Defect Cure Notice definition
Defect Cure Notice has the meaning specified in Section 2.1.10.
Defect Cure Notice means a written notice setting out the nature of the defect and giving a period of Seven (7) days for promptly making payment of any sums due by the Franchisee to Franchisor. After Seven (7) days of due date an interest @18 % per annum shall be charged on per day basis till the date of payment. PROVIDED that in case of persistent defaults made by the Franchisee, Franchisee shall not be entitled of any grace period within which to remedy any such default neglect or failure and shall terminate the Agreement right away without assigning any reason whatsoever.
Examples of Defect Cure Notice in a sentence
If Seller fails to timely give the Seller’s Title Defect Cure Notice, then Seller shall be deemed to have given a Seller’s Title Defect Cure Notice in which Seller declines to cure any matters set forth in the applicable Title Objection Notice on the last day of such 5-Business Day period.
Thereafter Buyer shall have three (3) Business Days after receipt (or deemed receipt) of Seller’s Title Defect Cure Notice to provide written notice to Seller that Buyer either waives the exception that Seller has declined to cure (which thereafter shall constitute a Permitted Exception) or elects to terminate this Agreement.