Default and Forfeiture Clause Samples
The "Default and Forfeiture" clause defines the consequences and procedures that apply when one party fails to fulfill their contractual obligations. Typically, this clause outlines what constitutes a default, the notice requirements, and the steps the non-defaulting party may take, such as terminating the agreement or reclaiming property or payments. Its core function is to protect the interests of the non-breaching party by providing clear remedies and deterring non-performance, thereby ensuring accountability and reducing the risk of unresolved breaches.
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Default and Forfeiture. 14.1 If at any time Anadolun is in default by failure to pay any payment when due or is in breach of any provision of this Lease Agreement, and such default is not cured within ninety (90) days after written notice of default is given to Anadolun, (a) at the election of Black Sea: (i) the 95% Karasu Royalty Interest shall vest in Black Sea, free and clear of all charges, encumbrances or claims and (ii) Anadolun will transfer, assign and convey its interests in Karasu to Black Sea or any party that Black Sea may nominate, subject to Anadolun receiving a 5% Karasu Royalty Interest, which shall be calculated in accordance with Section 12.2(a)-(e) of this Lease Agreement, substituting references to Black Sea with Anadolun or (b) Anadolun shall, upon written demand, execute and deliver to Black Sea, or its designee, a legally sufficient written commitment conveying to Black Sea, or its designee, all of its rights, titles and interest in and to the Karasu Property and the License, as applicable, subject to Anadolun receiving a 5% Karasu Royalty Interest, which shall be calculated in accordance with Section 12.2(a)-(e) of this Lease Agreement, substituting references to Black Sea with Anadolun. However, if there is a bona fide dispute as to whether a payment default or breach has occurred, then there shall be no termination unless after an adverse final determination by a the arbitrator under Article 19, if Anadolun fails to cure such default or breach within ninety (90) days of said final determination.
14.2 Default by Karasu in performance of any obligation arising hereunder, other than performing the annual work requirements or the obligation to make payments when due, shall not work a forfeiture or termination of this Lease, nor cause a forfeiture, termination or revision of the estate created hereby. Anadolun's sole remedy shall be recovery of actual compensatory damages determined by final determination by a the arbitrator under Article
Default and Forfeiture. Time and the strict and faithful performance of each and every one of the conditions of this Lease are expressly made the essence of this Lease. If Lessee defaults in the keeping, performing or observing of any of the covenants and agreements herein contained and such default shall remain uncured for a period of thirty (30) days after written notice shall have been sent by certified or registered mail to Lessee as hereinafter provided, then in such event the Lessor may, at Lessor's election, either in law or equity, seek specific performance of this Lease or may declare said Lease forfeited and terminated and may re-enter the Leased Premises to repossess and enjoy the same as in their first estate, and the effect of such default shall in itself, at the election of Lessor, without further notice or demand constitute a forfeiture and termination of this Lease, and if thereafter the Lessee shall fail to surrender possession of the Leased Premises to Lessor, the Lessee shall be deemed guilty of an unlawful and forcible detention of the Leased Premises. If Lessee shall abandon or vacate the Leased Premises, or if this Lease be terminated for default of any of the covenants and agreements herein contained, Lessee hereby agrees to pay all reasonable expenses incurred by ▇▇▇▇▇▇ in obtaining possession of the Leased Premises from Lessee and in removing the improvements thereon, including reasonable legal expenses and attorney's fees, and to pay such other expenses as the Lessor may incur in putting the Leased Premises in good order and condition as herein provided. In the event of notification of default by Lessor to Lessee and Lessee does in fact cure such default, then and in that event Lessee shall pay, in addition to all arrearages as existing under the notice of default, the reasonable attorney fees incurred by Lessor in determination of the default and the notification to the defaulting Lessee.
Default and Forfeiture. The parties hereto agree that:
5.1 The deposit shall be forfeited to the Town as liquidated damages and not as a penalty and this Agreement shall become null and void, at the Town's option, if: The Purchaser shall fail to pay the adjusted balance of the purchase price on or before the date given in this agreement. The Purchaser shall fail to apply for and obtain a Development Permit and to commence construction according to the terms of the Development Permit.
5.2 The Town, may, in its sole discretion, waive any of the covenants or grant any indulgences or allow any extensions of the time limited herein without prejudice to its right to insist upon fulfillment or compliance of any other covenant or, upon reasonable notice being provided, fulfillment or compliance of the covenant for which waiver, indulgence or extension had originally been granted.
5.3 Where this Agreement is declared Null and Void upon default by the Purchaser, then the Town shall refund to the Purchaser all sums of money represented by the amount paid in towards the purchase price, less the Deposit. The Deposit shall be forfeited to the Town as liquidated damages for breach of Contract.
Default and Forfeiture. TOWN OF HAMDEN may enforce the performance of this Agreement upon knowledge of any default hereof in any manner provided by law and this Agreement shall be forfeited on a declaration of forfeiture by the TOWN at its option, if UDS shall by failure to comply with the terms, covenants and conditions of the Agreement default thereon and the default shall continue for thirty (30) days as follows:
Default and Forfeiture. Time and the strict and faithful performance of each and every one of the conditions of this agreement are expressly made the essence of this agreement. If default be made by LESSEE in payment of any part of LESSEE’S rent when the same shall become due or default be made by the LESSEE in keeping, performing, or observing any of the covenants and agreements herein contained, and said default shall remain so for a period of thirty (30) days after written notice shall have been sent as set forth below in the paragraph entitled “Notice,” then in such event the CITY shall have any and all rights and remedies available in law or equity including, but not limited to, the following:
A. CITY may terminate ▇▇▇▇▇▇’S right to possession of the Premises, and re-enter the Premises, which LESSEE shall peacefully relinquish;
B. CITY may rent the Premises to any other party under at least the same terms and conditions as required under the Lease. LESSEE shall be liable for any costs and expense to re-enter and restore the Premises so they may be rented and LESSEE shall be liable for any loss sustained by CITY as direct result thereof; or
C. CITY may terminate the Lease and all of the LESSEE’s right thereunder.
Default and Forfeiture. 14.1 If at any time Anadolun is in default by failure to pay any payment when due, and such default is not cured within sixty (60) days after written notice of default is given to Anadolun, Lessor may terminate this Lease by written notice to Anadolun. However, if there is a bona fide dispute as to whether a payment default has occurred, then there shall be no termination unless after an adverse final determination by a the arbitrator under
Default and Forfeiture. Should Assignee fail to make any payment within ten (10) days of its due date, or fail to perform any other of the Assignee’s obligation, herein described, upon thirty (30) days written notice, or should Assignee be or become insolvent or be a party to any bankruptcy receivership proceeding prior to full payment of all amounts payable hereunder, Assignor/Operator may regain the full ownership and privileges of 35% additional working interest from Assignee in all assets covered hereunder, and Assignee, by virtue of this Agreement, hereby pledges to facilitate such transfer with all speed and diligence. If, however, Assignee, remedies its financial obligation within thirty (30) days of written notice, Assignee must immediately pay to Assignor/Operator 10% of the value of the amount in arrears as penalty for default. The remedies provided herein shall be cumulative and in addition to all other remedies provided by law or equity or under the Uniform Commercial Code.
Default and Forfeiture