Default by Owner Clause Samples

Default by Owner. Owner agrees to abide by applicable federal, state and local laws.

Default by Owner. If one or more of the following Events of Default shall occur and be continuing, that is to say: (a) breach by Owner of the representations, warranties and covenants of the Owner as set forth in Section 6.02 above); then, and in each and every such case (except in instances where the Event of Default has been cured within thirty (30) days after the date on which written notice of such default, requiring the same to be remedied, shall have been given to the Owner by the Servicer), the Servicer, by notice in writing to the Owner, may immediately terminate all of its responsibilities, duties and obligations as servicer under this Agreement. On or after the receipt by the Owner of such written notice, all responsibilities, duties and obligations of the Servicer to service the Mortgage Loans under this Agreement shall on the date set forth in such notice pass to and be vested in the successor appointed pursuant to Section 10 herein.

Default by Owner. We'll act with customary diligence to keep common areas reasonably clean; maintain fixtures, hot water, heating, and air-conditioning equipment; substantially comply with all applicable laws regarding safety and sanitation; and make all reasonable repairs, subject to your obligation to pay for damages for which you're liable. If we violate any of the above, you may possibly terminate the Lease and exercise other remedies under Texas Property Code Sec. 92.056 by following this procedure:

Default by Owner. The term “Event of Default”, wherever used in this Agreement, shall mean any one or more of the following events, without regard to any grace period or notice and cure period provided or referenced below with respect to any such events, and the term “Default”, wherever used in this Agreement, shall mean any one or more of the following events, after expiration of any applicable grace period or notice and cure period provided or referenced below with respect to any such events:

Default by Owner. We'll act with customary diligence to keep common areas reasonably clean; maintain fixtures, hot water, heating, and air-conditioning equipment; substantially comply with all applicable laws regarding safety and sanitation; and make all reasonable repairs, subject to your obligation to pay for damages for which you're liable. You are required to notify us in writing and as soon as possible for any necessary repairs to the Premises. If we violate any of the above, you may possibly terminate the Lease and exercise other remedies under state and local law.

Default by Owner. Owner shall be deemed to be in default under this Agreement at any time following the occurrence of an Event of Default. As used herein, the term “Event of Default” shall have the meaning set forth in Section 8.1, except the term “Manager” is replaced with “Owner.”

Default by Owner. If Owner fails to make payment of any Rental within five days of delivery by ▇▇▇▇▇▇ of notice of any Rental that is past due, or fails to cure any other default under this Agreement within ten days of delivery by ▇▇▇▇▇▇ of such default, then an “Owner Event of Default” shall exist and ▇▇▇▇▇▇ shall have the following remedies, which shall be cumulative rather than exclusive: ● the right to terminate this Agreement, and the grant of the Lease hereunder, which termination right may be exercised by written notice by ▇▇▇▇▇▇ to Owner, and which termination shall be effective as of the date of such notice; ● the right to immediately enter upon and repossess the Designated Item Space and all appurtenances thereto, by forcible entry and detainer suit, or otherwise; ● the right to remove Owner’s Item (and any personal property then inside Owner’s Item from its mooring, and to store Owner’s Item (and such personal property), with all risk of loss belonging solely to Owner, and with no liability whatsoever to Marina, and with all costs of storage being deemed to be including among the past due Monthly Rental under this Agreement; ● the right to make any required repairs to the Designated Item Space, or to expend any other sums required to cure any defaults by Owner under this Agreement, with all such sums expended being deemed to be included among the past due Rental under this Agreement; ● the right to terminate Owner’s rights of possession with regard to the Designated Item Space and all appurtenances thereto, without demand or notice of any kind an without terminating this Agreement, in which event ▇▇▇▇▇▇ ▇▇▇, but shall be under no obligation to, relet all or any part of the Designated Item Space for credit to Owner’s account, on such terms and conditions as ▇▇▇▇▇▇ in its sole discretion shall deem appropriate; and ● the right to exercise ▇▇▇▇▇▇’s rights under the Michigan Uniform Commercial Code with regard to the security interest granted to ▇▇▇▇▇▇ in the Secured Property. In the event of any Owner Event of Default, ▇▇▇▇▇▇ shall have the right to recover from Owner, whether by way of sale of the Secured Property, or by means of execution and levy on a judgment, or by means of voluntary payment by Owner, or by some combination thereof: (a) all Rental that is past due, including any late payment fees due in connection therewith, (b) all Rental to come due during the remainder of the Term (assuming that ▇▇▇▇▇▇ has not terminated this Agreement and the Lease hereunde...

Default by Owner. Owner shall be in default hereunder in the event Owner fails to perform or comply with any material term of this Agreement to be performed or complied with by Owner and such default is not remedied within: (a) five (5) days after written notice of a monetary default given to Owner by Manager; (b) thirty (30) days after written notice of any non-monetary default given to Owner by Manager; provided, however, if Owner is exercising good faith efforts to remedy such a non-monetary default, the aforesaid thirty (30) day period may be extended for such additional period as is reasonable to cure such default; or (c) immediately upon written notice in the event Owner commits fraud or willful misconduct against Manager.

Default by Owner. If the Owner fails to comply with or perform in any ---------------- material respect any of the terms and provisions to be complied with or any of the obligations to be performed by the Owner under this Agreement, and such failure continues uncured for a period of fifteen (15) days after written notice to the Owner specifying the nature of such default (or, in the case of a non- monetary default, such longer period of time as may be needed in the exercise by the Owner of due diligence to effect a cure of any such non-monetary default), then the Manager shall have the right, in addition to all other rights and remedies available to the Manager at law and in equity (including without limitation the right to pursue an action for specific performance), at its option, to terminate this Agreement by giving written notice thereof to the Owner, in which event the Owner shall immediately pay to the Manager, in cash, the sums payable to the Manager upon termination as provided in Section 14.4 hereof, and upon the payment of such amounts, subject to Sections 9.2, 9.3, 9.7, 12.3(d) and 14.5 hereof, the Owner and the Manager shall have no further rights, duties, liabilities or obligations whatsoever under this Agreement.