Common use of Immediate termination by us Clause in Contracts

Immediate termination by us. We may immediately terminate this Agreement upon notice to you and without any opportunity to cure the default if: (1) After curing any material breach of this Agreement or the Standards, you engage in the same non-compliance within any consecutive twenty-four (24) month period, whether or not the non-compliance is corrected after notice, which pattern of non-compliance in and of itself will be deemed material; (2) We send you three notices of material default in any twelve (12) month period, regardless of whether the defaults have been cured; (3) You or any Guarantor fail to pay debts as they become due or admit in writing your inability to pay your debts or you make a general assignment for the benefit of your creditors;

Appears in 5 contracts

Sources: Franchise License Agreement, Franchise License Agreement (American Assets Trust, Inc.), Franchise License Agreement (American Assets Trust, Inc.)

Immediate termination by us. We may immediately terminate this Agreement upon on notice to you and without any opportunity to cure the default if: (1) After : 14.2.1 after curing any material breach of this Agreement or the Standards, you engage in the same non-compliance within any consecutive twenty-four (24) month period, whether or not the non-compliance is corrected after notice, which pattern of non-compliance in and of itself will be deemed material; ; 14.2.2 you receive three (23) We send you three notices of material default in any twelve (12) month period, regardless of whether even if the defaults have been cured; (3) You or any Guarantor ; 14.2.3 you fail to pay debts as they become due or admit in writing your inability to pay your debts or you make a general assignment for the benefit of your creditors;; 14.

Appears in 1 contract

Sources: Franchise Agreement (Moody National REIT I, Inc.)