Common use of Curable Defaults Clause in Contracts

Curable Defaults. (1) Either Owner or Manager may terminate this Agreement by written notice to the other party in the event that the other party shall default (the "Defaulting Party") in the performance or observance of any material term, condition or covenant contained in this Agreement in respect of the Property not falling under Section XVI.B or shall fail to perform or observe the same in accordance with the required standard under this Agreement and such default shall continue for a period of thirty (30) days after written notice thereof shall have been received by the non-defaulting party (the "Non-Defaulting Party") specifying such default and requesting that the same be remedied in such thirty-day period, provided that a ten (10) day period shall apply with respect to any failure to make a monetary payment hereunder (a "DEFAULT NOTICE"). The Defaulting Party shall be deemed to have complied with a Default Notice given under this Section XVI.C if the default (other than a monetary default) is such that it cannot reasonably be remedied within thirty (30) days and the Defaulting Party shall, in good faith, have commenced to remedy the default specified therein as soon as is practicable after receiving such Default Notice, and, thereafter shall have diligently prosecuted the cure to its completion.

Curable Defaults. (1i) Either the Owner or Manager the Advisor may terminate this Advisory Agreement by written notice to the other party in the event that the other party shall default (the "Defaulting Party") in the performance or observance of any material term, condition or covenant contained in this Advisory Agreement in respect of the Property not falling under Section XVI.B or shall fail to perform or observe the same in accordance with the required standard under this Advisory Agreement and such default shall continue for a period of thirty (30) days after written notice thereof shall have been received by the non-defaulting party (the "Non-Non- Defaulting Party") specifying such default and requesting that the same be remedied in such thirty-day period, provided that a ten (10) day period shall apply with respect to any failure to make a monetary payment hereunder (a "DEFAULT NOTICEDefault Notice"). The Defaulting Party shall be deemed to have complied with a Default Notice given under this Section XVI.C 4.1 if the default (other than a monetary default) is such that it cannot reasonably be remedied within thirty (30) days days, and the Defaulting Party shall, in good faith, have commenced to remedy the default specified therein as soon as is practicable after receiving such Default Notice, and, thereafter shall have diligently prosecuted the cure to its completion.