Common use of Contributor’s Default Clause in Contracts

Contributor’s Default. Except for any breaches waived in writing by FWRLP, if Contributors have breached any of their covenants or obligations under this Agreement or have failed, refused or are unable to consummate the Contribution contemplated herein by the Closing Date or if any of the representations and warranties made by Contributors under this Agreement shall be inaccurate or incorrect in any material respect, then FWRLP shall be entitled, as FWRLP's sole and exclusive right and remedy, to (i) waive such breach, default or failure and proceed to Closing without abatement of consideration under Section 2(a), (ii) extend the Closing for such reasonable time or times as may be necessary in order to enable Contributors to remedy such breach, default or failure (not to exceed thirty (30) days), (iii) terminate this Agreement and obtain the return of the Deposit, and/or (iv) pursue an action for specific performance. In the event that FWRLP elects to pursue specific performance and FWRLP prevails in such litigation, in addition to any relief awarded to FWRLP, Contributors shall be obligated to pay all reasonable legal fees, costs and expenses incurred by FWRLP.

Contributor’s Default. Except for any breaches waived in writing by FWRLP, if Contributors have breached any of their covenants or obligations under this Agreement or have failed, refused or are unable to consummate the Contribution contemplated herein by the Closing Date or if any of the representations and warranties made by Contributors under this Agreement shall be inaccurate or incorrect in any material respect, then FWRLP shall be entitled, as FWRLP's sole and exclusive right and remedy, to (i) waive such breach, default or failure and proceed to Closing without abatement of consideration under Section 2(a)hereunder, (ii) extend the Closing for such reasonable time or times as may be necessary in order to enable Contributors to remedy such breach, default or failure (not to exceed thirty (30) daysdays in the aggregate), (iii) terminate this Agreement and obtain the return of the Deposit, and/or (iv) pursue an action for specific performance. In the event that FWRLP elects to pursue specific performance and FWRLP prevails in such litigation, in addition to any damages or other relief awarded to FWRLP, Contributors shall be obligated to pay all reasonable legal fees, costs and expenses incurred by FWRLP.