Common use of Termination without Notice Clause in Contracts

Termination without Notice. (a) Without limitation of Owner’s rights under Section 12.1, upon the occurrence of any one or more of the following events, at the sole election of Owner and without further notice to Manager, this Agreement will be deemed terminated: (i) dissolution or termination of the legal existence of Manager, whether by merger, consolidation or otherwise; (ii) termination or suspension of Manager’s real estate brokerage license, if such license is required as a condition to the performance of Manager’s duties hereunder; (iii) death or incapacity of Manager, if an individual; (iv) death or incapacity of any individual general partner of Manager, if a partnership; (v) cessation on Manager’s part to do business; (vi) failure of Manager to deal properly with and account for Owner’s funds; or (vii) the filing of proceedings by or against Manager or any general partner or parent corporation of Manager for bankruptcy, insolvency, reorganization or other relief of debtors, or any assignment for the benefit of the creditors of Manager.

Termination without Notice. (a) Without limitation of Owner’s 's rights under Section SECTION 12.1, upon the occurrence of any one or more of the following events, at the sole election of Owner and without further notice to Manager, this Agreement will be deemed terminated: (i) dissolution or termination of the legal existence of Manager, whether by merger, consolidation or otherwise; (ii) termination or suspension of Manager’s 's real estate brokerage license, if such license is required as a condition to the performance of Manager’s 's duties hereunder; (iii) death or incapacity of Manager, if an individual; (iv) death or incapacity of any individual general partner of Manager, if a partnership; (v) cessation on Manager’s 's part to do business; (vi) failure of Manager to deal properly with and account for Owner’s 's funds; or (vii) the filing of proceedings by or against Manager or any general partner or parent corporation of Manager for bankruptcy, insolvency, reorganization or other relief of debtors, or any assignment for the benefit of the creditors of Manager, unless such proceedings are involuntary and are dismissed or discharged within sixty (60) days.