Default Termination Rights Sample Clauses
The "Default; Termination Rights" clause defines the circumstances under which a party may terminate the agreement due to the other party's failure to fulfill its obligations. Typically, this clause outlines what constitutes a default—such as non-payment, breach of material terms, or insolvency—and describes the process for providing notice and an opportunity to cure the default before termination can occur. Its core practical function is to protect parties by providing a clear mechanism for ending the contract if the other side fails to perform, thereby allocating risk and ensuring accountability.
Default Termination Rights. Upon the occurrence or continuation of a Seller Default, Buyer may elect to terminate this Agreement as follows:
(i) with respect to a Seller Default described in subsection 29.1 (c), immediately terminate this Agreement and remove Seller from the Site with risk of loss of the Work transferring to Buyer as provided in Section 29.4(c) hereof; and
(ii) with respect to a Seller Default described in any subsection other than subsection (c) of Section 29.1 (“Seller’s Default”), after having given notice to Seller of such Seller Default and Seller’s having failed to cure such Seller Default within the cure period specified in such subsection, or, if no cure period is specified, then fourteen (14) days after such notice, terminate this Agreement.
Default Termination Rights. Upon the occurrence or continuance of a Buyer Default, Seller may elect to terminate this Agreement as provided in this Section 30.2.
(i) with respect to a Buyer’s Default described in Section 29.2(c), immediately terminate this Agreement; and
(ii) with respect to a Buyer’s Default described in any subsection other than Section 29.2(c), after having given notice to Buyer of such default and Buyer having failed to cure such Buyer’s Default within the cure period specified in such subsection, or, if no cure period is specified, then fourteen (14) Business Days after such notice, terminate this Agreement.
(iii) Notwithstanding anything to the contrary in this Agreement, Buyer's right to collect damages from Seller will not be limited or foreclosed by any termination by Buyer under this Section or otherwise.
Default Termination Rights. Upon the occurrence and continuance of a Company Default, Contractor may elect to terminate this Contract as follows (each, a “Termination by Contractor”):
(i) with respect to a Company Default described in Section 28.2(c), immediately terminate this Contract; and
(ii) with respect to a Company Default described in any Section other than Section 28.2(c), after having given written notice to Company of such default and Company having failed to cure such default within the cure period specified in such subsection, or, if no cure period is specified, then ten (10) days after such notice, terminate this Contract.
Default Termination Rights. Upon the occurrence or continuation of a Contractor Default, Company may elect to terminate this Contract as follows (each, a “Termination by Company”):
(i) with respect to a Contractor Default described in Section 28.1(d), immediately terminate this Contract and remove Contractor from the Site with risk of loss of the Work transferring to Company; and
(ii) with respect to a Contractor Default described in any Section other than Section 28.1(d), after having given written notice to Contractor of such Contractor Default and Contractor’s having failed to cure such Contractor Default within the cure period specified in such subsection, or, if no cure period is specified, then ten (10) days after such notice, terminate this Contract.
Default Termination Rights. The Non-Defaulting Party will have the right to terminate the Definitive Agreement upon the occurrence of an Event of Default by the other party (the “Defaulting Party”) and to calculate termination damages based on the costs, gains or losses incurred by the Non-Defaulting Party in terminating the Definitive Agreement.
Default Termination Rights. Upon the occurrence or continuation of a Contractor Default, Company may elect to terminate this Contract as follows:
(i) with respect to a Contractor Default described in subsection 28.1(c), immediately terminate this Contract and remove Contractor from the Site with risk of loss of the Work transferring to Company as provided in Section 28.4(c) hereof; and
(ii) with respect to a Contractor Default described in any subsection other than subsection 28.1(c), after having given notice to Contractor of such Contractor Default and Contractor’s having failed to cure such Contractor Default within the cure period specified in such subsection, or, if no cure period is specified, then fourteen (14) days after such notice, terminate this Contract
Default Termination Rights. 8.1 Default by Seller. If Seller defaults hereunder, Purchaser may either: (a) waive the default and proceed to Closing; or (b) terminate this Agreement in which event Escrow Agent shall return the ▇▇▇▇▇▇▇ Money to Purchaser and Seller shall reimburse Purchaser for Purchaser’s actual third-party expenses incurred in connection with this Agreement and the inspection of the Property, not to exceed $25,000 in the aggregate, and neither party shall have any further rights or liabilities hereunder (except for those provisions which survive the termination of this Agreement).
Default Termination Rights. 28 9.1. Default by Seller/Failure of Conditions Precedent 29 9.2. Default by Purchaser/Failure of Conditions Precedent 29 9.3. Costs and Attorneys’ Fees 30 9.4. Limitation of Liability 30 ARTICLE X. MISCELLANEOUS PROVISIONS 30 10.1. Completeness; Modification 30 10.2. Assignments 30 10.3. Successors and Assigns 31 10.4. Days 31 10.5. Governing Law 31 10.6. Counterparts 31 10.7. Severability 31 10.8. Costs 31 10.9. Notices 31 10.10. Escrow Agent 32 10.11. Incorporation by Reference 33 10.12. Survival 33 10.13. Further Assurances 34 10.14. No Partnership 34 41554043v.8 10.15. Time of Essence 34 10.16. Signatory Exculpation 34 10.17. Rules of Construction 34 10.18. No Recording 34 10.19. Facsimile or Electronic Signatures 34 10.20. Effective Date 35 10.21. Survival 35 41554043v.8 THIS AGREEMENT OF PURCHASE AND SALE (this “Agreement”) is made as of the Effective Date, by and between 275 Tremont Owner, LLC, a Delaware limited liability company (“Purchaser”), and HH FP Portfolio LLC, a Delaware limited liability company (“Seller”).
Default Termination Rights