FORFEITURE CLAUSE Clause Samples

A forfeiture clause is a contractual provision that allows one party to lose certain rights, property, or benefits if they fail to meet specified obligations or conditions outlined in the agreement. Typically, this clause is triggered by events such as non-payment, breach of contract, or failure to perform, resulting in the loss of deposits, property, or other entitlements. The core practical function of a forfeiture clause is to incentivize compliance with the contract and provide a clear consequence for non-performance, thereby protecting the interests of the non-breaching party.
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FORFEITURE CLAUSE in the event that the Board, after notice and hearing, shall determine that the lessee has procured this lease through fraud, misrepresentation or deceit, then and in that event this agreement, at the option of the lessor, shall cease and terminate and shall become ipso facto null and void and all improvements upon said land or premises under the terms of this lease shall forfeit to and become property of the State of Wyoming. In the event that the lessee shall fail to make payments of rentals and royalties as herein provided, or make default in the performance or observance of any of the terms, covenants and stipulations hereof, or of the general regulations promulgated by the Board of Land Commissioners and in force on the date hereof, the lessor shall serve notice of such failure or default, either by personal service or by registered mail upon the lessee and if such failure or default continues for a period of thirty (30) days after the service of such notice, then and in that event the lessor may at its option, declare a forfeiture and cancel this lease, whereupon all rights and privileges except those granted in Section 6 hereof, obtained by the lessee hereunder shall terminate and cease and the lessor may re-enter and take possession of said premises or any part thereof, but these provisions shall not be construed to prevent the exercise by the lessor of any legal or equitable remedy which the lessor might otherwise have. A waiver of any particular cause of forfeiture shall not prevent the cancellation and forfeiture of this lease for any other cause of forfeiture or for the same cause occurring at any other time.
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FORFEITURE CLAUSE. 11.1 All mutual claims arising out of the Service Contract and such claims which are related to the Service Contract, shall lapse if they are not asserted against the other party to the contract in writing within two months after the due date. 11.2 If the other party rejects the claim in writing or if a written response is not given within two weeks after the assertion of the claim, the claim shall lapse if it is not asserted before the courts within two months after receipt of the rejection or after expiry of the two-week period.
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FORFEITURE CLAUSE. If this contract is broken by either party, said party shall forfeit the sum of $100, and said party shall also make payment for the amount of the officials’ fees if the contract is broken less than 48 hours prior to the start
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FORFEITURE CLAUSE. In the event Lessor considers that obligations of Lessee or implied covenants of this lease are not being complied with, Lessor shall notify Lessee in writing by certified mail of the facts relied upon as constituting a breach of any expressed or implied covenants or obligations of Lessee hereunder and Lessee, if in default, shall have sixty (60) days after receipt of such notice in which to commence compliance with its obligations hereunder. If such breach is not timely cured and Lessor obtains a final non-appealable judgment finding that Lessee has breached any covenant hereof, expressed or implied, then it is agreed that Lessor shall be entitled to a decree providing for cancellation or forfeiture of the lease in the event such breach is not rectified or commenced in good faith to be rectified by Lessee within sixty (60) days from the date such decree becomes final; provided, however, that failure on the part of the Lessee to cure any alleged default of any expressed or implied covenant of this lease shall not result in Lessee forfeiting any producing oil or gas well or well▇ ▇▇ shut-in gas well or well▇ ▇▇▇ acreage allocated thereto for production, not then subject to breach or default. Failure of Lessee to (i) produce oil, gas or other leased substances in paying or commercial quantities; (ii) to timely and properly pay shut-in royalties; (iii) to timely commence drilling or reworking operations as provided in provisions of this lease, and/or (iv) failure to pay royalty in accordance with Paragraph 50) above, and other special limitations shall not constitute an obligation for purposes of this paragraph, as failure of Lessee to timely comply with such provisions shall result in termination of this lease.
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FORFEITURE CLAUSE. In case of negligence/dereliction of duty by contractor's staff, the above contract shall be terminated without giving any notice by the Bank and the security deposit shall be forfeited.
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FORFEITURE CLAUSE. 15.1 A court may order you to leave the property before the end of the agreement if any of the following happens; 15.1.1 You have not paid rent for more than 14 days after it is legally due. 15.1.2 You or your representative supplied references, which were false or misleading. 15.1.3 You break any condition of this agreement. 15.1.4 You leave the property empty for more than 28 days (without our written permission) or it seems that you have abandoned the property. 15.1.5 You become bankrupt, your belongings are seized by bailiffs, or you enter a voluntary arrangement with people you owe money to. 15.2 If any of these happen, we have the right to enter the property after the bailiffs evict you following a court order. We will start this process by sending you a notice in line with Section 8 of the Housing ▇▇▇ ▇▇▇▇. 15.3 We also give you notice that, at some time before the start of this tenancy, we lived in the property as our only or main home, and that we may need possession under Ground 1 of the Housing ▇▇▇ ▇▇▇▇. 15.4 There maybe in the future a mortgage on the property. If that is not paid, the property may be possessed under Ground 2 of the Housing ▇▇▇ ▇▇▇▇. 15.5 It may be the case, in connection with section 14.4 above, that under the terms of the mortgage the mortgagee will take possession of the property and sell it. 15.6 If the mortgagee takes action under section 14.5 above then you will vacate the property on 1 months notice from the mortgagee in possession. 15.7 If we want to use either Ground, we will start the procedure by serving you with a Section 8 Housing Act 1988 notice. That notice is for two months and we cannot apply for a court hearing until after two months have passed. 15.8 If there is a change in your employment conditions then this may lead to a termination in your tenancy agreement and a new agreement to be signed dependant on your financial situation at that time.
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FORFEITURE CLAUSE. Provided always and it is hereby agreed as follows:- 9.1 if the Rent or any instalment or part thereof shall be in arrears or unpaid for at least 28 days after the same shall have become due (whether legally demanded or not) or 9.2 in the event of any breach of any of the agreements on the part of the Tenant herein contained or implied or 9.3 if the Property shall without consent as aforesaid be left vacant or unoccupied or if the Tenant abandons the Property or 9.4 if the Tenant being an individual shall become bankrupt or if the Tenant shall enter into any composition with his creditors or suffer any distress of his goods in the Property or 9.5 if the Landlord was induced to grant the Tenancy by a false statement made knowingly or recklessly by (a) the Tenant or (b) by a person acting at the Tenant’s instigation then the Landlord shall be entitled to re-enter on the Property (subject always to any statutory restriction on her power to do so) and immediately thereupon the Term shall absolutely determine without prejudice to any other remedy of the Landlord
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Related to FORFEITURE CLAUSE

