When either party repudiates the contract with respect to a performance not yet due the loss of which will substantially impair the value of the contract to the other, the aggrieved party may:
(1) For a commercially reasonable time await performance by the repudiating party; or
(2) Resort to any remedy for breach as provided in ORS 72.7030 and 72.7110, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the latter’s performance and has urged retraction; and
(3) In either case suspend the performance of the aggrieved party or proceed in accordance with the provisions of ORS 72.7040 on the seller’s right to identify goods to the contract notwithstanding breach or to salvage unfinished goods.