Common use of Reasons for Cancellation Clause in Contracts

Reasons for Cancellation. A. Any part of this agreement shall have the right to terminate this lease upon thirty (30) days written notice prior to the resolution, rescission, termination, cancellation and date of interest. B. In addition to any other remedy or right, which the Authority may exercise under the terms of this agreement, the Authority may cancel this agreement upon the happening of any one of the following events: 1. Abandonment of property by Lessee; or the liquidation of Lessee’s assets; 2. The occupancy or seizure by any third party under a court mandate or the attachment of Lessee’s assets located in the leased premises, if such occupancy, seizure or attachment is not terminated within fifteen (15) days following the date in which it was executed; 3. Non-compliance by the Lessee of any of its obligations, covenants or agreements under this agreement or non-compliance by the Lessee of any other obligation of payment of due debts for any other concept, covenants or agreements between the Lessee and the Authority, not covered under this agreement, if such-non-compliance is not cured within fifteen (15) days after requested to do so by the Authority. C. Upon the happening of any one of events recited above, the Authority may take possession of the premises at once and the Lessee shall pay the Authority as liquidated damages, without need or judicial determination, a sum equivalent to the rentals set forth in this agreement from the date of the happening of such event until the date fixed in the agreement for its normal termination. The Lessee agrees to pay the legal expenses and attorney fees if the Authority need to submitted a eviction action, collection action, torts or any legal action by non-compliance of any of its obligations, covenants or agreements under this agreement.

Reasons for Cancellation. A. Any part of this agreement shall have the right to terminate this lease upon thirty (30) days written notice prior to the resolution, rescission, termination, cancellation and date of interest. B. In addition to any other remedy or right, which the Authority may exercise under the terms of this agreement, the Authority may cancel this agreement upon the happening of any one of the following events: 1. Abandonment of property by Lessee; or the liquidation of Lessee’s assets; 2. The occupancy or seizure by any third party under a court mandate or the attachment of Lessee’s assets located in the leased premises, if . If such occupancy, seizure or attachment is not terminated within fifteen (15) days following the date in which it was executed; 3. Non-compliance by the Lessee of any of its obligations, covenants or agreements under this agreement or non-compliance by the Lessee of any other obligation of payment of due debts for any other concept, covenants or agreements between the Lessee and the Authority, not covered under this agreement, if such-non-compliance is not cured within fifteen (15) days after requested to do so by the Authority. C. Upon the happening of any one of events recited above, the Authority may take possession of the premises at once and the Lessee shall pay the Authority as liquidated damages, without need or judicial determination, a sum equivalent to the rentals set forth in this agreement from the date of the happening of such event until the date fixed in the agreement for its normal termination. The Lessee agrees to pay the legal expenses and attorney fees if the Authority need to submitted a eviction action, collection action, torts or any legal action by non-compliance of any of its obligations, covenants or agreements under this agreement.