Premature termination of the Agreement. 9.2.1 The Lessor shall have the right to cancel the Agreement extraordinarily and without any advance notification, if: (i) the Lessee has submitted false information in the application for the conclusion of the Agreement or in other documents submitted to the Lessor, or has failed to submit information concerning his or her activities or legal status, which significantly affects the performance of the obligations arising from the Agreement; (ii) the Lessee fails to make the Downpayment or pay the Agreement Fee in a timely manner and/or informs the Lessor of his or her intention not to make the Downpayment; (iii) the Lessee refuses to accept or delays acceptance of the possession of the Property without a good reason; (iv) the Lessee partially or completely delays payment of at least one (1) Instalment Payment or any other payment arising from the Agreement, and fails to eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor; (v) The surety or guarantor securing the Lessee's obligations arising from the Agreement is subjected to transformation, is dissolved or declared bankrupt, or a reorganisation plan is approved thereof, reorganising the surety or guarantee provided to the Lessor, and the Lessee fails to provide additional security acceptable to the Lessor within 14 calendar days; (vi) the value of the Property decreases due to the activity of the Lessee or the Lessee's failure to act, including cases where the Lessee fails to eliminate the deficiencies of the Property which the Lessee is obliged to eliminate under the Agreement; (vii) the Property is destroyed or rendered unfit for use or possession of the Property is permanently lost by the Parties to the Agreement (including due to theft, robbery or embezzlement); (viii) the Lessee fails to appropriately insure the Property or to renew the insurance contract pursuant to the procedure provided in the Agreement, or otherwise violates the Property insurance obligation stipulated in Chapter 6 of the General Conditions; (ix) the Lessee fails to adhere to the requirements established by the Seller or manufacturer of the Property for the technical maintenance, use and/or exploitation of the Property; (x) the Lessee fails to fulfil any of the obligations arising from the Agreement, and does not eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor; (xi) withdrawal from the Contract of Sale due to deficiencies discovered in the Property or for any other reason; (xii) the Lessee or a person incorporated in the same group with the Lessee is in breach of any contract concluded with the Lessor or a company incorporated in the same group with the Lessor (including a loan agreement, lease agreement, factoring agreement or other financing agreements, collateral agreements or transfer agreements); (xiii) the Lessor has reason to suspect that the purpose of the transaction is money laundering or terrorist financing, and the Lessee fails to provide sufficient evidence, in the eyes of the Lessor, for verifying the legitimate origin of the funds to be used for making payments under the Agreement; (xiv) there are other bases, specified in the Agreement or the Lessor's general conditions (General Conditions of AS LHV Pank) or the law, for cancellation of the Agreement. 9.2.2 The Lessor may also withdraw from the Agreement before disbursement of the Financed Amount and/or acquisition of the Property from the Seller and/or delivery of the Property to the Lessee, if: (i) the Lessee has become insolvent; and/or (ii) the financial position of the Lessee has deteriorated to such an extent that the Lessee’s ability to fulfil the obligations arising from the Agreement is jeopardized; and/or (iii) the Lessee has submitted false information with the aim of receiving financing by the Lessor. 9.2.3 In case of cancellation or premature termination of the Agreement, the Lessor shall remain the owner of the Property, and the Instalment Payments made by the Lessee during the validity of the Agreement or other amounts paid under the Agreement shall not be returned or otherwise compensated to the Lessee. Notwithstanding the above, the Lessee shall have the right to become the owner of the Property upon appropriate fulfilment of all obligations arising from the Agreement. 9.2.4 Upon cancellation of the Agreement on the basis stipulated in clause 9.2.1 of the General Conditions or upon premature termination of the Agreement on any other basis, the Lessee shall, without delay, transfer possession of the Property to the authorised representative of the Lessor or a Third Party designated by the Lessor at the time and pursuant to the procedure established by the Lessor. The Lessee undertakes to deliver the Property and the accompanying documentation to the Lessor at the latest on the day following the day of premature termination of the Agreement. 9.2.5 Should the Lessee fail to return the Property on the terms and conditions stipulated in the Agreement, the Lessor shall have the right to apply appropriate measures to reclaim possession of the Property. In case of delay of return of the Property, the Lessee shall pay the Lessor a fee for the use of the Property in the amount of 100 (one hundred) euros for each calendar day of delay of delivery. 