Contractual Deadline Interpretation and Requirement for Formal Notice of Default in Real Estate Transaction

A contractual dispute arose concerning the interpretation of a clause specifying a deadline for a real estate transaction that hinged on obtaining the necessary building permits, where one party sought to rely on the notion that the other's failure to secure those permits constituted a material breach. The court rejected the appeal, reasoning that the contract provision required an explicit demand for execution or formal notice of default following the original deadline's expiration before the agreement could be deemed terminated due to the other party's non-performance, thereby affirming the lower court's finding that the defaulting party had not been properly put in default.