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(i) DEFAULTS AND REMEDIES. <br />(1) In the event either party defaults in the perfonnance of any of the <br />obligations, covenants or agreements to be kept, done or performed by it under the terms of this <br />Agreement, or any other applicable Federal, State, or local law or regulation, including, but not <br />limited to, the provisions of Sections 1, 2 and 6(e) of this Agreement, the non -defaulting party <br />shall notify the defaulting party in writing of the nature of such default. <br />(2) The non -defaulting party shall, in such written instrument, set a <br />reasonable time within which correction of all such deficiencies is to be made. Unless otherwise <br />specified, a reasonable time for correction shall be thirty (34) days from the receipt by the <br />defaulting party of such written notice. If the defaulting party cannot reasonably correct or <br />remedy the breach within the time set forth in such notice, the defaulting party shall still be <br />required to commence to correct or remedy the violation within such time as set forth in the <br />notice and shall be required to diligently achieve such correction or remedy as soon thereafter as <br />possible. <br />(3) In the event of any material default and failure to cure, correct or <br />remedy the same by either party hereto as set forth above, the non -defaulting party may, at its <br />sole discretion, and in addition to or in lieu of any other remedies, terminate this Agreement. <br />SANTA ANA further reserves the right to terminate this Agreement in the event of the <br />occurrence of any of the following and IRWD's failure to cure, correct or remedy the same <br />following notice and opportunity to do so in the manner provided in paragraphs (1) and (2) <br />above: (i) if IRWD practices, or attempts to practice, any fraud upon SANTA ANA; (ii) if <br />IRWD willfully violates any orders or rulings of any regulatory body having jurisdiction over <br />11 <br />