Examples of Nonmonetary Default in a sentence
For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.
If a default cannot be remedied by the payment of money (“ Nonmonetary Default”), Developer shall have thirty (30) calendar days from the receipt of written notice of such default in which to cure such Nonmonetary Default.
If a Nonmonetary Default cannot be cured within said 30-day period, Developer shall submit a written request to the City for an extension of time to cure the Nonmonetary Default supported by the reasons thereof.
Developer shall immediately proceed with taking all action necessary to cure the Nonmonetary Default.
Notwithstanding the foregoing, Mortgagee may, but shall not be required, to give notice of a Noticed Monetary Default or a recurrence of the same Noticed Nonmonetary Default more frequently than two times in any twelve-month period.