If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may:
(1) For a commercially reasonable time, await retraction of repudiation and performance by the repudiating party;
(2) Make demand pursuant to ORS 72A.4010 and await assurance of future performance adequate under the circumstances of the particular case; or
(3) Resort to any right or remedy upon default under the lease contract or this chapter, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the repudiating party’s performance and assurance and has urged retraction. In addition, whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved party may suspend performance or, if the aggrieved party is the lessor, proceed in accordance with the provisions of ORS 72A.5240 on the lessor’s right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods. [1989 c.676 §42]
Section: Previous 72A.3060 72A.3070 72A.3080 72A.3090 72A.3095 72A.3100 72A.4010 72A.4020 72A.4030 72A.4040 72A.4050 72A.4060 72A.4070 72A.5010 72A.5020 NextLast modified: August 7, 2008