Common use of Default by Owner Clause in Contracts

Default by Owner. Owner shall be in default hereunder in the event Owner fails to perform or comply with any material term of this Agreement to be performed or complied with by Owner and such default is not remedied within: (a) five (5) days after written notice of a monetary default given to Owner by Manager; (b) thirty (30) days after written notice of any non-monetary default given to Owner by Manager; provided, however, if Owner is exercising good faith efforts to remedy such a non-monetary default, the aforesaid thirty (30) day period may be extended for such additional period as is reasonable to cure such default; or (c) immediately upon written notice in the event Owner commits fraud or willful misconduct against Manager.