DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF Sample Clauses

DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. It is hereby mutually agreed as follows: If at any time after the happening of any of the events specified in clauses (a) to (i) of this Article, the Corporation shall give to the Member a notice that this agreement will expire at a date not less than thirty (30) days thereafter (except that in the case of the defaults specified in clause (g) of this Article, such date of the notice shall be 10 days instead of 30 days), this agreement and all of the Member’s rights under this agreement will expire on the date so fixed in such notice, unless in the meantime the default has been cured in a manner deemed satisfactory by the Corporation, it being the intention of the parties hereto to create hereby conditional limitations, and it shall thereupon be lawful for the Corporation to re-enter the Dwelling Unit and to remove all persons and personal property therefrom, either by summary dispossess proceedings or by suitable action or proceeding at law or in equity or by any other proceeding which may apply to the eviction of tenants or by force or otherwise, and to repossess the Dwelling Unit in its former state as if this agreement had not been made: (a) In case at any time during the terms of this agreement the Member shall cease to be the owner and legal holder of a Membership in the Corporation. (b) In case the Member attempts to transfer or assign this agreement in a manner inconsistent with the provisions of the By-laws. (c) In case at any time during the continuance of this agreement, a receiver of the Member’s property shall be appointed under any of the laws of the United States or of any State. (d) In case at any time during the continuance of this agreement, the Member shall make a general assignment for the benefit of creditors. (e) In case at any time during the continuance of this agreement, the Membership owned by the Member shall be duly levied upon and sold under the process of any Court. (f) In case the Member fails to effect or pay for repairs and maintenance as provided for in Article 11 hereof. (g) In case the Member fails to pay any sum due pursuant to the provisions of Articles 1 and 23 hereof. (h) In case the Member fails to pay any charge which, if not paid, could become a lien against the Dwelling Unit of the Project. (i) In case the Member shall default in the performance of any of his/her obligations under this agreement. The Member hereby expressly waives any and all right of redemption in case he shall be dispossessed by judgment or warr...
Sample 1See All (11)
AutoNDA by SimpleDocs
DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. It is mutually agreed as follows: Member shall be in default hereunder should any one or more of the events specified in clauses (a) to (n) of this Article occur and should said default not be cured within ten (10) days following written notice by the Cooperative to Member of such default. Should such a default occur and remain uncured, then the Cooperative, at its option, may terminate this agreement, in which case all of the Member's rights hereunder will expire on the date specified in the written notice from the Cooperative to the Member, and, in addition to any other rights and remedies it may have, the Cooperative shall have the option to exercise any one or more of the following remedies, it being agreed that pursuit of any remedy provided in this agreement shall not preclude pursuit of any other remedy or remedies herein provided or provided by law, and that any of such remedies may be pursued regardless of whether or not the default continues to exist and whether or not the Cooperative accepts or has accepted payment of Monthly Carrying Charges subsequent to the occurrence of such default: a) The Cooperative may terminate this agreement, in which event Member shall immediately surrender possession of the dwelling unit to the Cooperative and the Cooperative may re-enter the dwelling unit and remove all persons and personal property therefrom, either by summary dispossessory proceedings or by suitable action or proceeding at law or in equity or by any other proceedings which may apply to the eviction of tenants by force or otherwise, and repossess the swelling unit in its former state as if this agreement had not been made, and the Cooperative may use such force as may be necessary, without being guilty of trespass, forcible entry, detainer or other tort; and b) The Cooperative may bring an action for monetary damages against Member; and The Cooperative may pursue any and all other rights and remedies available at law or in equity. 1) In case at any time during the term of this agreement Member shall cease to be the owner and legal holder of a membership of the Cooperative. 2) In case the Member attempts to transfer or assign this agreement in a manner inconsistent with the provisions of the Bylaws. 3) In case at any time during the continuance of this agreement the Member shall be declared a bankrupt under the laws of the United States. 4) In case at any time during the continuance of this agreement a receiver of the Member's property shall be appo...
Sample 1See All (6)
DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. At any time after the happening of any of the events specified in clauses a to j of this Article, the Co-op may at its option give to the Member notice that this agreement will expire at a date not less than 15 days thereafter. If the Co-op so proceeds all of the Member's rights under this agreement will expire on the date so fixed in such notice, unless in the meantime the default has been cured in a manner deemed satisfactory by the Co-op or the member requests action pursuant to By Laws, Section XIII. In addition to the events described in paragraph XII, B.1., of this Agreement, default shall be defined to include the following: a. At any time during the term of this agreement the member-shareholder shall cease to be the owner and legal holder of shares of the Co-op. b. The member-shareholder attempts to transfer or assign this agreement in a manner inconsistent with these provisions, the By Laws, or the Articles. c. At any time during the continuance of this agreement the member-shareholder shall be declared a bankrupt under the laws of the United States. d. At any time during the continuance of the agreement a receiver of the member-shareholder's property shall be appointed under any of the laws of the United States or of any State. e. At any time during the continuance of this agreement the member-shareholder shall make a general assignment for the benefit of creditors. f. At any time during the continuance of this agreement the membership rights of a member in the Co-op shall be duly levied upon and sold under the process of any Court. g. The member-shareholder fails to effect and/or pay for repairs and maintenance as provided for in this occupancy agreement. h. The member-shareholder shall fail to pay any sum due pursuant to the provisions of this contract. i. In case the member-shareholder shall fail to pay any charge which if not paid, could become a lien against the Co-op.
