§ 2-A-406 — Procedure on Excused Performance

Section 2-A-406. Procedure on Excused Performance.\n (1) If the lessee receives notification of a material or indefinite\ndelay or an allocation justified under Section 2-A-405, the lessee may\nby written notification to the lessor as to any goods involved, and with\nrespect to all of the goods if under an installment lease contract the\nvalue of the whole lease contract is substantially impaired (Section\n2-A-510):\n (a) terminate the lease contract (Section 2-A-505(2)); or\n (b) except in a finance lease that is not a consumer lease,\n modify the lease contract by accepting the available quota in\n substitution, with due allowance from the rent payable for\n the balance of the lease term for the deficiency but without\n further right against the lessor.\n (2) If, after receipt of a notification from the lessor under Section\n2-A-405, the lessee fails so to modify the lease agreement within a\nreasonable time not exceeding thirty days, the lease contract lapses\nwith respect to any deliveries affected.\n