9.2.6 The Property to be returned by the Lessee to the Lessor and/or a Third Party shall be as complete as and contain the same extras as at the time of delivery of the Property to the Lessee, as well as the installed additional devices and improvements owned by the Lessor. The Property to be returned by the Lessee shall be in the same condition as when the Lessee gained possession of the Property, considering normal wear and tear from the use of the Property in accordance with its intended purpose of use under clause 5.2 of the General Conditions, and shall not be damaged or have significant deficiencies. 9.2.7 The Lessor or a person designated by the Lessor shall assess the condition of the Property, wear and tear, and any impairment. If, upon return of the Property, the condition of the Property does not comply with the terms and conditions set forth in the Agreement, the Lessee shall be obliged to bring the Property into the required condition at his/her own expense and/or to compensate to the Lessor any expenses incurred by the Lessor and/or the damage caused through impairment of the Property. 9.2.8 When the Property is returned upon premature termination of the Agreement, the market value of the Property shall be ascertained either on the basis of an expert opinion given by an expert designated by the Lessor, or in the course of disposal of the Property. The market value of the Property may also be ascertained in the course of disposal of the Property, with the Lessor and the Lessee separately having agreed that in such cases the market value upon return of the Property shall be the actual sales price of the Property (i.e. proceeds from disposal of the Property, less any sales expenses). Any expenses related to the expert opinion shall be borne by the Lessee. In case of destruction of, loss of or theft of the Property, as well as in other cases where the Property is not returned to the Lessor, the return value of the Property shall be 0 (zero) euros. 9.2.9 In case of cancellation or premature termination of the Agreement on other basis, the Lessee shall be obliged to compensate to the Lessor any expenses borne by the Lessor in connection with the Property – above all, the Cost of Property and cost of financing of the Cost of Property in the extent in which these costs have not been covered by the Downpayment and the Lease Payments made. The Lessee is obliged to compensate to the Lessor the outstanding Financed Amount (i.e. the Financed Amount, less the Lease Payments made). The cost of financing to be compensated by the Lessee to the Lessor shall, among other things, contain the cost of fixation of the interest rates (and the cost of premature termination of the agreements on the fixation of interest rates), cost of raising funds required for the financing as well as other costs incurred on the organisation and disbursement of the financing. 9.2.10 The Lessee shall immediately compensate to the Lessor any additional expenses and damage related to the cancellation or premature termination of the Agreement, including, but not limited to, the expenses related to reclaiming possession of and collecting the Property (e.g. transportation expenses) and the expenses related to the disposal of the Property (e.g. expenses related to safeguarding, cleaning, bringing the Property into the required technical condition, brokerage fees or other fees payable to the organisers or mediators of the sale, etc.). 9.2.11 The value of the Property shall be deducted from the compensation payable under clauses 9.2.9 and 9.2.10
Appears in 1 contract
Samples: Financial Lease Agreement
Premature termination of the Agreement. 9.2.1 The Lessor shall have the right to cancel the Agreement extraordinarily and without any advance notification, if:
(i) the Lessee has submitted false information in the application for the conclusion of the Agreement or in other documents submitted to the Lessor, or has failed to submit information concerning his or her activities or legal status, which significantly affects the performance of the obligations arising from the Agreement;
(ii) the Lessee fails to make the Downpayment or pay the Agreement Fee in a timely manner and/or informs the Lessor of his or her intention not to make the Downpayment;
(iii) the Lessee refuses to accept or delays acceptance of the possession of the Property without a good reason;
(iv) the Lessee partially or completely delays payment of at least one (1) Instalment Payment or any other payment arising from the Agreement, and fails to eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(v) The surety or guarantor securing the Lessee's obligations arising from the Agreement is subjected to transformation, is dissolved or declared bankrupt, or a reorganisation plan is approved thereof, reorganising the surety or guarantee provided to the Lessor, and the Lessee fails to provide additional security acceptable to the Lessor within 14 calendar days;
