Common use of Default by Licensor Clause in Contracts

Default by Licensor. No default by LICENSOR hereunder shall constitute an eviction or disturbance of LICENSEE's use and possession of the Licensed Space or render LICENSOR liable for damages or entitle LICENSEE to be relieved from any of LICENSEE's obligations hereunder (including the obligation to pay the license fee) or grant LICENSEE any right of deduction, abatement, set-off, or recoupment or entitle LICENSEE to take any action whatsoever with regard to the Licensed Space or LICENSOR until twenty days after LICENSEE has given LICENSOR written notice specifically setting forth such default by LICENSOR, and LICENSOR has failed to cure such default within said twenty-day period, or in the event such default cannot reasonably be cured within said twenty-day period then within an additional reasonable period of time so long as LICENSOR has commenced curative action within said twenty-day period and thereafter is diligently attempting to cure such default. In the event that LICENSOR fails to cure such default within said twenty-day period, or within said additional reasonable period of time, LICENSE shall have the right to proceed to cure such default and deduct the cost of curing same, plus interest thereon at the rate of ten percent (10%) per annum, from the next succeeding licensee fee installment(s) owed by LICENSEE to LICENSOR hereunder.

Default by Licensor. No default by LICENSOR hereunder shall constitute an eviction or disturbance of LICENSEE's use and possession of the Licensed Space or render LICENSOR liable for damages or entitle LICENSEE to be relieved from any of LICENSEE's obligations hereunder (including the obligation to pay the license fee) or grant LICENSEE any right of deduction, abatement, set-off, or recoupment or entitle LICENSEE to take any action whatsoever with regard to the Licensed Space or LICENSOR until twenty days after LICENSEE has given LICENSOR written notice specifically setting forth such default by LICENSOR, and LICENSOR has failed to cure such default within said twenty-twenty day period, or in the event such default cannot reasonably be cured within said twenty-twenty day period then within an additional reasonable period of time so long as LICENSOR has commenced curative action within said twenty-twenty day period and thereafter is diligently attempting to cure such default. In the event that LICENSOR fails to cure such default within said twenty-twenty day period, or within said additional reasonable period of time, LICENSE LICENSEE shall have the right to proceed to cure such default and deduct the cost of curing same, plus interest thereon at the rate of ten percent (10%) per annum, from the next succeeding licensee fee installment(s) owed by LICENSEE to LICENSOR hereunder.