Common use of Termination for Nonpayment of Fees Clause in Contracts

Termination for Nonpayment of Fees. In the event that any Reservation Fee due from BUYER is not paid within the terms set forth in this Reservation Agreement (with reference to SUPPLIER’s Confirmed Reservation), SUPPLIER may, at its sole and absolute discretion terminate this Reservation Agreement, and may move and store BUYER’s Asset(s) at any location, at BUYER’s sole expense and otherwise pursuant to applicable law. Following any breach or default by BUYER, all Reservation Fees and other sums due under this Reservation Agreement will continue to accrue as long as BUYER’s Assets remain at the Premises, or if BUYER’s Assets are moved from the Premises and stored elsewhere, then such moving and storage fees and expenses as may be payable with respect thereto, provided that SUPPLIER shall not be deemed to have consented to any holdover by BUYER and SUPPLIER shall have all rights and remedies under this Reservation Agreement and applicable law for BUYER’s breach of this Reservation Agreement and trespass upon the Premises in violation of this Agreement.