Failure to Perform; Reservation of Rights Clause Samples

Failure to Perform; Reservation of Rights. Subject to the other terms and conditions of this Agreement, if Manager or Lessee at any time fails to make any payments to third parties as specified or required hereunder or fails to perform any other act for third parties required on its part to be made or performed hereunder, then the other party after thirty (30) days’ written notice to the non-performing party may (but shall not be obligated to) pay any such delinquent amount or perform any such other act on the non-performing party’s part; provided, however, that any such payment or performance by the other party on the non-performing party’s part shall not cure such non-performing party’s breach under this Agreement. Any sums thus paid and all costs and expenses incurred in connection with the making of such payment or the proper performance of any such act, together with interest thereon at the lesser of (i) the interest rate allowed by the applicable usury laws or (ii) at the Overdue Rate, from the date that such payment is made or such costs and expenses incurred, shall constitute a liquidated amount to be paid by the defaulting party under this Agreement to the other party on demand.