditions set forth elsewhere in this Agreement, who shall effect a cure within a reasonable time thereafter in accordance with the foregoing provisions. Notwithstanding the foregoing, in no event or circumstance: (1) shall the Department be precluded from exercising any of its rights and remedies if its security becomes or is about to become materially jeopardized by any failure to cure a default; or (2) shall the cure period exceed ninety (90) calendar days after the first notice of default is given.