Common use of Nonmonetary Defaults Clause in Contracts

Nonmonetary Defaults. (a) As to non-monetary default under Section 7.6, or with respect to the breach of any of the negative covenants set forth in Article 8 (other than Section 8.3), there shall be a 10 Business Day grace period following written notice from the First Union Lender of such default; (b) As to a default under Section 8.3, there shall be no grace period; (c) As to any other non-monetary default except Section 9.1.7, unless there is a specific shorter or longer grace period provided for in this Loan Agreement or in another Loan Document, there shall be a 30 day grace period following written notice from the First Union Lender or, if such default would reasonably require more than 30 days to cure or remedy, such longer period of time as may be reasonably required so long as the Borrower or the Property Owner shall commence reasonable actions to remedy or cure the default within 30 days following such notice and shall diligently prosecute such curative action to completion. However, where there is an emergency situation in which there is danger to person or property such curative action shall be commenced as promptly as possible. As to breaches of warranties and representations there shall be a 30 day grace period following notice from the First Union Lender. (d) As to a default under Section 9.1.7, there shall be no grace period.

Nonmonetary Defaults. (a) As to non-monetary default under Section 7.6, or with respect to the breach of any of the negative covenants set forth in Article 8 (other than Section 8.3), there shall be a 10 Business Day grace period following written notice from the First Union Lender of such default; (b) As to a default under Section 8.3, there shall be no grace period; (c) As to any other non-monetary default except Section 9.1.7, unless there is a specific shorter or longer grace period provided for in this Loan Agreement or in another Loan Document, there shall be a 30 day grace period following written notice from the First Union Lender or, if such default would reasonably require more than 30 days to cure or remedy, such longer period of time as may be reasonably required so long as the Borrower or the Property Owner shall commence reasonable actions to remedy or cure the default within 30 days following such notice and shall diligently prosecute such curative action to completioncompletion within such 90 day period. However, where there is an emergency situation in which there is danger to person or property such curative action shall be commenced as promptly as possible. As to breaches of warranties and representations (other than those related to financial information) there shall be a 30 day grace period following notice from the First Union Lender. (d) As to a default under Section 9.1.7, there shall be no grace period...