(vi) the value of the Property decreases due to the activity of the Lessee or the Lessee's failure to act, including cases where the Lessee fails to eliminate the deficiencies of the Property which the Lessee is obliged to eliminate under the Agreement;
(vii) the Property is destroyed or rendered unfit for use or possession of the Property is permanently lost by the Parties to the Agreement (including due to theft, robbery or embezzlement);
(viii) the Lessee fails to appropriately insure the Property or to renew the insurance contract pursuant to the procedure provided in the Agreement, or otherwise violates the Property insurance obligation stipulated in Chapter 6 of the General Conditions;
(ix) the Lessee fails to adhere to the requirements established by the Seller or manufacturer of the Property for the technical maintenance, use and/or exploitation of the Property;
(x) the Lessee fails to fulfil any of the obligations arising from the Agreement, and does not eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(xi) withdrawal from the Contract of Sale due to deficiencies discovered in the Property or for any other reason;
(xii) the Lessee or a person incorporated in the same group with the Lessee is in breach of any contract concluded with the Lessor or a company incorporated in the same group with the Lessor (including a loan agreement, lease agreement, factoring agreement or other financing agreements, collateral agreements or transfer agreements);
(xiii) the Lessor has reason to suspect that the purpose of the transaction is money laundering or terrorist financing, and the Lessee fails to provide sufficient evidence, in the eyes of the Lessor, for verifying the legitimate origin of the funds to be used for making payments under the Agreement;
(xiv) there are other bases, specified in the Agreement or the Lessor's general conditions (General Conditions of AS LHV Pank) or the law, for cancellation of the Agreement.
9.2.2 The Lessor may also withdraw from the Agreement before disbursement of the Financed Amount credit and/or acquisition of the Property from the Seller and/or delivery of the Property to the Lessee, if:
(i) the Lessee has become insolvent; and/or
(ii) the financial position of the Lessee has deteriorated to such an extent that the Lessee’s ability to fulfil the obligations arising from the Agreement is jeopardized; and/or
(iii) the Lessee has submitted false information with the aim of receiving financing by the Lessor.
9.2.3 In case of cancellation or premature termination of the Agreement, the Lessor shall remain the owner of the Property, and the Instalment Payments made by the Lessee during the validity of the Agreement or other amounts paid under the Agreement shall not be returned or otherwise compensated to the Lessee. Notwithstanding the above, the Lessee shall have the right to become the owner of the Property upon appropriate fulfilment of all obligations arising from the Agreement.
9.2.4 Upon cancellation of the Agreement on the basis stipulated in clause 9.2.1 of the General Conditions or upon premature termination of the Agreement on any other basis, the Lessee shall, without delay, transfer possession of the Property to the authorised representative of the Lessor or a Third Party designated by the Lessor at the time and pursuant to the procedure established by the Lessor. The Lessee undertakes to deliver the Property and the accompanying documentation to the Lessor at the latest on the day following the day of premature termination of the AgreementClauses 9.
9.2.5 Should the Lessee fail to return the Property on the terms and conditions stipulated in the Agreement, the Lessor shall have the right to apply appropriate measures to reclaim possession of the Property. In case of delay of return of the Property, the Lessee shall pay the Lessor a fee for the use of the Property in the amount of 100 (one hundred) euros for each calendar day of delay of delivery.
9.2.6 The Property to be returned by the Lessee to the Lessor and/or a Third Party shall be as complete as and contain the same extras as at the time of delivery of the Property to the Lessee, as well as the installed additional devices and improvements owned by the Lessor. The Property to be returned by the Lessee shall be in the same condition as when the Lessee gained possession of the Property, considering normal wear and tear from the use of the Property in accordance with its intended purpose of use under clause 5.2 of the General Conditions, and shall not be damaged or have significant deficiencies.
9.2.7 The Lessor or a person designated by the Lessor shall assess the condition of the Property, wear and tear, and any impairment. If, upon return of the Property, the condition of the Property does not comply with the terms and conditions set forth in the Agreement, the Lessee shall be obliged to bring the Property into the required condition at his/her own expense and/or to compensate to the Lessor any expenses incurred by the Lessor and/or the damage caused through impairment of the Property.