Sample 1
DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. (continued) (2) The Co-Op may bring an action for monetary damages against Member; and (3) The Co-Op may pursue any and all other rights and remedies available at law or in equity. a. In case at any time during the term of this Agreement, Member shall cease to be a legal holder of a membership in the Co- Op. b. In case the Member attempts to transfer or assign this Agreement in a manner inconsistent with the provisions of the By-Laws. c. In case at any time during the continuance of this Agreement the Member shall be declared bankrupt under the laws of the United States. d. In case at any time during the continuance of this Agreement a receiver of the Member's property shall be appointed under any of the laws of the United States or of any State. e. In case at any time during the continuance of this Agreement the Member shall make a general assignment for the benefit of creditors. f. In case at any time during the continuance of this Agreement the membership rights of the Member in the Co-Op shall be duly levied upon and sold under the process of any Court. g. In case the Member shall fail to allow entrance to the cottage as further defined in Article 18 herein below. h. In case the Member shall fail to comply with Co-Op Rules and Regulations as defined in Article 16 herewith. i. In case the Member fails to effect and/or pay for repairs and maintenance as provided for in Article 9 hereof. j. In case the Member fails to pay any sum due pursuant to the provisions of Article 1 or Article 8 hereof, or shall fail to pay any charge which, if not paid, could become a Lien against the property of the Co-Op. k. In case the Member shall default in the performance of any of their obligations under this Agreement. l. In case at any time during the term of this Agreement, the Member fails to comply promptly with all requests by the Co-Op or any government agency for information and certifications concerning the total current income of the Member's family and other eligibility requirements for assistance payments from any governmental or private agency. The Member hereby expressly waives any and all right of redemption in case he shall be dispossessed by judgment or warrant of any Court or judge; the words "enter," "re-enter," and "re-entry," as used in this Agreement are not restricted to their technical legal meaning, and in the event of a breach or threatened breach by the Member of any of the covenants or provisions hereof, the Co-Op shall have the right of injuncti...
Sample 1
DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. (continued) The failure on the part of the Co-Op to avail itself of any of the remedies given under this Agreement shall not waive or destroy the right of the Co-Op to avail itself of such remedies for similar or other breaches on the part of the Member.
Sample 1
DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. It is hereby mutually agreed as follows: If at any time after the happening of any of the events specified in clauses (a) to (i) of this Article, the Cooperative shall give to the Member a notice that this Lease will expire at a date not less than
Sample 1
DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. It is mutually agreed as follows: Member shall be in default hereunder should any one or more of the events specified in this Article occur and should said default not be cured within ten (10) days following written notice by the Cooperative to Member of such default. Should such a default occur and remain uncured, then the Cooperative, at its option, may terminate this agreement, in which case all of the Member's rights hereunder will expire on the date specified in the written notice from the Cooperative to the Member, and, in addition to any other rights and remedies it may have, the Cooperative shall have the option to exercise any one or more of the following remedies, it being agreed that pursuit of any remedy provided in this agreement shall not preclude pursuit of any other remedy or remedies herein provided or provided by law, and that any of such remedies may be pursued regardless of whether or not the default continues to exist and whether or not the Cooperative accepts or has accepted payment of Monthly Carrying Charges subsequent to the occurrence of such default: (1) The Cooperative may terminate this agreement, in which event Member shall immediately surrender possession of the dwelling unit to the Cooperative and the Cooperative may re-enter the dwelling unit and remove all persons and personal property therefrom, either by summary dispossessory proceedings or by suitable action or proceeding at law or in equity or by any other proceedings which may apply to the eviction of tenants by force or otherwise, and repossess the dwelling unit in its former state as if this agreement had not been made, and the Cooperative may use such force as may be necessary, without being guilty of trespass, forcible entry, detainer or other tort; (2) The Cooperative may bring an action for monetary damages against Member; and The Cooperative may pursue any and all other rights and remedies available at law or in equity; A. In case at any time during the term of this agreement a Member shall cease to be the owner and legal holder of a membership of the Cooperative. B. In case the Member attempts to transfer or assign this agreement in a manner inconsistent with the provisions of the By Laws. C. In case at any time during the continuance of this agreement the Member shall be declared bankrupt under the laws of the United States. D. In case at any time during the continuance of this agreement a receiver of the Member's property shall be appointed under any of the ...
Sample 1
AutoNDA by SimpleDocs
DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF. The parties mutually agree that the occurrence of one or more of the events specified in this article shall constitute a default by the Member. At any time after such occurrence, the Corporation may elect to give written notice to the member, as provided in Paragraph B of the “Required Procedures” set forth in this Article. Upon such termination, should the Member fail to vacate the unit, the Corporation may institute any appropriate legal or equitable proceedings to recover possessions of the dwelling unit, subject, however, to the provisions of the Bylaws, state law governing the termination of memberships, HUD regulations and CalHFA termination procedure.
Sample 1

