Hello Richard,
according to following document
http://www.cisco.com/en/US/docs/ios/12_0s/feature/guide/fs_sradj.html
describing the feature you can see this as the time it takes to remove a static route in the local node once the next-hop is unreachable.
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Time of delay, in seconds, for convergence time during which the background process that monitors next-hop reachability is performed. The delay in convergence occurs when the route that covers the next-hop is removed. The range is from 1 to 60. The default is 60.
By using an HSRP VIP as the IP next-hop of static routes this mechanism is not triggered because the VIP is emulated both at L3 and at L2 (unless using standby use-bia).
Unless the check frequency is less then HSRP convergence time the local node never realizes of an HSRP switchover.
With default values HSRP convergence happens in 10 seconds and the timer for static checks is 60 seconds.
I think it is better to have HSRP convergence time less then this check interval or the usage of HSRP is defeated.
if the node detects failure of current VIP it removes the route from routing table before HSRP switchover.
Hope to help
Giuseppe