Common use of CRA Default Clause in Contracts

CRA Default. An “Event of Default” or “default” entitling the Developer to its remedies below shall occur if the CRA shall fail to observe, satisfy or perform any material term, covenant or agreement contained in this Agreement and such failure shall continue unremedied for thirty (30) days after written notice thereof from the Developer to the CRA; provided, however, that if such failure is capable of cure but cannot reasonably be cured within thirty (30) days, such failure shall not constitute an Event of Default so long as the CRA provides the Developer with written notice within fifteen (15) days of receipt of the Developer’s default notice advising the Developer that the default cannot be reasonably cured within thirty (30) days and specifying the reasons therefore and, within the thirty (30) day period, commences and thereafter is in good faith proceeding diligently and continuously to remedy such failure, but in no event shall any additional time to cure granted hereunder exceed ninety (90) days in the aggregate after CRA’s receipt of the original written default notice. Upon the occurrence of an Event of Default by the CRA, the Developer may terminate this Agreement upon seven (7) days written notice to the CRA and shall thereafter be entitled to all rights and remedies available at law or in equity on account of such Event of Default

CRA Default. An “Event of Default” or “default” entitling the Developer to its remedies below shall occur if the CRA shall fail to observe, satisfy or perform any material term, covenant or agreement contained in this Agreement and such failure shall continue unremedied for thirty (30) days after written notice thereof from the Developer to the CRA; provided, however, that if such failure is capable of cure but cannot reasonably be cured within thirty (30) days, such failure shall not constitute an Event of Default so long as the CRA provides the Developer with written notice within fifteen (15) days of receipt of the Developer’s default notice advising the Developer that the default cannot be reasonably cured within thirty (30) days and specifying the reasons therefore and, within the thirty (30) day period, commences and thereafter is in good faith proceeding diligently and continuously to remedy such failure, but in no event shall any additional time to cure granted hereunder exceed ninety xxxxxx (90) days in the aggregate after CRA’s receipt of the original written default notice. Upon the occurrence of an Event of Default by the CRA, the Developer may terminate this Agreement upon seven (7) days written notice to the CRA and shall thereafter be entitled to all rights and remedies available at law or in equity on account of such Event of Default

CRA Default. An “Event of Default” or “default” entitling the Developer to its remedies below shall occur if (a) the CRA fails to timely make payments due hereunder and such failure continues for thirty (30) days following the CRA’s receipt of written notice thereof, or (b) the CRA shall fail to observe, satisfy or perform any material term, covenant or agreement contained in this Agreement and such failure shall continue unremedied for thirty (30) days after written notice thereof from the Developer to the CRA; provided, however, that if such failure is capable of cure but cannot reasonably be cured within thirty (30) days, such failure shall not constitute an Event of Default so long as the CRA provides the Developer with written notice within fifteen (15) days of receipt of the Developer’s default notice advising the Developer that the default cannot be reasonably cured within thirty (30) days and specifying the reasons therefore and, within the thirty (30) day period, commences and thereafter is in good faith proceeding diligently and continuously to remedy such failure, but in no event shall any additional time to cure granted hereunder exceed ninety (90) days in the aggregate after CRA’s receipt of the original written default notice. Upon the occurrence of an Event of Default by the CRA, the Developer may terminate this Agreement upon seven (7) days written notice to the CRA and shall thereafter be entitled to all rights and remedies available at law or in equity on account of such Event of Default