Common use of Default by Manager Clause in Contracts

Default by Manager. Manager shall be deemed to be in default under this Agreement in the event Manager shall fail to keep, observe or perform any material covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Manager, and such default shall (a) result from Manager's negligence or willful misconduct; (b) involve Manager's misappropriation or misapplication of funds received or held by Manager hereunder; or (c) continue for a period of thirty (30) days (except in the case of emergencies) after notice thereof by Owner to Manager, or if such default cannot be cured within thirty (30) days, then such additional period as is necessary in the circumstances, provided Manager commences its cure of same within said thirty-day period and thereafter diligently pursues such cure to completion, but in no event beyond sixty (60) days after such notice (in each instance, an "Event of Default by Manager"). An Event of Default by Manager shall not be deemed to be a default by Manager under any other agreement between Manager and Owner, including but not limited to, the Purchase Agreement, unless otherwise provided in such Agreement.

Default by Manager. Manager shall be deemed to be in default under this Agreement in the event Manager shall fail to keep, observe or perform any material covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Manager, and such default shall (a) result from Manager's negligence or willful misconduct; (b) involve Manager's misappropriation or misapplication of funds received or held by Manager hereunder; or (c) continue for a period of thirty (30) days (except in the case of emergencies) after notice thereof by Owner to Manager, or if such default cannot be cured within thirty (30) days, then such additional period as is necessary in the circumstances, provided Manager commences its cure of same within said thirty-day period and thereafter diligently pursues such cure to completion, but in no event beyond sixty (60) days after such notice (in each instance, an "Event of Default by Manager"). An Event of Default by Manager shall not be deemed to be a default by of Manager under any other agreement between Manager and Owner, including but not limited to, to the Purchase Agreement, unless otherwise provided in such Agreementagreement.