9.2.8 When the Property is returned upon premature termination of the Agreement, the market value of the Property shall be ascertained either on the basis of an expert opinion given by an expert designated by the Lessor, or in the course of disposal of the Property. The market value of the Property may also be ascertained in the course of disposal of the Property, with the Lessor and the Lessee separately having agreed that in such cases the market value upon return of the Property shall be the actual sales price of the Property (i.e. proceeds from disposal of the Property, less any sales expenses). Any expenses related to the expert opinion shall be borne by the Lessee. In case of destruction of, loss of or theft of the Property, as well as in other cases where the Property is not returned to the Lessor, the return value of the Property shall be 0 (zero) euros.
9.2.9 In case of cancellation or premature termination of the Agreement on other basis, the Lessee shall be obliged to compensate to the Lessor any expenses borne by the Lessor in connection with the Property – above all, the Cost of Property and cost of financing of the Cost of Property in the extent in which these costs have not been covered by the Downpayment and the Lease Payments made. The Lessee is obliged to compensate to the Lessor the outstanding Financed Amount (i.e. the Financed Amount, less the Lease Payments made). The cost of financing to be compensated by the Lessee to the Lessor shall, among other things, contain the cost of fixation of the interest rates (and the cost of premature termination of the agreements on the fixation of interest rates), cost of raising funds required for the financing as well as other costs incurred on the organisation and disbursement of the financing.
9.2.10 The Lessee shall immediately compensate to the Lessor any additional expenses and damage related to the cancellation or premature termination of the Agreement, including, but not limited to, the expenses related to reclaiming possession of and collecting the Property (e.g. transportation expenses) and the expenses related to the disposal of the Property (e.g. expenses related to safeguarding, cleaning, bringing the Property into the required technical condition, brokerage fees or other fees payable to the organisers or mediators of the sale, etc.).
9.2.11 The value of the Property shall be deducted from the compensation payable under clauses 9.2.9 and 9.2.10
Appears in 1 contract
Samples: Operational Lease Agreement
Premature termination of the Agreement. 9.2.1 The Lessor shall have the right to cancel the Agreement extraordinarily and without any advance notification, if:
(i) the Lessee has submitted false information in the application for the conclusion of the Agreement or in other documents submitted to the Lessor, or has failed to submit information concerning his or her activities or legal status, which significantly affects the performance of the obligations arising from the Agreement;
(ii) the Lessee fails to make the Downpayment or pay the Agreement Fee in a timely manner and/or informs the Lessor of his or her intention not to make the Downpayment;
(iii) the Lessee refuses to accept or delays acceptance of the possession of the Property without a good reason;
(iv) the Lessee partially or completely delays payment of at least one (1) the Instalment Payment or any other payment arising from the Agreementfor 3 (three) consecutive times, and fails to eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(v) The surety or guarantor securing the Lessee's obligations arising from the Agreement is subjected to transformation, is dissolved or declared bankrupt, or a reorganisation plan is approved thereof, reorganising the surety or guarantee provided to the Lessor, and the Lessee fails to provide additional security acceptable to the Lessor within 14 calendar days;
(vi) the value of the Property decreases due to the activity of the Lessee or the Lessee's failure to act, including cases where the Lessee fails to eliminate the deficiencies of the Property which the Lessee is obliged to eliminate under the Agreement;
(vii) the Property is destroyed or rendered unfit for use or possession of the Property is permanently lost by the Parties to the Agreement (including due to theft, robbery or embezzlement);
(viii) the Lessee fails to appropriately insure the Property or to renew the insurance contract pursuant to the procedure provided in the Agreement, or otherwise violates the Property insurance obligation stipulated in Chapter 6 of the General Conditions;
(ix) the Lessee fails to adhere to the requirements established by the Seller or manufacturer of the Property for the technical maintenance, use and/or exploitation of the Property;
(x) the Lessee fails to fulfil any of the obligations arising from the Agreement, and does not eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(xi) withdrawal from the Contract of Sale due to deficiencies discovered in the Property or for any other reason;
(xii) the Lessee or a person incorporated in the same group with the The Lessee is in breach of any contract concluded with the Lessor or a company incorporated in the same group with the Lessor (including a loan agreement, lease agreement, factoring agreement or other financing agreements, collateral agreements or transfer agreements);
(xiii) the Lessor has reason to suspect that the purpose of the transaction is money laundering or terrorist financing, and the Lessee fails to provide sufficient evidence, in the eyes of the Lessor, for verifying the legitimate origin of the funds to be used for making payments under the Agreement;
(xiv) there are other bases, specified in the Agreement or the Lessor's general conditions (General Conditions of AS LHV Pank) or the law, for cancellation of the Agreement.
