Common use of Breach Default Termination Clause in Contracts

Breach Default Termination. ▇. ▇▇▇▇▇▇▇▇▇▇ Lands’ acceptance of any payments under this Agreement shall never constitute or be deemed to be: (i) a ratification, renewal, or amendment of this Agreement or any Designation of Production Acreage; (ii) a waiver of the rights granted to University Lands, or the obligations imposed upon Developer; or (iii) an estoppel against University Lands preventing the enforcement of University Lands’ rights or Developer’s obligations hereunder or from seeking damages for Developer’s breach of the Agreement. University Lands’ agreement to accept royalty payments directly from any purchaser shall not affect Developer’s obligations to pay royalties to University Lands under this Agreement. No instrument executed by University Lands shall be effective to constitute a ratification, revivor, renewal, extension, or amendment of this Agreement or Designation of Production Acreage unless the instrument is clearly titled to indicate its purpose and intent. b. If Developer violates, fails to perform, or breaches any term or covenant in this Agreement, University Lands shall notify Developer in writing of the violation, failure, or breach. Developer shall have thirty (30) calendar days from receipt of University Lands’ written notice, in which to remedy the violation, failure, or breach. If Developer disputes any claim by University Lands of a breach or default, Developer shall notify University Lands of its dispute as soon as possible, but not later than fifteen (15) calendar days after receipt of University Lands’ notice. The receipt by University Lands of such notice from Developer shall be a condition precedent to University Lands’ right to bring an action for any cause, and in the absence of such notice, no such action shall be brought by University Lands until the expiration of the thirty (30) day notice period to Developer. University Lands may remedy any type of breach or default or, at University Lands’ election, terminate this Agreement (by filing a Release of Agreement as provided in Article 7) if Developer fails to remedy such breach or default within the thirty (30) day period. In addition to any other remedies available to University Lands, University Lands may elect to remedy any breach or default with contemporaneous written notice to Developer if immediate action by University Lands would mitigate or prevent further, avoidable damages or if Developer’s breach or default involves any environmental or regulatory issues. Under those circumstances, Developer must pay all damages, costs, and expenses incurred by University Lands, including, but not limited to attorney’s fees, within ten (10) calendar days of University Lands’ presentation to Developer of receipts related to such actions. If University Lands remedies a claimed breach or default to mitigate damages or to remedy environmental or regulatory issues, Developer must pay all costs presented by University Lands, and Developer’s payment shall only be refunded if Developer prevails in its dispute of the underlying claim. If University Lands pursues litigation and prevails in its claim of breach or default, Developer must pay all costs and expenses incurred by University Lands in enforcing the terms of this Agreement, including attorney’s fees and interest on all money expended by University Lands to remedy such breach or default (if applicable) at the highest rate allowed by the Directives. c. Once all or any portion of the Subject Lands has been terminated, it will immediately be available for offer in public lease sales or other contracts for development. Developer acknowledges and agrees that each of its obligations and requirements under this Agreement is material and failure to satisfy one or more obligation or requirement hereunder may result in default of this Agreement after receipt of the notice detailed in Article 14.b. above and this Agreement may be subject to termination. d. Nothing herein shall be construed as waiving or preventing the automatic termination of this Agreement by operation of law or by reason of any special limitation or condition arising under this Agreement, and University Lands may exercise all remedies available to University Lands to enforce or terminate this Agreement, collect monetary payments due, or take any other action related to the Agreement.

Breach Default Termination. ▇. ▇▇▇▇▇▇▇▇▇▇ Lands’ acceptance of any payments under this Agreement shall never constitute or be deemed to be: (i) a ratification, renewal, or amendment of this Agreement or any Designation of Production Acreage; (ii) a waiver of the rights granted to University Lands, or the obligations imposed upon Developer; or (iii) an estoppel against University Lands preventing the enforcement of University Lands’ rights or Developer’s obligations hereunder or from seeking damages for Developer’s breach of the Agreement. University Lands’ agreement to accept royalty payments directly from any purchaser shall not affect Developer’s obligations to pay royalties to University Lands under this Agreement. No instrument executed by University Lands shall be effective to constitute a ratification, revivor, renewal, extension, or amendment of this Agreement or Designation of Production Acreage unless the instrument is clearly titled to indicate its purpose and intent. b. If Developer violates, fails to perform, or breaches any term or covenant in this Agreement, University Lands shall may notify Developer in writing of the violation, failure, or breach. Developer shall have thirty (30) calendar days from receipt of University Lands’ written notice, in which to remedy the violation, failure, or breach. If Developer disputes any claim by University Lands of a breach or default, Developer shall notify University Lands of its dispute as soon as possible, but not later than fifteen (15) calendar days after receipt of University Lands’ notice. The receipt by University Lands of such notice from Developer shall be a condition precedent to University Lands’ right to bring an action for any cause, and in the absence of such notice, no such action shall be brought by University Lands until the expiration of the thirty (30) day notice period to Developer. University Lands may remedy any type of breach or default or, at University Lands’ election, terminate this Agreement (by filing a Release of Agreement as provided in Article 7) if Developer fails to remedy such breach or default within the thirty (30) day period. In addition to any other remedies available to University Lands, University Lands may elect to remedy any breach or default with contemporaneous written notice to Developer if immediate action by University Lands would mitigate or prevent further, avoidable damages or if Developer’s breach or default involves any environmental or regulatory issues. Under those circumstances, Developer must pay all damages, costs, and expenses incurred by University Lands, including, but not limited to attorney’s fees, within ten (10) calendar days of University Lands’ presentation to Developer of receipts related to such actions. If University Lands remedies a claimed breach or default to mitigate damages or to remedy environmental or regulatory issues, Developer must pay all costs presented by University Lands, and Developer’s payment shall only be refunded if Developer prevails in its dispute of the underlying claim. If University Lands pursues litigation and prevails in its claim of breach or default, Developer must pay all costs and expenses incurred by University Lands in enforcing the terms of this Agreement, including attorney’s fees and interest on all money expended by University Lands to remedy such breach or default (if applicable) at the highest rate allowed by the Directives. c. Once all or any portion of the Subject Lands has been terminated, it will may immediately be available for offer in public lease sales or other contracts for development. Developer acknowledges and agrees that each of its obligations and requirements under this Agreement is material and failure to satisfy one or more obligation or requirement hereunder may result in default or termination of this Agreement after receipt of the notice detailed in Article 14.b. above and this Agreement may be subject to terminationabove. d. Nothing herein shall be construed as waiving or preventing the automatic termination of this Agreement by operation of law or by reason of any special limitation or condition arising under this Agreement, and University Lands may exercise all remedies available to University Lands to enforce or terminate this Agreement, collect monetary payments due, or take any other action related to the Agreement.