Common use of Default by the Lessor Clause in Contracts

Default by the Lessor. The Lessor will be in default under this Lease and will for all purposes have committed an Event of Default if: 15.2.1. the Lessor breaches any Essential Term; or 15.2.2. the Lessor breaches any other term of this Lease and fails to remedy the same within fourteen (14) days of being requested so to do by the Lessee; 15.2.3. the Lessor is wound up, has an administrator appointed to it, a receiver appointed to any of its assets or becomes insolvent; 15.2.4. the Lessor is held liable under any Claim for an amount exceeding one Thousand Dollars ($1,000.00) and such judgment is not satisfied within twenty eight (28) days of it being entered; 15.2.5. the Lessor is fined by any Court for any offence under any Legislation or Regulations in respect of any act or omission on its part.