Common use of Default Payments Clause in Contracts

Default Payments. The lessee shall pay lease fee, taxes, other fees or any liabilities to the lessor in due course. If the payment is overdue, the lessee shall pay a penalty at the rate of 1.5 (one point five) percent per month on such unpaid amount. A fraction of a month shall be counted as one month. 13 End of the agreement 13.1 Throughout the duration of this lease agreement, if the lessor has a necessity to use the leased space for the benefit of the state or of the government or of the lessor, the lessee shall allow the lessor to terminate the agreement by giving the lessee a written notice of at least 30 (thirty) days in advance; and the lessor shall not have to pay any remuneration or compensation to the lessee. 13.2 If the lessee wants to terminate this agreement before the expiration of the agreement, the lessee shall provide a written notification to the lessor not less than 180 (one hundred and eighty) days in advance. If the lessee terminates the agreement while utilizing the leased space for less than 1 (one) year, the lessor is not obliged to return the security deposit to the lessee. 13.3 Throughout the duration of this lease agreement, if there is a disaster, fire, or destruction in any way to the leased space without the fault of the lessee or the lessor to the extent that the leased space is damaged and not in a fit state to be used in accordance with the purposes of the lease in 1, it shall be deemed that the lease agreement is terminated immediately, and the lessor is not required to inform the lessee in advance. Moreover the lessee shall not demand for the return of the money paid for the lease. 13.4 Throughout the duration of this lease agreement, if the lessee becomes a bankrupt and is likely to fail to perform agreement or in the event that the lessor has a problem regarding compliance with the agreement and the lessor needs to call the lessee for a meeting but the lessee does not go to meet the lessor on the date and time specified in the invitation letter up to 3 times in a row without any legitimate reason, the lessor can terminate the agreement. 13.5 If the lessee fails to comply with any provision of the lease agreement and the lessor sends a notice to the lessee to act correctly within a reasonable period of time specified by the lessor on a case-by-case basis, but the lessee does not act correctly within the said period, the lessor has the right to terminate the lease agreement. Once the lessor exercises the right to terminate the lease agreement, the lessee shall allow the lessor to forfeit wholly or partly the security deposit in 5 at the discretion of the lessor and the lessor also has the right to claim other damages from the lessee (if any). Except for cases of the breach of agreement in 7.1, the lessor has the right to terminate the lease agreement and to demand the the lessee to pay for any damage immediately. 13.6 When the lessee makes advance lease payments to the lessor, the ownership of such lease fee shall be vested in the lessor. In any case, the lessee shall not be entitled to demand for the prepaid lease fee. In addition, if the lessor is damaged by the lessee’s breach of agreement, the lessee shall pay compensation for expenses and any other loss of benefits to the lessor as well.