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(i) DEFAULTS AND REMEDIES. (1) In the event either party defaults in the performance of any of the obligations, covenants or agreements to be kept, done or performed by it under the terms of this Agreement, or any other applicable Federal, State, or local law or regulation, including, but not limited to, the provisions of Sections 1, 2 and b(e) of this Agreement, the iron -defaulting party shall notify the defaulting party in writing of the nature of such default. (2) The non -defaulting party shall, in such written instrument, set a reasonable time within which correction of all such deficiencies is to be made. Unless otherwise specified, a reasonable time for correction shall be thirty (30) days from the receipt by the defaulting party of such written notice. If the defaulting party cannot reasonably correct or remedy the breach within the time set forth in such notice, the defaulting party shall still be required to commence to correct or remedy the violation within such time as set forth in the notice and shall be required to diligently achieve such correction or remedy as soon thereafter as possible. (3) In the event of any material default and failure to cure, correct or remedy the same by either party hereto as set forth above, the non -defaulting party may, at its sole discretion, and in addition to or in lieu of any other remedies, terminate this Agreement. SANTA ANA further reserves the right to terminate this Agreement in the event of the occurrence of any of the following and IRWD's failure to cure, correct or remedy the same following notice and opportunity to do so in the manner provided in paragraphs (1) and (2) above: (i) if IRWD practices, or attempts to practice, any fraud upon SANTA ANA; (ii) if IRWD willfully violates any orders or rulings of any regulatory body having jurisdiction over