Lessor’s Performance Option Sample Clauses
The Lessor’s Performance Option clause grants the lessor the right to fulfill certain obligations or perform specific actions under the lease, often in situations where the lessee fails to do so. For example, if the lessee neglects required maintenance or repairs, the lessor may step in to complete the work and recover associated costs from the lessee. This clause ensures that the property is properly maintained and protects the lessor’s interests by providing a mechanism to address lessee non-performance.
Lessor’s Performance Option. Should Lessee fail to make any payment or to do any act as provided by this Lease Agreement, then Lessor shall have the right (but not the obligation), without notice to Lessee of its intention to do so and without releasing Lessee from any obligation hereunder to make or to do the same, to make advances to preserve the Equipment or Lessor's title thereto, and to pay, purchase, contest or compromise any insurance premium, encumbrance, charge, tax, lien or other sum which in the judgment of Lessor appears to affect the Equipment, and in exercising any such rights, Lessor may incur any liability and expend whatever amounts in its absolute discretion it may deem necessary therefor. All sums so incurred or expended by Lessor shall be due and payable by Lessee within ten (10) days of notice thereof.