Related to DEFINITION OF DEFAULT BY MEMBER AND EFFECT THEREOF

  • Waiver of Events of Default The Holders representing at least 66% of the Voting Rights affected by a default or Event of Default hereunder may waive such default or Event of Default; provided, however, that (a) a default or Event of Default under clause (i) of Section 7.01 may be waived only by all of the Holders of Certificates affected by such default or Event of Default and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth in Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of Default by the Holders representing the requisite percentage of Voting Rights affected by such default or Event of Default, such default or Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon except to the extent expressly so waived.

  • Incorporation of defined terms (a) Unless a contrary indication appears, a term defined in the Original Facility Agreement has the same meaning in this Agreement. (b) The principles of construction set out in the Original Facility Agreement shall have effect as if set out in this Agreement.

  • EVENTS CONSTITUTING MATERIAL BREACH OF AGREEMENT The Applicant shall be in Material Breach of this Agreement if it commits one or more of the following acts or omissions (each a “Material Breach”): A. The Application, any Application Supplement, or any Application Amendment on which this Agreement is approved is determined to be inaccurate as to any material representation, information, or fact or is not complete as to any material fact or representation or such application; B. The Applicant failed to complete Qualified Investment as required by Section 2.5.A. of this Agreement during the Qualifying Time Period; C. The Applicant failed to create and maintain the number of New Qualifying Jobs required by the Act; D. The Applicant failed to create and maintain the number of New Qualifying Jobs specified in Schedule C of the Application; E. The Applicant failed to pay at least the average weekly wage of all jobs in the county in which the jobs are located for all New Non-Qualifying Jobs created by the Applicant; F. The Applicant failed to provide payments to the District sufficient to protect future District revenues through payment of revenue offsets and other mechanisms as more fully described in Article IV of this Agreement; G. The Applicant failed to provide the payments to the District that protect the District from the payment of extraordinary education-related expenses related to the project to the extent and in the amounts that the Applicant agreed to provide such payments in Article V of this Agreement; H. The Applicant failed to provide the Supplemental Payments to the extent and in the amounts that the Applicant agreed to provide such Supplemental Payments in Article VI of this Agreement; I. The Applicant failed to create and Maintain Viable Presence on or with the Qualified Property as more fully specified in Article VIII of this Agreement; J. The Applicant failed to submit the reports required to be submitted by Section 8.2 to the satisfaction of the Comptroller; K. The Applicant failed to provide the District or the Comptroller with all information reasonably necessary for the District or the Comptroller to determine whether the Applicant is in compliance with its obligations, including, but not limited to, any employment obligations which may arise under this Agreement; L. The Applicant failed to allow authorized employees of the District, the Comptroller, the Appraisal District, or the State Auditor’s Office to have access to the Applicant’s Qualified Property or business records in order to inspect the project to determine compliance with the terms hereof or as necessary to properly appraise the Taxable Value of the Applicant’s Qualified Property under Sections 8.5 and 8.6; M. The Applicant failed to comply with a request by the State Auditor’s office to review and audit the Applicant’s compliance with this Agreement; N. The Applicant has made any payments to the District or to any other person or persons in any form for the payment or transfer of money or any other thing of value in recognition of, anticipation of, or consideration for this Agreement for limitation on Appraised Value made pursuant to Chapter 313 of the TEXAS TAX CODE, in excess of the amounts set forth in Articles IV, V and VI of this Agreement; O. The Applicant failed to comply with the conditions included in the certificate for limitation issued by the Comptroller.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!