Common use of PERFORMANCE AND TERMINATION Clause in Contracts

PERFORMANCE AND TERMINATION. 1. MET may terminate this Agreement if { name of land trust } fails to comply with the requirements of this Agreement and does not fulfill its obligations pursuant to the terms and conditions of this Agreement. Additionally, MET may terminate this Agreement upon its determination that termination is in the best interest of the protection of MET’s property interests and for purposes of compliance with state and federal law. MET may terminate for the reasons stated in this paragraph after written notice of its intention to terminate and allowance of a 30 day period for the land trust to take corrective action to cure the default. 2. The { name of land trust } shall notify MET in writing before any action is taken by the organization to voluntarily dissolve under Maryland law and will provide a description of plans to assign the organization’s interest in any jointly held conservation easement. The {name of land trust}shall notify MET in writing within a reasonable time after having been put on notice of any filing or petition for a court to dissolve the corporation involuntarily. 3. Prior to dissolution, as necessary to protect the perpetuity of jointly held easements, the Organizations shall take all actions necessary so that all jointly held conservation easements are duly assigned to a “qualified organization” within the Internal Revenue Code and such assignments are reflected in the land records. 4. If { name of land trust } forfeits and does not revive its corporate charter and thereby fails to demonstrate to MET its status of good standing with the State Department of Assessment and Taxation, then this Cooperative Agreement will be deemed void and of no further effect.

PERFORMANCE AND TERMINATION. 1. MET A. Either Organization may terminate this Agreement if { name of land trust } the other Organization fails to comply with the requirements of this Agreement and does not fulfill its obligations pursuant to the terms and conditions of this Agreement. Additionally, MET may terminate this Agreement upon its determination that termination is in the best interest of the protection of MET’s property interests and for purposes of compliance with state and federal law. MET Either Organization may terminate for the reasons stated in this paragraph after written notice of its intention to terminate and allowance of a 30 60 day period for the land trust other Organization to take corrective action to cure the default. 2. B. The { {name of land trust trust} shall notify MET in writing before any action is taken by the organization to voluntarily dissolve under Maryland law and will provide a description of plans to assign the organization’s interest in any jointly held conservation easement. The {name of land trust}shall notify MET in writing within a reasonable time after having been put on notice of any filing or petition for a court to dissolve the corporation involuntarily. 3. C. Prior to dissolution, as necessary to protect the perpetuity of jointly held easements, the Organizations shall take all actions necessary so that all jointly held conservation easements are duly assigned to a “qualified organization” within the Internal Revenue Code and such assignments are reflected in the land records. 4. D. If { {name of land trust trust} forfeits and does not revive its corporate charter and thereby fails to demonstrate to MET its status of good standing with the State Department of Assessment and Taxation, then this Cooperative Agreement will be deemed void and of no further effect.

PERFORMANCE AND TERMINATION. 1. MET may terminate this Agreement if { {name of land trust trust} fails to comply with the requirements of this Agreement and does not fulfill its obligations pursuant to the terms and conditions of this Agreement. Additionally, MET may terminate this Agreement upon its determination that termination is in the best interest of the protection of MET’s property interests and for purposes of compliance with state and federal law. MET may terminate for the reasons stated in this paragraph after written notice of its intention to terminate and allowance of a 30 day period for the land trust to take corrective action to cure the default. 2. The { {name of land trust trust} shall notify MET in writing before any action is taken by the organization to voluntarily dissolve under Maryland law and will provide a description of plans to assign the organization’s interest in any jointly held conservation easement. The {name of land trust}shall notify MET in writing within a reasonable time after having been put on notice of any filing or petition for a court to dissolve the corporation involuntarily. 3. Prior to dissolution, as necessary to protect the perpetuity of jointly held easements, the Organizations shall take all actions necessary so that all jointly held conservation easements are duly assigned to a “qualified organization” within the Internal Revenue Code and such assignments are reflected in the land records. 4. If { {name of land trust trust} forfeits and does not revive its corporate charter and thereby fails to demonstrate to MET its status of good standing with the State Department of Assessment and Taxation, then this Cooperative Agreement will be deemed void and of no further effect.