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DocuSign Envelope ID:50609158-4DEE-4EE3-AE21-E12F930FEE19 <br /> Each of the following events shall constitute a default or breach of this Option to Lease <br /> Agreement by the CO-OP: <br /> 5.01 If the CO-OP shall fail to perform or comply with any of the conditions of this <br /> Option to Lease Agreement and if the nonperformance shall continue for a period <br /> of 10 days after notice of nonperformance given by the MPCA to the CO-OP, or if <br /> the performance cannot be reasonably had within the 10 day period, the CO-OP <br /> shall not in good faith have commenced performance within the 10 day period <br /> and thereafter diligently proceeded to completion of performance. <br /> 5.02 If this Option to Lease Agreement shall be transferred to or shall pass to or devolve <br /> on any other person or party, except in the manner permitted in this Lease <br /> Agreement. <br /> 6. TERMINATION <br /> 6.01 This Option to Lease Agreement may be terminated by the MPCA for default or <br /> breach or any reason at any time upon giving sixty(60)days written notice of such <br /> termination to the CO-OP. <br /> 6.02 The CO-OP may terminate this Option to Lease Agreement for any reason at any <br /> time upon giving sixty (60) days written notice of such termination to the MPCA. <br /> 6.03 If terminated, LESSEE shall lose entitlement to any refund of the Option Payment. <br /> 7. WAIVERS <br /> 7.01 A waiver by either party of any breach of any term, condition, or provision herein <br /> contained shall not be deemed a waiver of any subsequent breach of such term, <br />