Right of Re-Entry and Power of Termination Sample Clauses

Right of Re-Entry and Power of Termination. 7.2.3.1 If (a) a notice of default, notice of termination, or other demand under the Lease is ever issued by Landlord with respect to any unperformed obligation under the Lease for which Landlord is entitled (following any applicable notice and cure period) under the Lease to terminate the Lease, and (b) Assignee has failed to cure such default or perform such obligation prior to the expiration of the later of (i) any applicable cure or performance period given by Landlord or (ii) any applicable cure or performance period otherwise applicable under the Lease, then at any time thereafter and continuing so long as such default or demand remains uncured or unperformed by Assignee (or if such default has been cured by Assignor, so long as Assignee has not made full reimbursement with accrued interest), Assignor shall have a right of re-entry and power of termination (i.e., to assume all rights and obligations of Tenant under the Lease and re-enter and regain possession of the Premises and ownership of the Tenant Fixtures) (the “Power of Termination”), and upon Assignor’s issuance of a notice of election of re-entry, Assignee shall promptly, and in any event no later than 30 days later, vacate and surrender the Premises to Assignor in the condition required under the Lease had the same expired pursuant to its terms. 7.2.3.2 Assignor’s exercise of its Power of Termination shall as of the date on which the Premises are surrendered to or recovered by Assignor, (a) terminate and cancel the Assignment of the Lease, with Assignor assuming all rights and obligations of Tenant thereafter accruing under the Lease; and (b) terminate Assignee’s ownership of the Tenant Fixtures and transfer ownership of the same to Assignor as set forth in Section 4.2 above. Assignor may use statutory unlawful detainer procedures or other legal proceedings to enforce such right of re-entry and to re-gain possession of the Premises. 7.2.3.3 Notwithstanding anything to the contrary, in the event Assignor exercises its Power of Termination, Assignor shall be entitled to recover from Assignee: (i) the award by a court having jurisdiction thereof of the amount by which the unpaid rent and other charges and adjustments called for under the Lease for the balance of the term exceeds the amount of such loss for the same period that Assignee proves could be reasonably avoided (with the burden of such proof being upon Assignee), plus (ii) any leasing commission and tenant improvements costs actually ...
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Related to Right of Re-Entry and Power of Termination

  • Right of Termination This Agreement and the transactions contemplated hereby may be completely terminated at any time at or prior to the Closing: (a) by mutual written consent of the Parties; (b) by either Seller or Buyer if the Closing shall not have occurred on or before October 31, 2013; provided, however, that (i) no Party shall have the right to terminate this Agreement pursuant to this clause (b) if such Party is at such time in material breach of its representations and warranties set forth in this Agreement or negligently or willfully failed to perform or observe its covenants and agreements herein in any material respect and (ii) such date shall be postponed to the extent necessary to resolve all disputes being arbitrated pursuant to Section 8.8 under this Agreement or under any of the Cinco Purchase Agreements; (c) by either Seller or Buyer if any Governmental Authority shall have issued an order, judgment or decree or taken any other action challenging, delaying, restraining, enjoining, prohibiting or invalidating the consummation of any of the transactions contemplated herein; or (d) If the sum of (i) the Aggregate Title Defect Value (which shall include any unresolved disputed Title Defects and any unCured Title Defects, whether or not Seller has elected to attempt to Cure), plus (ii) the Aggregate Environmental Defect Value (which shall include any unresolved disputed Environmental Defects and any unRemediated Environmental Defects, whether or not Seller has elected to attempt to Remediate), plus (iii) the aggregate costs to repair or restore any portion of the Assets subject to a Casualty Loss (or condemnation or eminent domain, the Allocated Value of such Assets) and any other Damages related thereto, exceeds 15% of the unadjusted Purchase Price, then either Seller or Buyer may terminate this Agreement upon written notice to the other parties hereto; provided, however, that Buyer may not terminate pursuant to this Section 12.1(d) until such time as Seller shall have had a reasonable opportunity to Cure any Title Defect or Remediate any Environmental Defect.

  • Waiver of Termination Rights The Employee waives any and all rights to compensation or damages as a result of a Termination, insofar as those rights result or may result from: (a) the loss or diminution in value of such rights or entitlements under the Program; or (b) the Employee ceasing to have rights, or ceasing to be entitled to any Awards under the Program as a result of such Termination.

  • Manner of Termination The Party terminating this Agreement pursuant to Section 8.1 (other than pursuant to Section 8.1(a)) must deliver prompt written notice thereof to the other Parties setting forth in reasonable detail the provision of Section 8.1 pursuant to which this Agreement is being terminated and the facts and circumstances forming the basis for such termination pursuant to such provision.

  • Term; Termination; Rights on Termination The term of this Agreement shall begin on the date hereof and continue for three (3) years, and, unless terminated sooner as herein provided, shall continue thereafter on a year-to-year basis on the same terms and conditions contained herein in effect as of the time of renewal (such initial three year period and any extensions thereof being referred to herein as the "Term"). This Agreement and Employee's employment may be terminated in any one of the following ways:

  • Survival on Termination The following Paragraphs and Articles shall survive the termination of this Agreement: (a) Article 4 (REPORTS, RECORDS AND PAYMENTS); (b) Paragraph 7.4 (Disposition of Licensed Products on Hand); (c) Paragraph 8.2 (Indemnification); (d) Article 9 (USE OF NAMES AND TRADEMARKS); (e) Paragraph 10.2 hereof (Secrecy); and (f) Paragraph 10.5 (Failure to Perform).