Common use of Curing the Default Clause in Contracts

Curing the Default. If: (a) the default is not so cured or the Defaulting Party does not commence or diligently proceed to cure the default; or (b) arbitration is not so sought; or (c) the Defaulting Party is found in arbitration proceedings to be in default, and fails to cure it within five calendar days after the rendering of the arbitration award, the Non-Defaulting Parties may, by written notice given to the Defaulting Party at any time while the default continues, terminate the interest of the Defaulting Party in and to this Agreement, or if the Non-Defaulting Party chooses not to terminate this Agreement, the Closing Date shall be automatically extended for such time as the default continues plus 14 calendar days.

Curing the Default. If: (a) the default is not so cured or the Defaulting Party does not commence or diligently proceed to cure the default; or; (b) arbitration is not so sought; or (c) the Defaulting Party is found in arbitration proceedings to be in default, and fails to cure it within five 30 calendar days after the rendering of the arbitration award, or such other period as the arbitrator determines is necessary or reasonable to cure such default; the Non-Defaulting Parties Party may, by written notice given to the Defaulting Party at any time while the default continues, terminate the interest of the Defaulting Party in and to this Agreement; provided, or if however, that the Defaulting Party shall, upon such termination, provide the Non-Defaulting Party chooses not with copies of all maps, plans, reports and documents in the Defaulting Party's possession with respect to terminate this Agreement, the Closing Date shall be automatically extended for such time as the default continues plus 14 calendar daysProperty.