Common use of Notice of Default and Termination Clause in Contracts

Notice of Default and Termination. If an Event of Default shall occur, Lessor, at any time thereafter, may at its option give notice thereof to Lessee stating that this Lease and the term hereby demised shall expire and terminate on the date specified in such notice, and upon the date specified in such notice, this Lease and the term hereby demised, and all rights of Lessee under this Lease shall expire and terminate as if that date were the date herein definitely fixed for the termination of the term of this Lease. Lessee shall thereupon quit and surrender the Leased Premises but shall remain liable as hereinafter provided. After any such termination Lessor may at its option file a written declaration of termination in the official records of the county in which the Leased Premises are located, which written declaration shall be deemed a conclusive termination of this Lease.