  • Right to Resell after withdrawal to sell the Property withdrawn at any time or times subject to such conditions and provisions whether identical with or differing wholly or in part from the conditions and provisions applicable to the Property to be auctioned at the present auction and in such manner as the Assignee/Bank may deem fit.

  • WAIVER CLAUSE The parties acknowledge that during the negotiations which resulted in this Agreement, each had the unlimited right and opportunity to make demands and proposals with respect to any subject matter not removed by law from the area of collective bargaining, and that the understandings and agreements arrived at by the parties after the exercise of that right and opportunity are set forth in the Agreement. Therefore, the Employer and the Association, for the life of this Agreement, each voluntarily and unqualifiedly waives the right and each agrees that the other shall not be obligated to bargain collectively with respect to any subject or matter not specifically referred to or covered in this Agreement, even though such subjects or matters may not have been within the knowledge or contemplation of either or both of the parties at the time that they negotiated or signed this Agreement.

  • Retention of Pledged Collateral In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent may, after providing the notices required by Sections 9-620 and 9-621 of the UCC (or any successor sections of the UCC) or otherwise complying with the notice requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Pledged Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Pledged Collateral in satisfaction of any Secured Obligations for any reason.

  • Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities (1) You may transfer within escrow to a financial institution the escrow securities you have pledged, mortgaged or charged under section 4.2 to that financial institution as collateral for a loan on realization of the loan. (2) Prior to the transfer the Escrow Agent must receive: (a) a statutory declaration of an officer of the financial institution that the financial institution is legally entitled to the escrow securities; (b) a transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer’s transfer agent; and (c) an acknowledgement in the form of Schedule “B” signed by the financial institution. (3) Within 10 days after the transfer, the transferee of the escrow securities will file a copy of the acknowledgment with the securities regulators in the jurisdictions in which the Issuer is a reporting issuer.

  • Savings Clause If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.