Termination by Reason of Default. If the Closing fails to occur when and as provided in Section 6 above by reason of a breach or default (or deemed default as provided in the last sentence of either of Section 7.1.1 or Section 7.1.2 above) of either party of any of its duties, obligations, representations or warranties under this Agreement, then the non-defaulting party may elect, by written notice to the defaulting party and to Escrow Holder, to terminate Escrow and this Agreement, and the Master Purchase Agreement shall govern the disbursement of the Xxxxxxx Money Deposit as provided therein. Such termination shall be effective five (5) days after delivery of such notice (the “Effective Termination Date”); provided, that (i) the non-defaulting party has performed or is in a position to perform all obligations on its part to be performed as of the Effective Termination Date other than those obligations which the non-defaulting party is prevented from having performed by reason of the defaulting party’s breach or default; and (ii) the defaulting party has not cured the default and the non-defaulting party has not waived such default by the Effective Termination Date. Except as otherwise provided below in this Section 7.2 and Section 6.6.5 above and in the Master Purchase Agreement, Escrow Holder and the parties shall, upon such termination, return all of the other party’s funds and documents then held by them to the party depositing or delivering the same. Thereafter, each of the parties shall be discharged and released from all obligations and Liabilities except as otherwise provided in this Section 7.2 and Section 6.6.5 above and in the Master Purchase Agreement and except for those obligations and Liabilities which are expressly intended to survive the termination of this Agreement, including those Liabilities set forth in Section 12.2 below.
Termination by Reason of Default. In the event that either of the parties hereto shall fail to perform any covenant required to be performed by such party under the terms and provisions of this Agreement and such failure shall continue unremedied or uncorrected for a period of thirty (30) days after the service of written notice upon such party by the other party hereto, specifying such failure, this Agreement may be terminated, at the option of the party serving such notice, at the expiration of such period of thirty (30) days; provided, however, that such termination shall not relieve the party so failing from liability to the other party for such damages as may be suffered by reason of such failure.
Termination by Reason of Default. Upon a default pursuant to Section 11(a) hereof, the nonbreaching party may, at its option, upon written notice or demand upon the other party, cancel and terminate the license granted in Section 1 hereof and the obligations of the parties with respect thereto, except those obligations that survive the expiration or termination of this Agreement. In addition to the foregoing and any other available remedies, if Licensee fails to comply with any of the provisions of this Agreement, NSU may, in its sole discretion, delay and/or withhold payment and/or settlement of all accounts and funds related to monies collected or received by NSU for the benefit of Licensee hereunder until the completion of an investigation relating to such violation.
Termination by Reason of Default. In the event that either of the parties hereto shall fail to perform any covenant required to be performed by such party under the terms and provisions of this lease, including Tenant's covenant to pay rent, and such failure shall continue unremedied or uncorrected for a period of fifteen (15) days after the service of written notice upon such party by the other party hereto, specifying such failure, this lease may be terminated, at the option of the party serving such notice, at the expiration of such period of fifteen (15) days; provided, however, that such termination shall not relieve the party so failing from liability to the other party for such damages as may be suffered by reason of such failure. CONDEMNATION In the event that the leased premises shall be taken for public use by the city, state, federal government, public authority or other corporation having the power of eminent domain, then this lease shall terminate as of the date on which possession thereof shall be taken for such public use, or, at the option of the Tenant, as of the date on which the premises shall become unsuitable for Tenant's regular business by reason of such taking. If only a part of the lease premises shall be taken and Tenant shall remain a tenant of the building, the rent shall be abated proportionately. ASSIGNMENT Tenant may not assign this lease or sublet the premises or any part thereof without the written consent of Landlord which shall not be unreasonably withheld. If any assignment or sublease is made by Tenant with Landlord's consent, Tenant shall remain liable as surety under the terms hereof notwithstanding such assignment or sublease. Landlord has granted consent to allow Tenant to sublease the ground floor of the building for the initial year of the lease or part thereof, Sublease may be to any one or more persons. Landlord shall be permitted to assign this lease. TAXES Landlord shall pay all taxes, assessments, and charges which shall be assessed and levied upon the leased premises or any part thereof during this said term as they become due.
Termination by Reason of Default. At the option of Lessor or Lessee, in their sole discretion, this Lease Agreement may be terminated upon the material breach or default by Lessor or Lessee, as applicable, of its duties, covenants and obligations hereunder if such breach or default shall continue for a period of thirty (30) consecutive days after Lessor or Lessee, as applicable, takes receipt of written notice thereof from the non-defaulting Party.
Termination by Reason of Default. (a) If Seller shall be ready, willing and able to close and Purchaser shall default in the performance of any of its material obligations to be performed on the Closing Date (a “Purchaser Default”), Seller’s sole remedy by reason thereof shall be to terminate this Agreement and, upon such termination, Seller shall be entitled to retain the Deposit (and any interest earned thereon) as liquidated damages for Purchaser’s default hereunder, IT BEING AGREED THAT THE DAMAGES BY REASON OF PURCHASER’S DEFAULT ARE DIFFICULT, IF NOT IMPOSSIBLE, TO ASCERTAIN, AND THEREAFTER PURCHASER AND SELLER SHALL HAVE NO FURTHER RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT EXCEPT FOR THOSE THAT ARE EXPRESSLY PROVIDED IN THIS AGREEMENT TO SURVIVE THE TERMINATION HEREOF. Upon a Purchaser Default hereunder XX Xxxxx Realty Corp. is hereby irrevocably authorized to draw upon the Deposit Letter of Credit and retain the proceeds thereof.
Termination by Reason of Default. In the event that Theatre fails to pay rent seven (7) days after service upon Theatre of Notice to Quit, GPPSS may at its option, immediately terminate this Lease and pursue all its legal remedies. In the event that either party defaults for any reason, other than Theatre's nonpayment of rent, or such default continues for fifteen days after service of notice upon the defaulting party by the non-defaulting party, this Lease may be terminated, at the option of the non-defaulting party, fifteen days after service of such notice, Such termination shall not relieve the defaulting party from liability to the other party for such damages as may be suffered by reason of such default.
Termination by Reason of Default. Upon a default pursuant to Section 14.1, the non-breaching party may, at its option, upon written notice or demand upon the other party, cancel and terminate this Agreement and the obligations of the parties with respect thereto. In addition to the foregoing, if Licensee fails to comply with any of the provisions of this Agreement, ASM may, in its sole discretion, delay and/or withhold payment and/or settlement of all accounts and funds related to monies collected or received by ASM from Licensee hereunder until the completion of an investigation relating to such violation.
Termination by Reason of Default. Upon a default pursuant to Section (a) the nonbreaching party may, at its option, upon written notice or demand upon the other party, cancel and terminate the license granted in Section 1 hereof and the obligations of the parties with respect thereto. In addition to the foregoing, if Licensee fails to comply with any of the provisions of this Agreement, AE G may, in its discretion, and/or withhold payment and/or settiement of all accounts and funds related to monies collected or received by AEG for the benefit of Licensee hereunder until the completion of an investigation relating to such violation.
Termination by Reason of Default. Upon a default pursuant to Section 12(a) or (b) hereof, the non-breaching party may, at its option, upon written notice or demand upon the other party, cancel and terminate the license granted in Section 1 hereof and the obligations of the parties with respect thereto. In addition to the foregoing, if Licensee fails to comply with any of the provisions of this Agreement, Big3 may, in its sole discretion, delay and/or withhold payment and/or settlement of all accounts and funds related to monies collected or received by Big3 for the benefit of Licensee hereunder until Licensee complies in full with this Agreement.
