§ 102-692. Default.

Each of the following shall constitute an event of default by either party to the agreement from which this division is derived:

(1)

If such party shall fail to pay promptly any of its financial obligations under the term and conditions of this division when such financial obligations shall become due and payable, and such default continues for a period of 90 days after the receipt of notice from the joint venture of such nonpayment.

(2)

If such party shall fail to be represented by any commission members or alternates at two consecutive regularly scheduled meetings of the commission when at least three of the other joint venturer's commission members are present.

(3)

If such party shall fail to keep, perform or observe any other material term, covenant or condition of this division and such default continues for a period of 30 days after the receipt of written notice from the other party of such failure.

(Res. of 5-28-86, § 5.2)