DEFAULT AND TERMINATION definition

DEFAULT AND TERMINATION. If the LESSEE shall fail to keep and perform any of the covenants, conditions and agreements herein provided to be performed by said LESSEE, and such default shall continue for a period of 30 days, the LESSOR shall serve upon said LESSEE notice in writing of such default; and if such default shall then continue without being wholly remedied for a period of 10 days after the service of such notice, the LESSOR may at its option without further notice, declare this Lease ended and null and void. Thereupon the LESSOR is authorized to re-enter and repossess the leased premises and the building and improvements thereon, either with or without legal process, and the LESSEE does in such event hereby waive any demand for possession of the leased premises, and agrees to surrender and deliver up said above described premises and property peaceably to said LESSOR. In the event of such forfeiture, the LESSEE shall have no claim whatsoever against the LESSOR by reason of improvements made upon the premises, rents paid, or from any other cause whatsoever. The provisions of this paragraph shall not be construed so as to divest the LESSOR, in the event of such default, of any legal right and remedy which they may have by statutory or common law, enforceable at law or in equity, it being intended that the provisions of this paragraph shall afford to the LESSOR a cumulative remedy in addition too such other remedy or remedies as the law affords lessors when the terms of a lease have been broken by the LESSEE. The LESSEE recognizes the validity and applicability of the summary remedies provided by the statutes of the State of Florida for the protection of landlords and enforcement of landlords' rights.
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DEFAULT AND TERMINATION. For Cause - Subcontractor default occurs if the Subcontractor fails to perform any of the covenants or conditions of this Agreement or the Subcontractor fails to prosecute the work so as to endanger performance of this Agreement, and the Subcontractor does not cure such defects in performance within ten (10) days after receipt of written notice from the Grantee informing it of such defects in performance. If at the end of such cure period, the Subcontractor is still in default or noncompli­ance, then the Grantee may terminate this Agreement. Upon such termination, the Grantee may pursue any and all legal, equitable and other remedies available to the Grantee. The Subcontractor shall be liable for any and all expenses that are incurred by the Grantee as a result of the default, including, but not limited to, the costs of procuring substitute performance, legal fees, and losses incurred due to default.
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DEFAULT AND TERMINATION. If Sublessee defaults in its obligation under this Sublease, and such default continues for a period of ten days after written notice has been delivered to Sublessee, Sublessor may, at its option, terminate the Sublease. If the default cannot be remedied within ten (10) days by use of reasonable diligence by Sublessee, additional time may be granted by Sublessor. Upon termination of this Sublease due to default by Sublessee, Sublessee shall immediately surrender the Premises to Sublessor, in good order and condition, reasonable wear and tear excepted. Any unpaid rent or other sums due Sublessor shall draw interest at the rate of 10% per annum from the date due until paid.
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Examples of DEFAULT AND TERMINATION in a sentence

  • The Contract shall take effect upon signature, with the initial term continuing until three (3) years from the Service Commencement Date, unless terminated earlier pursuant to Section 10, DEFAULT AND TERMINATION PROVISIONS.

  • Notwithstanding anything set forth in the provisions of Article VIII, DEFAULT AND TERMINATION, this Agreement shall terminate in the event the State does not appropriate funds for the payments required hereunder.

  • THE RIGHTS AND REMEDIES OF SELLER SET FORTH HEREIN FOR DEFAULT AND TERMINATION ARE EXCLUSIVE AND NO OTHER REMEDIES OF ANY KIND WHATSOEVER SHALL APPLY IN THE EVENT OF SUCH DEFAULT AND TERMINATION.

  • EVENTS OF DEFAULT AND TERMINATION 111 29.1 Events of Default 111 29.2 Termination due to Event of Default 114 29.3 Rights of the ULB on Termination 117 29.4 Survival of Rights of Parties 117 30.

  • DEFAULT AND TERMINATION: LIT may terminate the Contract without cause at any time upon thirty (30) days advance written notice to Contractor, in which event Contractor will be entitled to payment of an amount that will compensate Contractor for any goods accepted or services satisfactorily performed in accordance with the Contract from the time of the last payment date to the termination date; provided, that, Contractor has delivered or performed all such goods or services to LIT for which payment is made.

  • Provisions For Cause: ARTICLE 23: DEFAULT AND TERMINATION For Convenience: Section 23.E 16.

  • In the event Merchant fails to establish, for any reason whatsoever, a Reserve Account and/or a letter of credit as required above, Curb shall have all of the rights and remedies available to Curb in this Agreement, including, but not limited to, exercising the rights and remedies of Curb in Section 13 (DEFAULT AND TERMINATION).

  • Provisions For Cause: ARTICLE 23: DEFAULT AND TERMINATION For Convenience: ARTICLE 23: DEFAULT AND TERMINATION 16.

  • IN ADDITION, IF ▇▇▇▇▇▇ WRONGFULLY FAILS TO CAUSE SUCH SUM TO BE DELIVERED TO LESSOR AS HERETOFORE PROVIDED, INTEREST SHALL ACCRUE THEREON AT THE MAXIMUM RATE ALLOWED BY LAW FROM THE DATE OF LESSOR’S WRITTEN NOTICE OF DEFAULT AND TERMINATION UNTIL PAYMENT THEREOF.

  • DEFAULT AND TERMINATION 51 19.1 EVENTS OF DEFAULT 51 19.2 FACILITY AGENT'S RIGHTS UPON EVENT OF ▇▇▇▇▇▇▇ ▇▇ ▇▇.▇ ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ 55 20.

Related to DEFAULT AND TERMINATION

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Event of Termination has the meaning specified in Section 7.01.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Automatic Termination shall have the meaning set forth in Section 2.3.2.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.