ACT OF DEFAULT. An Act of Default has occurred when:
a) the Lessee has failed to pay Rent for a period of 15 consecutive days, regardless of whether demand for payment has been made or not;
b) the Lessee has breached their covenants or failed to perform any of their obligations under this agreement, and:
i) the Corporation has given notice specifying the nature of the default and the steps required to correct it; and,
ii) the Lessee has failed to correct the default as required by the notice;
c) the Lessee has;
i) become bankrupt or insolvent or made an assignment for the benefit of Creditors;
ii) had its property seized or attached in satisfaction of a judgment;
iii) had a receiver appointed;
iv) committed any act or neglected to do anything with the result that a Construction Lien or other encumbrance is registered against the Corporation’s property;
v) taken action if the Lessee is a corporation, with a view to winding up, dissolution or liquidation;
d) any insurance policy is cancelled or not renewed by reason of the use or occupation of the Premises, or by reason of non-payment of premiums;
e) the Premises;
i) become vacant or remain unoccupied for a period of 30 consecutive days; or,
ii) are not opened for business in accordance with the provisions of this agreement; or,
iii) are used by any other person or persons, or for any other purpose than as provided for in this agreement without the written consent of the Corporation.
ACT OF DEFAULT. Mortgagor shall be deemed in default if Xxxxxxxxx makes any assignment for the benefit of creditors, or if a receiver is appointed for Mortgagor or any part of the Mortgaged Premises, or if Mortgagor files a petition in bankruptcy or is adjudicated a bankrupt or files any petition or institutes any proceedings under the Federal Bankruptcy Laws of the United States.
ACT OF DEFAULT. The term "act of default" shall mean and include any --------------- one or more of the following events:
ACT OF DEFAULT. Any other Act of Default hereunder
ACT OF DEFAULT. The term "Act of Default" refers to the occurrences of any one or more of the following:
a. failure of LESSEE or LESSOR, after Ninety (90) calendar days' written notice of default in the performance of LESSEE'S or XXXXXX'S other obligations, covenants or and in no way define, limit or describe the scope or intent of any provision hereof, nor are they meant to bind the LESSOR or LESSEE to the meaning of such heading.
ACT OF DEFAULT. The term "Act of Default" refers to the occurrences of any one or more of the following:
(i) failure of LESSEE or LESSOR, after Ninety (90) calendar days' written notice of default in the performance of LESSEE'S or LESSOR'S other obligations, covenants or agreements under this Lease to cure such default; (ii) abandonment of the Premises by Xxxxxx for Ninety (90) consecutive days, except if such abandonment is caused by renovation or the Premises becoming unusable because of fire or other casualty.
ACT OF DEFAULT. 4.1. In the event of an act of default being committed by an insured party or its representatives the insurer shall not be liable to pay any amount to the insured party under this policy of insurance.
4.2. An act of default committed by one insured party or its representatives shall not prejudice the entitlement to indemnity of any other insured party that has not itself (and whose representatives have not) committed an act of default.
4.3. In the event of the insurer refusing to indemnify an insured party as a result of any act of default no other insured party shall be entitled to indemnity in respect of the same loss or damage by assuming the rights or obligations of the insured party whose claim for indemnity the insurer has refused or is entitled to refuse.
4.4. In the event of an act of default the insurer shall be entitled to claim from the insured party any loss or damage it may have suffered including, without limitation, any sums it may have paid to any other insured party as a result of any loss or damage caused or contributed to by the insured party or its representatives committing an act of default.
ACT OF DEFAULT. Clause (i) of Paragraph 30 of the Lease is hereby modified to provide: "
(i) failure of Tenant to pay when due any Rent or other amount required to be paid under this Lease; provided, that the first two (2) such failures to pay on such due date shall not constitute an Act of Default as long as such failure to pay does not continue for five (5) days following the date such payments are due under the Lease, but after such two (2) grace periods have been used by Tenant, all future payments must be received on the due date therefor or such failure shall constitute an Act of Default." Clause (viii) of Paragraph 30 of the Lease is hereby deleted in its entirety.
ACT OF DEFAULT. If either party:
ACT OF DEFAULT. The Tenant has committed an Act of Default if,
(a) the rent or any part of it or any other moneys owing to the City of Launceston under the Agreement are in arrears for 14 days, whether formally demanded or not;
(b) The Tenant is a corporation or an association and,
(i) An order is made or a resolution is passed for its administration, bankruptcy, liquidation or winding up;
(ii) It ceases or threatens to cease its activities.
(c) The Tenant otherwise commits a breach of this Agreement.
