Compliance and Default Sample Clauses
The Compliance and Default clause establishes the requirement for parties to adhere to the terms of the agreement and outlines the consequences if a party fails to meet these obligations. Typically, this clause specifies what constitutes a default, such as missed payments or breaches of contract terms, and may detail the steps the non-defaulting party can take, like issuing notices or pursuing remedies. Its core function is to ensure accountability and provide a clear process for addressing non-compliance, thereby protecting the interests of all parties involved.
Compliance and Default. Failure by Business to timely comply with any performance requirement, duty, covenant or any misrepresentation shall be considered an act of Default and shall give the SEDC the right to terminate this Agreement and collect the Recapture Amount, as determined by the Board of Directors of the SEDC.
Compliance and Default. As additional conditions to Lenders’ obligations under this Agreement, all tenants having the right to do so must approve all plans and all changes thereto, the construction of the Improvements, and all other aspects of the Project requiring tenants’ approval. A default by Borrower under or any failure by Borrower to satisfy any of the conditions of a lease shall constitute a Default under this Agreement. Borrower shall promptly notify Administrative Agent in writing of any failure by any party to perform any material obligation under any lease, any event or condition which would permit a tenant to terminate or cancel a lease, or any notice given by a tenant with respect to the foregoing, specifying in each case the action Borrower has taken or will take with respect thereto. This Assignment and Assumption (this “Assignment”) is dated as of the Effective Date set forth below and is entered into by and between _________________ (“Assignor”) and ____________________ (“Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Loan Agreement identified below (the “Loan Agreement”), receipt of a copy of which is hereby acknowledged by Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set forth herein in full. For an agreed consideration, Assignor hereby irrevocably sells and assigns to Assignee, and Assignee hereby irrevocably purchases and assumes from Assignor, subject to and in accordance with the Standard Terms and Conditions and the Loan Agreement, as of the Effective Date inserted by Administrative Agent as contemplated below, (i) all of Assignor’s rights and obligations as a Lender under the Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of Assignor under the respective facilities identified below (including, without limitation, [Letters of Credit and] Guarantees), and (ii) to the extent permitted to be assigned under applicable Law, all claims, suits, causes of action and any other right of Assignor (in its capacity as a Lender) against any person, whether known or unknown, arising under or in connection with the Loan Agreement, any other documents or instruments delivered pursuant thereto or in any way based on or related ...
Compliance and Default. Failure by Business to timely comply with any performance requirement, duty, or covenant shall be considered an act of Default and shall give the Corporation the right to terminate this Agreement and collect the Recapture Amount, as determined by the Board of Directors of the Corporation.
Compliance and Default. The Hotel will be operated in full compliance with the provisions of the Franchise Agreement. In case of a conflict between the provisions of the Lease and the provisions of the Franchise Agreement, the provisions of the Franchise Agreement shall control. If Lessee shall default under the terms of the Franchise Agreement, such a Default shall constitute a default under the terms of this Lease. In the event of an uncured Default caused by Lessee that leads to termination of the Franchise Agreement, the Lease will be terminated.
Compliance and Default. As additional conditions to Lenders’ obligations under this Agreement, all tenants having the right to do so must approve all Plans and all changes thereto, the construction of the Improvements, and all other aspects of the Project requiring tenants’ approval. A default by Borrower under or any failure by Borrower to satisfy any of the conditions of a lease shall constitute a Default under this Agreement. Borrower shall promptly notify Administrative Agent in writing of any failure by any party to perform any material obligation under any lease, any event or condition which would permit a tenant to terminate or cancel a lease, or any notice given by a tenant with respect to the foregoing, specifying in each case the action Borrower has taken or will take with respect thereto.
Compliance and Default. The Association, each Unit Owner, occupant of a Unit, tenant and other invitee of a Unit Owner is governed by and must comply with the terms of this Declaration and all exhibits annexed hereto, and the rules and regulations adopted pursuant to those documents, as the same may be amended from time to time and the provisions of all of such documents shall be deemed incorporated into any lease of a Unit whether or not expressly stated in such lease. The Association (and Unit Owners, if appropriate) shall be entitled to the following relief in addition to the remedies provided by the Act:
Compliance and Default. Failure by Developer to timely comply with any performance requirement, duty, or covenant set forth in Article VIII shall be considered an Event of Default and shall relieve the BEDC of any Default and give the BEDC the right to terminate this Agreement and collect the Recapture Amount, as determined by the Board of Directors of the BEDC.
Compliance and Default. (a) Each Unit Owner and its tenants and subtenants shall comply with the terms of the Condominium Documents. Failure to comply shall be grounds for (i) an action to recover sums due for damages or for injunctive relief maintainable by the other Unit Owners, each on its own behalf, or by the Board of Managers on behalf of the non-defaulting Unit Owners or (ii) in the case of unpaid General Common Charges or Unit expenses, an action by the Board of Managers to foreclose its lien pursuant to Section 339-z of the Condominium Act.
(b) Each Unit Owner and the tenants and subtenants of each Unit Owner shall be liable to the Board of Managers and/or the other Unit Owners for the expense of any maintenance, repair or replacement rendered necessary to the other Units or the General Common Elements by their negligence or intentional wrongful act to the extent that such expense is not met by the proceeds of insurance carried by the Board of Managers or the Unit Owner of the Unit so affected. Such liability shall include any increase in fire or other insurance rates, occasioned by use, misuse, occupancy or abandonment of a Unit. Nothing contained herein shall be construed to override any waiver by any insurance company of its rights of subrogation.
(c) In any proceeding arising out of an alleged default by a Unit Owner, the prevailing party shall be entitled to recover the costs of the proceeding and such reasonable attorney's fees and disbursements as may be determined by the court.
(d) The failure of the Board of Managers or a Unit Owner to enforce any right, provision or covenant contained in the Condominium Documents shall not constitute a waiver of the right of the Board of Managers or the Unit Owner to enforce such right, provision or covenant in the future.
(e) All rights, remedies and privileges of the Board of Managers or a Unit Owner pursuant to the Condominium Documents shall be cumulative, and the exercise of any one or more shall not constitute an election of remedies nor shall it preclude the party exercising the same from exercising other and additional rights, remedies or privileges as may be granted to such party by the Condominium Documents or pursuant to law or equity.
Compliance and Default. Borrower shall cause each Collateral Property Owner promptly to notify Bank in writing of any failure by any party to perform any material obligation under any Lease with respect to any Collateral Property, any event or condition which would permit a tenant to terminate or cancel any such Lease, or any notice given by a tenant with respect to the foregoing, specifying in each case the action such Collateral Property Owner has taken or will take with respect thereto, but such notice shall only be required if such nonperformance, event or condition could reasonably be expected to cause a material adverse effect.
Compliance and Default. Borrower shall promptly notify Administrative Agent in writing of any failure by any Person to perform any material obligation under any Lease, any event or condition which would permit a tenant to terminate or cancel a Lease, or any notice given by a tenant with respect to the foregoing, specifying in each case the action Borrower has taken or will take with respect thereto.