Common use of Breach or Default Clause in Contracts

Breach or Default. 1. The Parties agree that all the terms, conditions and/or covenants herein contained shall be deemed essential conditions of this Contract, and in the event of default or breach of any such terms, conditions and/or covenants, or should a party become bankrupt, or insolvent, the innocent party shall have a right to terminate and cancel this Contract, by giving 60 days prior written notice to the other party. During the period of the 60 days prior to the intended date of termination as stated in the written notice, the party at fault may prevent the termination of the Contract by curing the events or causes of termination or cancellation of the lease. 2. Should the LESSOR be compelled to seek judicial relief against the LESSEE, or vice versa, in addition to any other damages that may be awarded by final judgment to the prevailing party, the losing party shall pay, as and by way of attorney’s fees, such amount as maybe adjudged by the Court, aside from the costs of the litigation and other expense which by law entitles the prevailing party to recover.

Breach or Default. 1. The Parties agree that all the terms, conditions and/or and/ or covenants herein contained shall be deemed essential conditions of this Contract, and in the event of default or breach of any such terms, conditions and/or and/ or covenants, or should a party become bankrupt, or insolvent, the innocent party shall have a right to terminate and cancel this Contract, by giving 60 days prior written notice to the other party. During the period of the 60 days prior to the intended date of termination as stated in the written notice, the party at fault may prevent the termination of the Contract by curing the events e vents or causes of termination or cancellation of the lease. 2. Should the LESSOR be compelled to seek judicial relief against the LESSEE, or vice versa, in addition to any other damages that may be awarded by final judgment to the prevailing party, the th e losing party shall pay, as and by way of attorney’s fees, such amount as maybe adjudged by the Court, aside from the costs of the litigation and other expense which by law entitles the prevailing party to recover.