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B. Defaults --General. <br />(1) Subject to extensions of time by mutual <br />consent in writing or as set forth in Section <br />2.0 below, failure or delay by either party to <br />perform any term or provision of this <br />Agreement shall constitute a default under <br />this Agreement. In the event of an alleged <br />default or breach of any terms or conditions <br />of this Agreement, the party alleging such <br />default or breach shall give the other party <br />not less than thirty (30) days notice in <br />writing specifying the nature of the alleged <br />default and the manner in which said default <br />may be satisfactorily cured. During any such <br />30-day period, the party charged shall not be <br />considered in default. If the nature of the <br />default in question is such that it cannot <br />reasonably be cured within such 30-day period, <br />the commencement of the cure within such time <br />period and the diligent prosecution to <br />completion of the cure shall be deemed a cure <br />within such period. <br />(2) Subject to the foregoing, after notice and <br />expiration of the 30-day period without cure, <br />the non -defaulting party, at its option, may <br />institute legal proceedings pursuant to this <br />-14- <br />2/23/90 <br />