Uncured Violations Sample Clauses
The "Uncured Violations" clause defines the consequences and procedures that apply when a party fails to remedy a breach of contract within a specified period after being notified. Typically, this clause outlines the steps required for one party to notify the other of a violation, sets a timeframe for the breaching party to correct the issue, and details the rights of the non-breaching party if the violation remains unresolved, such as the right to terminate the agreement or seek damages. Its core function is to provide a structured process for addressing breaches, ensuring both parties have an opportunity to resolve issues before more severe remedies are pursued, thereby promoting fairness and reducing the risk of abrupt contract termination.
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Uncured Violations. As a condition to REIT’s obligation to close, there shall be no notice issued after the expiration of the Due Diligence Period of any material violation or alleged material violation of any applicable Law, with respect to the Property or any of the Companies, which has not been corrected to the reasonable satisfaction of REIT.
Uncured Violations. As a condition to Operating Partnership’s obligation to close, there shall be no notice issued after the expiration of the Due Diligence Period of any material violation or alleged material violation of any applicable Law, with respect to the Property, which has not been corrected to the reasonable satisfaction of Operating Partnership.
Uncured Violations. As a condition to Buyers’ obligation to close, there shall be no notice issued after the expiration of the Due Diligence Period of any material violation or alleged material violation of any applicable Law, with respect to any Property or any of the Companies, which has not been corrected to the satisfaction of such Buyer.