Common use of Incurable Defaults Clause in Contracts

Incurable Defaults. If the Town Bodies exercise the right to terminate the Mixed-Use Provisions due to an Incurable Default, then: (a) for a period of 60 days after receipt of the Mortgagee Notice, the Mortgagee shall have the right to identify a Replacement Company to acquire the Collateral and become the “Company” under the Mixed-Use Provisions; and (b) if a Replacement Company is identified within such 60-day period, then the Mixed-Use Provisions, shall be deemed to be reinstated with the Replacement Company as the “Company” thereunder.

Incurable Defaults. If the Town Bodies exercise the right to terminate the the Mixed-Use Provisions due to an Incurable Default, then: (a) for a period of 60 days after receipt of the Mortgagee Notice, the Mortgagee shall have the right to identify a Replacement Company to acquire the Collateral and become the “Company” under the Mixed-Use Provisions; and (b) if a Replacement Company is identified within such 60-day period, then the Mixed-Use Provisions, shall be deemed to be reinstated with the Replacement Company as the “Company” thereunder.