9.2.2 The Lessor may also withdraw from the Agreement before disbursement of the Financed Credit Amount and/or acquisition of the Property from the Seller and/or delivery of the Property to the Lessee, if:
(i) the Lessee has become insolvent; and/or
(ii) the financial position of the Lessee has deteriorated to such an extent that the Lessee’s ability to fulfil the obligations arising from the Agreement is jeopardized; and/or
(iii) the Lessee has submitted false information with the aim of receiving financing by the Lessor.
9.2.3 In case of cancellation or premature termination of the Agreement, the Lessor shall remain the owner of the Property, and the Instalment Payments made by the Lessee during the validity of the Agreement or other amounts paid under the Agreement shall not be returned or otherwise compensated to the Lessee. Notwithstanding the above, the Lessee shall have the right to become the owner of the Property upon appropriate fulfilment of all obligations arising from the Agreement.
9.2.4 Upon cancellation of the Agreement on the basis stipulated in clause 9.2.1 of the General Conditions or upon premature termination of the Agreement on any other basis, the Lessee shall, without delay, transfer possession of the Property to the authorised representative of the Lessor or a Third Party designated by the Lessor at the time and pursuant to the procedure established by the Lessor. The Lessee undertakes to deliver the Property and the accompanying documentation to the Lessor at the latest on the day following the day of premature termination of the Agreement.
9.2.5 Should the Lessee fail to return the Property on the terms and conditions stipulated in the Agreement, the Lessor shall have the right to apply appropriate measures to reclaim possession of the Property. In case of delay of return of the Property, the Lessee shall pay the Lessor a fee for the use of the Property in the amount of 100 (one hundred) euros for each calendar day of delay of delivery.
9.2.6 The Property to be returned by the Lessee to the Lessor and/or a Third Party shall be as complete as and contain the same extras as at the time of delivery of the Property to the Lessee, as well as the installed additional devices and improvements owned by the Lessor. The Property to be returned by the Lessee shall be in the same condition as when the Lessee gained possession of the Property, considering normal wear and tear from the use of the Property in accordance with its intended purpose of use under clause 5.2 of the General Conditions, and shall not be damaged or have significant deficiencies.
9.2.7 The Lessor or a person designated by the Lessor shall assess the condition of the Property, wear and tear, and any impairment. If, upon return of the Property, the condition of the Property does not comply with the terms and conditions set forth in the Agreement, the Lessee shall be obliged to bring the Property into the required condition at his/her own expense and/or to compensate to the Lessor any expenses incurred by the Lessor and/or the damage caused through impairment of the Property.
9.2.8 When the Property is returned upon premature termination of the Agreement, the market value of the Property shall be ascertained either on the basis of an expert opinion given by an expert designated by the Lessor, or in the course of disposal of the Property. The market value of the Property may also be ascertained in the course of disposal of the Property, with the Lessor and the Lessee separately having agreed that in such cases the market value upon return of the Property shall be the actual sales price of the Property (i.e. proceeds from disposal of the Property, less any sales expenses). Any expenses related to the expert opinion shall be borne by the Lessee. In case of destruction of, loss of or theft of the Property, as well as in other cases where the Property is not returned to the Lessor, the return value of the Property shall be 0 (zero) euros.
