Termination by Mortgagee Clause Samples

Termination by Mortgagee. Notwithstanding anything to the contrary contained in this Agreement, the holder or holders of any indebtedness of Owner secured by a first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,” as provided for in Section 9 of this Agreement) shall have the right to terminate this Agreement without cause upon thirty (30) days prior written notice to Property Manager in the event such Mortgagee forecloses its lien on the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise becomes a mortgagee in possession of the Property.
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Termination by Mortgagee. On the occurrence of:
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Termination by Mortgagee. On the occurrence of: 16.3.1 an Event of Default; and 16.3.2 if any event or circumstance shall have occurred which would, under the terms of the Charter, entitle the Owner to terminate the Charter; or 16.3.3 if the Charterer shall be in default of any of its obligations under this Deed; 16.3.4 if the Charterer is in breach of any of the terms of the Co-ordination Deed; 16.3.5 if the Charterer shall be in breach of the terms of the Notice; or 16.3.6 if the Charter Guarantor shall be in default of its obligations under this Deed, the Mortgagee shall be entitled to terminate the Charter by notice to the Owner and the Charterer, which notice shall operate to terminate the Charter forthwith if the Ship is then in port and free of cargo or otherwise upon completion of the voyage (including discharge of cargo, if any) upon which the Ship was engaged at the time when the notice to determine was given and upon any termination of the Charter pursuant to this clause 16.3: (a) all obligations whatsoever of the Owner thereunder shall be absolutely discharged and extinguished; (b) if the Charterer shall, at any time prior to such termination, have been in repudiatory breach of the terms of the Charter, such termination by the Mortgagee shall, as between the Owner and the Charterer, operate as an acceptance by the Owner of the Charterers repudiation of the Charter and the Owner's right to recover damages in respect of such repudiation (as such right has been assigned to the Mortgagee by the Charter Assignment) shall be fully preserved; and (c) the Charterer shall cease to be in possession of the Ship with the consent of the Owner (or with the consent of the Mortgagee as the Owner's assignee) and shall forthwith vacate possession of the Ship in an orderly fashion, Provided that such vacating of possession of the Ship by the Charterer shall not of itself constitute the Mortgagee a mortgagee-in-possession of the Ship.
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Termination by Mortgagee. On the occurrence of: 16.
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Termination by Mortgagee. On the occurrence of any of the following: 16. 3.1 an Event of Default; and
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Termination by Mortgagee. Any Mortgagee shall have the right, without Manager’s consent, to foreclose its Mortgage either judicially or pursuant to the power of sale or to accept a deed in lieu of foreclosure of such Mortgage or to exercise any other rights or remedies available under the Loan Documents, and in connection therewith, terminate this Agreement upon written notice to Manager and Resort Owner.
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Related to Termination by Mortgagee

  • Termination by Lessor Lessor may terminate the lease at any time if any of the following shall happen:

  • Termination by Tenant In the event that the destruction to the Premises cannot be restored as required herein under applicable laws and regulations within two hundred seventy (270) days of the damage or casualty, notwithstanding the availability of insurance proceeds, Tenant shall have the right to terminate this Lease by giving the Landlord notice thereof within thirty (30) days of date of the occurrence of such casualty specifying the date of termination which shall not be less than thirty (30) days nor more than sixty (60) days following the date on which such notice of termination is given. In the event of the giving of such notice of termination, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date so specified in such notice and the Rent, reduced by any proportionate reduction in Rent as provided for in Section 18.1 above, shall be paid to the date of such termination.

  • Termination by Lessee Subject to Subparagraph 18D, and without limiting any other rights and remedies to which Lessee may be entitled by common law, statutory law, or as elsewhere provided in this Lease, this Lease may be terminated by Lessee at any time after the happening, and during the existence, of one of more of the following events: i. The City’s permanent abandonment of the Premises at the Airport; ii. The lawful assumption by the United States Government, or any authorized agency thereof, of the operation, control, or use of the Airport, or any substantial part or parts thereof, that substantially restricts any sublessee from operating for at least one hundred fifty (150) calendar days; iii. The issuance by any court of competent jurisdiction of an injunction that prevents or restrains the use of the Airport or the Premises, that continues for at least one hundred fifty (150) calendar days; iv. The default by the City in the performance of any covenant or obligation on the part of the City to be performed, and the failure of the City to remedy the default for sixty (60) calendar days after receipt from Lessee of written notice to remedy the same; or v. Lessee’s decision to terminate the Lease as provided in Paragraph 11(B) of the Lease.

  • Termination by Landlord If the Resident fails to adhere to the Community Standards and House Rules, or fails to perform and observe any of the terms or conditions of this Residence Agreement, the Landlord, at its option and in its sole discretion, may terminate the Term created by this Residence Agreement upon giving the Resident written notice of the Landlord’s intention to do so, to take effect within no less than forty-eight (48) hours from receipt of a Notice to Vacate from the Landlord. Notwithstanding the foregoing, a Resident may be immediately evicted from the Premises and Residence for reasons including but not limited to assault of any kind, any offence resulting in a criminal charge, any destruction of property, or if the Resident is deemed a safety concern for the community. The Resident is liable to pay all legal costs incurred by the Landlord in enforcing the provisions of this Residence Agreement including obtaining possession of the Premises.

  • Termination by Owner The Owner may terminate this Agreement in whole or in part, for the failure of the Consultant to: 1. Perform the services within the time specified in this contract or by Owner approved extension; 2. Make adequate progress so as to endanger satisfactory performance of the Project; or 3. Fulfill the obligations of the Agreement that are essential to the completion of the Project. Upon receipt of the notice of termination, the Consultant must immediately discontinue all services affected unless the notice directs otherwise. Upon termination of the Agreement, the Consultant must deliver to the Owner all data, surveys, models, drawings, specifications, reports, maps, photographs, estimates, summaries, and other documents and materials prepared by the Engineer under this contract, whether complete or partially complete. Owner agrees to make just and equitable compensation to the Consultant for satisfactory work completed up through the date the Consultant receives the termination notice. Compensation will not include anticipated profit on non-performed services. Owner further agrees to hold Consultant harmless for errors or omissions in documents that are incomplete as a result of the termination action under this clause. If, after finalization of the termination action, the Owner determines the Consultant was not in default of the Agreement, the rights and obligations of the parties shall be the same as if the Owner issued the termination for the convenience of the Owner.