Lessee Event of Default Clause Samples
The "Lessee Event of Default" clause defines specific actions or failures by the lessee that constitute a breach of the lease agreement. Typically, this includes situations such as non-payment of rent, unauthorized use of the property, or failure to maintain required insurance. When such an event occurs, the lessor is usually granted certain rights, such as terminating the lease or seeking damages. The core function of this clause is to clearly outline what constitutes default, thereby protecting the lessor’s interests and providing a structured process for addressing serious breaches by the lessee.
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Lessee Event of Default. Any of the following events shall constitute an event of default by the Lessee (“Lessee Event of Default”) unless such event has occurred as a result of Lessor Event of Default or a Force Majeure Event.
i. If the Lessee being ordered to be wound up by an order of any court of competent jurisdiction or in the event of the Lessee being declared ‘sick’ under ▇▇▇▇, the lease granted herein shall automatically stand revoked
ii. The Lessee repudiates this Agreement or otherwise evidences an intention not to be bound by this Agreements
iii. The Lessee has delayed payments of Lease Amount.
iv. The Lessee fails to pay any other dues within the stipulated time.
v. The Lessee fails to satisfactorily discharge its obligations under the Agreement.
Lessee Event of Default. Each of the following events shall be an event of default (“Event of Default”) by Lessee under this Lease:
(a) Lessee shall fail to make any payment of Rent or any other sums which are payable under this Lease when due, and such failure shall continue for a period of 10 days after receipt of written notice from Lessor of such failure, provided however, Lessor shall only be required to provide notice under this paragraph once during any calendar year;
(b) Lessee shall fail to comply with any term, provision or covenant of this Lease (other than the preceding subparagraph), and shall not cure, or have commenced to cure and pursue completion of the cure with due diligence, such failure within 30 days after written notice thereof to Lessee; provided however, that if any such default is of a nature that cannot reasonably be cured within 30 days and cure of such default has been commenced in good faith within such 30 day period, the commencement of the cure of such default within such 30 day period and the diligent prosecution to completion of such cure within a reasonable amount of time, but in any event within 120 days after the date Lessor sends the above-described notice, shall be deemed to be a cure of such default for purposes of this paragraph; or
(c) Lessee or any guarantor or surety of Lessee’s obligations hereunder shall (i) make a general assignment for the benefit of creditors; (ii) commence any case, proceeding or other action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property (collectively a “proceeding for relief”); (iii) become the subject of any proceeding for relief which is not dismissed within 60 days of its filing or entry; (iv) abandon the Premises for a period exceeding 180 days; or (v) be dissolved or otherwise fail to maintain its legal existence.
Lessee Event of Default. Any of the following events shall constitute an Event of Default by the Lessee ("Lessee Event of Default"):
i. The Lessee has failed to achieve Development Milestone and obtain Completion Certificate, as per Article 2.9;
ii. The Lessee has failed to pay the Land Premium or Annual Lease Rent;
iii. The Lessee has failed to comply with the Applicable Laws / Applicable Permits or any Rules and such failure has resulted in a Material Breach of the Agreement;
iv. The Lessee has failed to implement the Industrial Unit in accordance with the provisions of this Agreement and such failure, in the reasonable estimation of the Authority, is likely to delay achieving Scheduled Completion Date;
v. The Lessee’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect;
vi. The Lessee has failed to make any payments due to the Authority and more than 60 (Sixty) days have elapsed since such payment became due;
vii. The Lessee is in Material Breach of any of its obligations under this Agreement and the same has not been remedied within the time specified by the Authority, if no such time is defined then not more than 120 days;
viii. Any representation made or warranties given by the Lessee/ Developer under this Agreement are found to be false or misleading;
ix. A resolution has been passed by the shareholders of the Lessee for voluntary winding up of the Lessee;
x. Any petition for winding up of the Lessee has been admitted and liquidator or provisional liquidator has been appointed or the Lessee has been ordered to be wound up by court of competent jurisdiction, except for the purpose of amalgamation or reconstruction with the prior consent of the Authority, provided that, as part of such amalgamation or reconstruction and the amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of the Lessee under this Agreement;
xi. The Lessee has abandoned the Project for the consecutive period of 6 (six) months;
xii. The Lessee has unlawfully repudiated this Agreement or has otherwise expressed an intention not to be bound by this Agreement;
xiii. The Lessee has suffered an attachment levied on any of its assets, which has caused or is likely to cause a Material Adverse Effect on the Project and such attachment has continued for a period exceeding 120 days; and
xiv. The Lessee has created encumbrance(s) beyond the Lease Period / Term of this Agreement and in violation of the...
