Common use of DEFAULT AND POSSESSION Clause in Contracts

DEFAULT AND POSSESSION. In the event that the Lessee fails to make payment on the specified time, or any other expenses due and payable as set forth herein, after a written notice has been furnished, the Lessor shall have the right to terminate this Lease Agreement and may re-enter the premises immediately and take possession of the inventory, equipment, fixtures, and personal property of the Lessee as security for the unpaid rent and any other defaults committed under this Lease Agreement.