Common use of ACT OF DEFAULT Clause in Contracts

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.