Common use of Cure Provision Clause in Contracts

Cure Provision. As a condition precedent to any assertion that the Owner or Administrator is in default in performing any obligation under this Agreement or is in breach of any provision under this Agreement, either party shall advise the other thereof in detail and in writing, and the party receiving such notice shall be allowed a period of thirty (30) days after receipt of such written notice within which to cure such alleged default or breach. Notwithstanding any contrary provisions elsewhere in this Agreement, but subject to the above paragraph set out in this paragraph 12.16, if the Administrator commits a material breach of this Agreement, fails to account or render payments as required pursuant to section 5.01, and such failure continues beyond the thirty (30) day cure period set forth in this Section 12.16, then Owner shall thereupon have the right to terminate the term of this Agreement by written instrument to the Administrator.