DEFAULT AND ABANDONMENT Sample Clauses

The Default and Abandonment clause defines the consequences and procedures that apply when one party fails to fulfill their contractual obligations or abandons the project or property involved. Typically, this clause outlines what constitutes a default or abandonment, the notice requirements, and the remedies available to the non-defaulting party, such as the right to terminate the agreement, claim damages, or take possession of abandoned property. Its core practical function is to protect parties from the risks associated with non-performance or desertion, ensuring there are clear steps to address and resolve such situations.
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DEFAULT AND ABANDONMENT. (a) If Lessee shall at any time fail to pay when due any payment of rent or other sums provided for herein to be paid to Lessor, and such failure continues uncured for a period of ten (10) days after the date that Lessee receives written notice thereof from Lessor, or if Lessee shall at any time fail to perform any of the covenants, terms, conditions or provisions of this Lease (other than the payment of rent or other sums), and such failure continues uncured for a period of thirty (30) days (or if such failure cannot with reasonable diligence be cured within thirty (30) days, then such longer period of time as may be reasonably necessary, provided that Lessee shall continuously use reasonable diligence in attempting to cure such failure) after Lessor gives Lessee written notice of such failure, or if Lessee shall assign or sublet without written approval of Lessor (unless such approval is not required by the terms of this Lease), Lessor shall have any one or more of the following described remedies, in addition to all other rights and remedies provided at law or in equity: (i) Lessor may terminate this Lease, upon written notice to ▇▇▇▇▇▇ and all of ▇▇▇▇▇▇'s rights shall be forfeited and lapsed, as fully as if this Lease had expired by lapse of time. (ii) Lessor may terminate ▇▇▇▇▇▇'s right of possession (but not this Lease) and may repossess the Leased Premises by any lawful means, without further demand or notice of any kind to Lessee and without terminating this Lease, in which event Lessor will use reasonable efforts to relet the same for the account of Lessee for such rent and upon such terms as shall be reasonably satisfactory to Lessor. For the purpose of such reletting, Lessor is authorized to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises that may be reasonably necessary. Such reletting will not be construed as an election on the part of Lessor to terminate this Lease unless a written notice of such intention be given Lessee by ▇▇▇▇▇▇.
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DEFAULT AND ABANDONMENT. If the Lessee defaults in any of its obligations hereunder and fails to correct said default within three days after written notice thereof from the Lessor, or, if such breach is not in payment of money, has not within said three-day period of time commenced substantial efforts to cure said breach and thereafter continued its efforts to cure said breach with due diligence, then the Lessor shall have the right to declare this agreement terminated and to re-enter and take immediate possession of the demised Premises, or, without in any way being obligated so to do, the Lessor may elect to retake possession of said Premises and rent the same for such rent and pursuant to such conditions as the Lessor believes best, making such changes and repairs as may be required, and giving credit for the amount of rent so received less all expenses for reletting, advertising, cleaning, removal or storage of Lessee's property, and repairs, and in such event, said Lessee shall be liable for the balance of the rent herein reserved until the expiration of the term of this lease. The Lessee shall pay unto the Lessor additional rent for late rent payments as to all rental payments not made on or before the fifth (5th) day of the month in which they are due, said additional rent to be five percent (5%) of the rent payment so delinquent for each month or fraction thereof that such payment is late. The parties agree that this late charge is reasonable liquidated damages taking into account the time spent by Lessor, its agents and employees because of such late rent payments, processing and accounting charges, and late charges that may be imposed on Lessor under the trust deed covering the Premises. In the event of a default by the Lessee in the performance of any of its duties and obligations hereunder, the Lessee shall pay all costs incurred by the Lessor in the
