Common use of Exigent Circumstances Clause in Contracts

Exigent Circumstances. Notwithstanding any provision set forth in this Agreement, this Section 8.6 shall not be construed to reduce or lessen the obligation of the Indemnifying Party under this Article VIII if the Indemnified Party shall take action with respect to an indemnification claim if the Indemnified Party believes in good faith that such action is reasonably required to avoid personal injury, minimize or reduce the amount of the Loss incurred in respect thereof, or avoid a default, forfeiture or penalty imposed by Law. The Indemnified Party shall use commercially reasonable efforts to notify the Indemnifying Party in advance of any such action, and as soon thereafter as practicable.

Appears in 2 contracts

Sources: Purchase and Sale Agreement (Forestar Group Inc.), Purchase and Sale Agreement (Forestar Group Inc.)