Default and Termination for Cause. If either party shall default in the performance of any of its obligations hereunder, and such default shall continue for thirty (30) days after written notice from the other party designating such default, or either party shall make any assignment for the benefit of creditors or there shall be filed by or against either party any petition for adjudication as a bankrupt or for reorganization, or an arrangement, or for any relief under other debtor relief laws, the other party may terminate this Agreement by written notice at any time thereafter while such default or other events shall be continuing and thereupon this Agreement shall forthwith terminate. If termination shall occur through default of Owner, Manager as its sole and exclusive remedy, shall be paid, as compensation, its fees and reimbursable expenses hereunder accrued through the date of such termination plus reasonable expenses relating to relocating Manager's employees. Termination of this Agreement because of Owner's default, shall, except as provided in SECTION 8.3 below, release Manager from liability for failure to perform any of the duties or obligations of Manager as expressed herein and required to be performed after such termination.
Appears in 7 contracts
Samples: Property Management and Leasing Agreement (Education Realty Trust, Inc.), Property Management and Leasing Agreement (Education Realty Trust, Inc.), Property Management and Leasing Agreement (Education Realty Trust, Inc.)
Default and Termination for Cause. If either party shall default in the performance of any of its obligations hereunder, and such default shall continue for thirty (30) days after written notice from the other party designating such default, or either party shall make any assignment for the benefit of creditors or there shall be filed by or against either party any petition for adjudication as a bankrupt or for reorganization, or an arrangement, or for any relief under other debtor relief laws, the other party may terminate this Agreement by written notice at any time thereafter while such default or other events shall be continuing and thereupon this Agreement shall forthwith terminate. If termination shall occur through default of Owner, Manager as its sole and exclusive remedy, shall be paid, as compensation, its fees and reimbursable expenses hereunder accrued through the date of such termination plus reasonable expenses relating to relocating Manager's employees. Termination of this Agreement because of Owner's default, shall, except as provided in SECTION 8.3 below, release Manager from liability for failure to perform any of the duties or obligations of Manager as expressed herein and required to be performed after such termination.. PROPERTY MANAGEMENT AND LEASING AGREEMENT/LAWRENCE APARTMENTS Page 11
Appears in 1 contract
Samples: Property Management and Leasing Agreement (Education Realty Trust, Inc.)
Default and Termination for Cause. If either party shall default in the performance of any of its obligations hereunder, and such default shall continue for thirty (30) days after written notice from the other party designating such default, or either party shall make any assignment for the benefit of creditors or there shall be filed by or against either party any petition for adjudication as a bankrupt or for reorganization, or an arrangement, or for any relief under other debtor relief laws, the other party may terminate this Agreement by written notice at any time thereafter while such default or other events shall be continuing and thereupon this Agreement shall forthwith terminate. If termination shall occur through default of Owner, Manager as its sole and exclusive remedy, shall be paid, as compensation, its fees and reimbursable expenses hereunder accrued through the date of such termination plus reasonable expenses relating to relocating Manager's employees. Termination of this Agreement because of Owner's default, shall, except as provided in SECTION 8.3 below, release Manager from liability for failure to perform any of the duties or obligations of Manager as expressed herein and required to be performed after such termination.. PROPERTY MANAGEMENT AND LEASING AGREEMENT/WABASH APARTMENTS Page 11
Appears in 1 contract
Samples: Property Management and Leasing Agreement (Education Realty Trust, Inc.)
Default and Termination for Cause. If either party shall default in the performance of any of its obligations hereunder, and such default shall continue for thirty (30) days after written notice from the other party designating such default, or either party shall make any assignment for the benefit of creditors or there shall be filed by or against either party any petition for adjudication as a bankrupt or for reorganization, or an arrangement, or for any relief under other debtor relief laws, the other party may terminate this Agreement by written notice at any time thereafter while such default or other events shall be continuing and thereupon this Agreement shall forthwith terminate. If termination shall occur through default of Owner, Manager as its sole and exclusive remedy, shall be paid, as compensation, its fees and reimbursable expenses hereunder accrued through the date of such termination plus reasonable expenses relating to relocating Manager's employees. Termination of this Agreement because of Owner's default, shall, except as provided in SECTION 8.3 below, release Manager from liability for failure to perform any of the duties or obligations of Manager as expressed herein and required to be performed after such termination.. PROPERTY MANAGEMENT AND LEASING AGREEMENT/LUBBOCK APARTMENTS Page 11
Appears in 1 contract
Samples: Property Management and Leasing Agreement (Education Realty Trust, Inc.)
