Default by Optionee Clause Samples
The "Default by Optionee" clause defines the consequences and procedures that apply if the party granted an option (the optionee) fails to fulfill their obligations under the agreement. Typically, this clause outlines what constitutes a default, such as missed payments or failure to perform required actions, and specifies the remedies available to the other party, which may include termination of the option or forfeiture of rights. Its core practical function is to protect the interests of the option grantor by providing clear recourse in the event of non-compliance by the optionee, thereby ensuring accountability and reducing the risk of unresolved breaches.
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Default by Optionee. In the event Optionee is in default in the observance or performance of any of Optionee's covenants, agreements or obligations under this Agreement, Optionor may give written notice of such alleged default specifying the details of same. The Optionee shall have 30 days following receipt of said notice (or, in the event Optionee in good faith disputes the existence of such a default, 30 days after a final, non-appealable order of a court of competent jurisdiction finding that such a default exists) within which to remedy any such default described therein, or to diligently commence action in good faith to remedy such default. If the Optionee does not cure or diligently commence to cure such default by the end of the applicable 30-day period, then Optionor shall have the right to terminate this Agreement by providing 30 days advance written notice to the Optionee. In the event of such termination, the provisions of Section 5.1 shall apply with respect to the parties' ongoing obligations and liabilities.
Default by Optionee. Optionee shall not be deemed to be in default under this Agreement: (a) with respect to any monetary obligation of Optionee unless the default is not cured within the greater of thirty (30) days after Optionee's receipt of notice of such default from Optionor or such longer period as is provided in the applicable provisions of this Agreement, or (b) with respect to any non-monetary obligation of Optionee unless the default is not cured within forty-five (45) days after Optionee's receipt of notice from Optionor or such longer period as is provided in the applicable provisions of this Agreement; provided that the failure to execute, acknowledge or deliver instruments or documents on either Option Closing Date shall be subject to the notice and cure provisions of the foregoing clause "(a)" and provided, further, that if such non-monetary default is capable of being cured within a reasonable period of time but is not reasonably capable of being cured within such forty-five (45) day period, Optionee shall not be deemed in default under this Agreement so long as Optionee commences the cure within such forty-five (45) day period and thereafter diligently pursues such cure to completion within such reasonable period of time, subject, however, to Optionor's right to seek provisional or other extraordinary relief immediately if specifically provided for in this Agreement.
Default by Optionee. 24 10.4 Optionor's Remedies.............................................24
Default by Optionee. In the event of a default or breach by Optionee hereunder that continues for thirty (30) days following written notice from Owner, Owner’s sole remedy shall be to terminate this Agreement and retain the Option Payments, which shall constitute Owner’s liquidated damages. Owner hereby waives all other rights and remedies, including, without limitation, any right to specific performance, injunctive relief, or other relief to cause Optionee to perform its obligations under this Agreement, and any right to damages occasioned by Optionee’s breach of this Agreement that are in excess of the Option Payments.
Default by Optionee. If Optionee fails to perform any of its obligations under this Option Agreement and such failure continues for more than ninety (90) days after notice from Optionor, then Optionor may terminate this Option Agreement and retain the Option Fee paid by Optionee and Optionor thereafter shall have no further liability or obligations hereunder.
Default by Optionee. If Optionee fails to perform any of its obligations under this Option Agreement and such failure continues for more than ten (10) days after written notice from Optionor, then Optionor may terminate this Option Agreement, and Optionor thereafter shall have no further liability or obligations hereunder. Notwithstanding the foregoing, if a nonmonetary obligation of Optionee is not capable of being performed within such ten (10) day period, Optionee shall be permitted a reasonable period of time to cure such failure, but in no instance will such time extend beyond sixty (60) days after receipt of notice from Optionor.
Default by Optionee. Should the Optionee default in performing any conditions of this Agreement, the sum or sums paid, if any, on account shall be retained by the Optionor as compensation for the damage and expenses to which Optionor has been put, as its sole remedy, and the transaction under this Agreement shall be deemed to be terminated and this Agreement shall become null and void. Notwithstanding the foregoing, Optionee shall still remain liable for any damage that results from the activities by Optionee or Optionee's authorized representatives upon the Restaurant Outparcel.
Default by Optionee. 10 6. PARTICIPATION FOLLOWING EARN-IN..................................... 11 6.1 Participation in Expenditures.............................. 11 6.2 Dilution................................................... 11 6.3
Default by Optionee. In addition to Optionor's rights in the event that Optionee does not exercise the Option in the manner described in Section 7 on or before the Option Termination Date, or if Optionee fails to timely and fully perform or breaches any of its obligations under this Option Agreement, and such failure or breach has not been cured by Optionee within ten (10) days of Optionee's receipt of written notice of such breach from Optionor (an "Optionee Default"), then Optionor may terminate this Option Agreement immediately upon written notice to Optionee, and retain the Option Payment and all Extension Payments paid by Optionee (which, as described herein, are deemed to be fully earned by Optionor upon delivery, and are non-refundable, except upon the occurrence of an Optionor Default or in accordance with Section 8 hereof), as fully agreed upon liquidated damages for an Optionee Default.