Common use of Termination by the Lessor Clause in Contracts

Termination by the Lessor. In the event that the Lessee fails to pay consecutive instalment payments pursuant to Clause 3 within 15 days from the date such payment becomes due in accordance with the Payment Schedule and/or this Agreement through no fault of the Lessor, the Lessor shall be entitled to serve a default notice to Lessee demanding the payment of the outstanding amount. In case within the period of 15 days from the date of receipt of such notification the Lessee ignores such notice, it shall be deemed that Lessee is in default of this entire Agreement whereupon, the Lessor shall be immediately entitled without further notice to the Lessee to terminate this Agreement and confiscate all payments that the Lessee paid to the Lessor hereunder without any right of objection by the Lessee. The Lessor shall not be liable for any damage or expense that may incur and shall no longer be bound to lease of such Leased Property to the Lessee.