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DEFAULT AND ABANDONMENT. In accordance with RCW 19.150 The manager is hereby given a lien on all goods, merchandise or property of any description placed in or upon the demised premises by occupant to secure it for any payment of storage charges due hereunder. In addition to any lien or remedy proved by law, and in the event of the breech of covenant hereof or default by occupant in the payment of the storage charges when due, manager may without notice to occupant take immediate possession of the premises and all of the occupants property therein and store same at the expense of the occupant and giving occupant reasonable written notice of the time after which any sale or other intended disposition thereof is to be made, may sell property at public sale, or so much as therefor as is necessary to pay the expense of transfer, storage, sale, legal expense, record lien holders and arrange in payment and any balance remaining after such payments shall be paid over to the occupant on demand. Occupant shall not abandon the space at any time during the term of this rental agreement. In addition to any other circumstances indicating abandonment by occupant, it is specifically agreed that in the event payment is due, owing or unpaid in any part for 30 consecutive days it shall be conclusively presumed that the occupant has abandoned the space within the meaning of the RCW 19.150. In the event such abandonment occupant agrees that the manager may enter and inspect the space, terminate the occupancy and dispose of all property left in the space by occupant in accordance with applicable provisions of law.
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DEFAULT AND ABANDONMENT. In accordance with AB-1108 SEC 4, 21703 The manager is hereby given a lien on all goods, merchandise or property of any description placed in or upon the demised premises by occupant to secure it for any payment of storage charges due hereunder. In addition to any lien or remedy proved by law, and in the event of the breech of covenant hereof or default by occupant in the payment of the storage charges when due, manager may without notice to occupant take immediate possession of the premises and all of the occupants property therein and store same at the expense of the occupant and giving occupant reasonable written notice of the time after which any sale or other intended disposition thereof is to be made, may sell property at public sale, or so much as therefor as is necessary to pay the expense of transfer, storage, sale, legal expense, record lien holders and arrange in payment and any balance remaining after such payments shall be paid over to the occupant on demand.
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DEFAULT AND ABANDONMENT. In accordance with RCW 19.150 The manager is hereby given a lien on all goods, merchandise or property of any description placed in or upon the demised premises by occupant to secure it for any payment of storage charges due hereunder. In addition to any lien or remedy proved by law, and in the event of the breech of covenant hereof or default by occupant in the payment of the storage charges when due, manager may without notice to occupant take immediate possession of the premises and all of the occupants property therein and store same at the expense of the occupant and giving occupant reasonable written notice of the time after which any sale or other intended disposition thereof is to be made, may sell property at public sale, or so much as therefor as is necessary to pay the expense of transfer, storage, sale, legal expense, record lien holders and arrange in payment and any balance remaining after such payments shall be paid over to the occupant on demand.
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DEFAULT AND ABANDONMENT. In the event of failure of payment of monthly rental herein reserved within the time specified, or failure to keep or perform any other covenants or agreements, after 15 days written notice to Lessee from Lessor, Lessor may re-inter and proceed with such legal remedies as it may desire, given it under the terms of this agreement Lessor may at its option make every reasonable effort to re-let the same for the best rent obtainable. If the total amount received by Lessor from such re-letting, after deducting the expenses of re-letting and necessary repairs does not equal or exceed the unpaid balance of the rent herein provided for, Lessee shall pay as damages all such deficiency, or Lessor may at its option, declare this agreement void and terminated. Lessor reserves and is accorded same rights in the event of abandonment by Lessee. It is agreed however, that prior to the exercise by Lessor of any of its rights or remedies given for breach of this agreement, except failure to pay rental sums when due or within the provided grace period, the Lessor will, in writing, specify the breach complained of and accord to Lessee fifteen (15) days from date of notice to cure or rectified this agreement shall not be deemed in default.
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DEFAULT AND ABANDONMENT. REMEDIES OF LANDLORD . . . . . . . . . . . . . . . . . . . . . . . . 10 23. BANKRUPTCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 24. INDEMNIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 25.
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DEFAULT AND ABANDONMENT. If the Lessee defaults in any of its obligations hereunder and fails to correct said default within ten days after written notice thereof from the Lessor, or, if such breach is not in payment of money, has not within said ten-day period of time commenced substantial efforts to cure said breach and thereafter continued its efforts to cure said breach with due diligence, or, if the Lessee abandons the Premises, which shall be conclusively deemed to occur if Lessee makes no use of the Premises for fifteen consecutive days during the term of this lease (except in the case of causality to this Premises or any other reason not within
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Related to DEFAULT AND ABANDONMENT

