the failure of either party hereto, to require in any one or more instances strict performance of any of the provisions of this agreement, or a waiver by either party at any time of its rights with respect to a default under this agreement by the other party hereto, or an election not to take advantage of any of its rights hereunder shall not be deemed a waiver of or limitation on such right provided, however, that this article shall not operate as a waiver of any applicable statute of limitations.