TERMINATION BY BUILDER Clause Samples
TERMINATION BY BUILDER. 1.1 Each of the following events shall be a "Builder Termination Event" for the purposes of this Contract:
(i) if, without due cause, the Buyer fails to pay any part of the Contract Price under any of clauses 2.1 (i), (ii), (iii), (iv) or (v) in Article 8 on the due date for such payment and such failure is not remedied within fifteen (15) working days after the receipt by the Buyer of a written notice from the Builder notifying the Buyer of such failure and requesting remedial action; or
(ii) if, without due cause, the Buyer fails to accept delivery of (and pay the balance of the Contract Price for) the Ship within three (3) working days after the Ship and the related Delivery Documents have been duly tendered for delivery by the Builder in conformity with this Contract; or
(iii) if (a) a final order shall be made or an effective resolution shall be passed for the winding up of the Buyer (otherwise than by a members' voluntary winding up for the purpose of an amalgamation or reconstruction on terms previously approved by the Builder, which approval shall not be unreasonably withheld) or (b) a receiver shall be appointed of the whole or any substantial part of the undertaking of the Buyer or (c) the Buyer shall suspend the payment of its debts or (d) the Buyer shall make an arrangement or composition with its creditors generally or (e) the Buyer shall apply to any court for protection from its creditors generally.
1.2 At any time after a Builder Termination Event shall have occurred and be continuing, the Builder may, by notice to the Buyer, terminate this Contract whereupon:
(i) title in the Ship, the Parts, and in the Buyer's Supplies owned by the Buyer which have been installed or incorporated in the Ship before termination, shall pass to the Builder; and
(ii) the Builder shall retain and apply (in the manner provided for in clause 1.
TERMINATION BY BUILDER. In the event of an Owner material default (after expiration of notice and cure period) or the occurrence of an Impasse (as defined below) or the occurrence of a “Dispute” or “Conveyance Default” under the Master Option Agreement, Builder shall have the right to terminate this Agreement (a “Builder Termination”), in which case Builder shall have the right (but not the obligation) to complete the construction and/or sale of any and all Residences in any Phase in which construction has previously commenced along with the construction of other Builder Improvements necessary to sell such Residences and/or the right to remove any partially constructed Residences.
TERMINATION BY BUILDER. Builder may also terminate this Agreement at any time by notifying Subcontractor in writing if (1) Owner sells the property on which the Work is being performed, (2) upon thirty (30) days prior written notice to Subcontractor or (3) Owner is unable to procure a construction loan from a Project Lender on terms satisfactory to Owner. In such circumstance, Subcontractor shall be entitled to receive an amount equal to the Termination Costs. Subcontractor shall not be entitled to any additional compensation or damages as a result of the termination of this Agreement pursuant to this Paragraph 110.