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.

  • Consequences of Events of Default and Corrective Action If an Event of Default occurs, the Province may, at any time, take one or more of the following actions: (a) initiate any action the Province considers necessary in order to facilitate the successful continuation or completion of the Project; (b) provide the Recipient with an opportunity to remedy the Event of Default; (c) suspend the payment of Funds for such period as the Province determines appropriate; (d) reduce the amount of the Funds; (e) cancel further instalments of Funds; (f) demand from the Recipient the payment of any Funds remaining in the possession or under the control of the Recipient; (g) demand from the Recipient the payment of an amount equal to any Funds the Recipient used, but did not use in accordance with the Agreement; (h) demand from the Recipient the payment of an amount equal to any Funds the Province provided to the Recipient; and (i) terminate the Agreement at any time, including immediately, without liability, penalty or costs to the Province upon giving Notice to the Recipient.

  • DEFAULT AND POSSESSION In the event that the Lessee shall fail to pay said rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Lease for a period of more than 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Lessee’s personal property, equipment or fixtures left on the Premises which items may be held by the Lessor as security for the Lessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Lessee under the Lease. It is further agreed, that if the Lessee is in default, that the Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of the Lessee’s, at the Lessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Lessee’s property, including the storage of the same, under reasonable terms and conditions at Lessee’s expense, and, in addition, it is understood that the Lessor may ▇▇▇ the Lessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available. In the event any legal action has to be instituted to enforce any terms or provisions under this Lease, then the prevailing party in said action shall be entitled to recover a reasonable attorney's fee in addition to all costs of said action. Rent which is in default for more than days after due date shall accrue a payment penalty of one of the following: ☐ - Interest at a rate of percent ( %) per annum on a daily basis until the amount is paid in full. ☐ - Late fee of dollars ($ ) per day until the amount is paid in full. In this regard, all delinquent rental payments made shall be applied first toward interest due and the remaining toward delinquent rental payments.

  • Default and Consequences of Default 10.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month and such interest shall compound monthly at such a rate after as well as before any judgment. 10.2 If the Customer defaults in payment of any invoice when due, the Customer shall indemnify the Creditor from and against all costs and disbursements incurred by the Creditor in pursuing the debt including legal costs on a solicitor and own client basis and the Creditor’s debt collection costs. 10.3 Without prejudice to any other remedies the Creditor may have, if at any time the Customer is in breach of any obligation (including those relating to payment), the Creditor may suspend or terminate the supply of Goods and/or Services to the Customer and any of its other obligations under the terms and conditions. The Customer acknowledges and agrees that the Creditor will not be liable to the Customer for any loss or damage the Customer suffers because the Creditor has exercised its rights under this clause. 10.4 If any account remains overdue after thirty (30) days then an amount of the greater of twenty dollars ($20.00) or ten percent (10.00%) of the amount overdue (up to a maximum of two hundred dollars ($200.00)) shall be levied for administration fees which sum shall become immediately due and payable. 10.5 Without prejudice to the Creditor’s other remedies at law the Creditor shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to the Creditor shall, whether or not due for payment, become immediately payable in the event that; (a) any money payable to the Creditor becomes overdue, or in the Creditor’s opinion the Customer will be unable to meet its payments as they fall due; or (b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

  • Events of Default and Remedies (a) Any one or more of the following events which shall have occurred and be continuing shall constitute an event of default ("Event of Default"): (i) Default in the payment of interest upon this Note, as and when the same shall become due; or (ii) Default in the payment of the principal of this Note, as and when the same shall become due; or (iii) Default in the payment of any other obligation of the Company in an amount in excess of $100,000; or (iv) The Company shall fail to perform or observe any affirmative covenant contained in this Note and such Default, if capable of being remedied, shall not have been remedied ten (10) days after written notice thereof shall have been given by the Holder to the Company; or (v) The Company or any subsidiary (A) shall institute any proceeding or voluntary case seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of any order for relief or the appointment of a receiver, trustee, custodian or other similar official for such the Company or any subsidiary or for any substantial part of its property, or shall consent to the commencement against it of such a proceeding or case, or shall file an answer in any such case or proceeding commenced against it consenting to or acquiescing in the commencement of such case or proceeding, or shall consent to or acquiesce in the appointment of such a receiver, trustee, custodian or similar official; (B) shall be unable to pay its debts as such debts become due, or shall admit in writing its inability to apply its debts generally; (C) shall make a general assignment for the benefit of creditors; or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection 3 (iv); or