Lessee Event of Default. Any of the following events shall constitute an Event of Default by the Lessee ("Lessee Event of Default"):
Lessee Event of Default. The Lessee Event of Default means any of the following events unless such an event has occurred as a consequence of the NRDA’s Event of Default or a Force Majeure Event:
(i) The Lessee’s repudiation or failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement.
(ii) If the Lessee fails to obtain all necessary approvals required for commencement of work on the project land within the stipulated time mentioned in this agreement
(iii) If the Lessee fails, neglects, refuses, or unable to pay the development premium in accordance with the payment Schedule indicated in this agreement
(iv) If the Lessee fails to complete the development of the project within the period as agreed herein
Lessee Event of Default. Any of the following events shall constitute an Event of default by the lessee (“lessee Event of Default”) unless such event has occurred as a result of one or more reasons set out in Article 5.12:
(i) The lessee has failed to make any payments due to EDMC and more than 30 days have elapsed since such payment default;
(ii) The lessee is in Material Breach of any of its obligations under this Agreement and the same has not been remedied for more than 30 days:
(iii) A resolution for voluntary winding up has been passed by the shareholders of the lessee’s company.
Lessee Event of Default. The occurrence of any one or more of the following shall constitute a "Lessee Event of Default":
(a) Lessee shall fail to pay Rent when due, if such failure continues for ten (10) days after written notice of the same has been given to Lessee; or
(b) Lessee shall fail to perform any other provision of this Archon Lease to be performed by Lessee, if such failure continues for thirty (30) days after written notice of the same has been given to Lessee (provided, however, that if the default cannot reasonably be cured within thirty (30) days, Lessee shall not be in default of this Archon Lease if Lessee commences to cure such default during such 30-day period and proceeds diligently to cure the default); or
(c) Lessee shall fail to possess at all times during the Lease Term all necessary licenses and findings of suitability for the operation of a casino at the Leased Premises.
Lessee Event of Default. 1.50.1 The following events shall be considered as events of default on the part of the Lessee;
Lessee Event of Default. The Lessee Event of Default means any of the following events unless such an event has occurred as a consequence of the NRDA’s Event of Default or a Force Majeure Event:
(i) The Lessee has failed to achieve Project Milestone and obtain Completion Certificate, as per Clause 8 of this Agreement;
(ii) The Lessee’s repudiation or failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement;
(iii) If the Lessee fails to obtain all necessary approvals required for commencement of work on the project land within the stipulated time mentioned in this Agreement;
(iv) The Lessee has abandoned the Project and closure of the Project for the consecutive period of 6 (six) months;
Lessee Event of Default. The occurrence of any one or more of the following shall constitute a “Lessee Event of Default”:
(a) Lessee shall fail to pay Rent when due, if such failure continues for ten (10) days after written notice of the same has been given to Lessee; or
(b) Lessee shall fail to perform any other provision of this Lease to be performed by Lessee, if such failure continues for thirty (30) days after written notice of the same has been given to Lessee (provided, however, that if the default cannot reasonably be cured within thirty (30) days, Lessee shall not be in default of this Lease if Lessee commences to cure such default during such 30-day period and proceeds diligently to cure the default); or
(c) Lessee shall fail to possess at all times during the Lease Term all necessary Gaming Approvals for the operation of a casino at the Hotel.
(d) Lessee shall file a voluntary petition of bankruptcy or a petition or answer seeking reorganization, arrangement, composition or similar relief under present or future federal bankruptcy laws or other applicable law of the United States of America or any state thereof, or shall file a petition to take advantage of any present or future insolvency act or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall consent to the appointment of any receiver, trustee or liquidator of all or a substantial part of its property, or if any petition seeking any of the aforementioned relief shall be commenced against Lessee, and if such proceeding is not dismissed within sixty (60)days after such proceeding is commenced.