9.2.9 In case of cancellation or premature termination of the Agreement on other basis, the Lessee shall be obliged to compensate to the Lessor any expenses borne by the Lessor in connection with the Property – above all, the Cost of Property and cost of financing of the Cost of Property in the extent in which these costs have not been covered by the Downpayment and the Lease Payments made. The Lessee is obliged to compensate to the Lessor the outstanding Financed Credit Amount (i.e. the Financed Credit Amount, less the Lease Payments made). The cost of financing to be compensated by the Lessee to the Lessor shall, among other things, contain the cost of fixation of the interest rates (and the cost of premature termination of the agreements on the fixation of interest rates), cost of raising funds required for the financing as well as other costs incurred on the organisation and disbursement of the financing.
9.2.10 The Lessee shall immediately compensate to the Lessor any additional expenses and damage related to the cancellation or premature termination of the Agreement, including, but not limited to, the expenses related to reclaiming possession of and collecting the Property (e.g. transportation expenses) and the expenses related to the disposal of the Property (e.g. expenses related to safeguarding, cleaning, bringing the Property into the required technical condition, brokerage fees or other fees payable to the organisers or mediators of the sale, etc.).
9.2.11 The value of the Property shall be deducted from the compensation payable under clauses 9.2.9 and 9.2.10
Appears in 1 contract
Samples: Financial Lease Agreement
Premature termination of the Agreement. 9.2.1 1) The Lessor shall have be entitled to terminate the right to cancel the Agreement extraordinarily Lease if despite notice and without any advance notification, if:
(i) the Lessee has submitted false information in the application for the conclusion of the Agreement or in other documents submitted to the Lessor, or has failed to submit information concerning his or her activities or legal status, which significantly affects the performance of the obligations arising from the Agreement;
(ii) a 6-week grace period the Lessee fails to make the Downpayment contractually agreed payments or pay fails for whatever reason to acknowledge indexation adjustments made on the Agreement Fee in a timely manner and/or informs the Lessor of his or her intention not to make the Downpayment;
(iii) the Lessee refuses to accept or delays acceptance basis of the possession of indexation clause agreed in this Agreement.
2) If the Property without a good reason;
(iv) the Lessee partially or completely delays payment of at least one (1) Instalment Payment or any other payment arising from the Agreement, and fails to eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(v) The surety or guarantor securing the Lessee's obligations arising from the Agreement contractual relationship is subjected to transformation, is dissolved or declared bankrupt, or a reorganisation plan is approved thereof, reorganising the surety or guarantee provided to the Lessor, and the Lessee fails to provide additional security acceptable to the Lessor within 14 calendar days;
(vi) the value of the Property decreases prematurely terminated due to the activity fault of the Lessee or the Lessee's failure to act, including cases where the Lessee fails to eliminate the deficiencies of the Property which the Lessee is obliged to eliminate under the Agreement;
(vii) the Property is destroyed or rendered unfit for use or possession of the Property is permanently lost by the Parties to the Agreement (including due to theft, robbery or embezzlement);
(viii) the Lessee fails to appropriately insure the Property or to renew the insurance contract pursuant to the procedure provided in the Agreement, or otherwise violates the Property insurance obligation stipulated in Chapter 6 of the General Conditions;
(ix) the Lessee fails to adhere to the requirements established by the Seller or manufacturer of the Property for the technical maintenance, use and/or exploitation of the Property;
(x) the Lessee fails to fulfil any of the obligations arising from the Agreement, and does not eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(xi) withdrawal from the Contract of Sale due to deficiencies discovered in the Property or for any other reason;
(xii) the Lessee or a person incorporated in the same group with the Lessee is in breach of any contract concluded with the Lessor or a company incorporated in the same group with the Lessor (including a loan agreement, lease agreement, factoring agreement or other financing agreements, collateral agreements or transfer agreements);
(xiii) the Lessor has reason to suspect that the purpose of the transaction is money laundering or terrorist financing, and the Lessee fails to provide sufficient evidence, in the eyes of the Lessor, for verifying the legitimate origin of the funds to be used for making payments under the Agreement;
(xiv) there are other bases, specified in the Agreement or the Lessor's general conditions (General Conditions of AS LHV Pank) or the law, for cancellation of the Agreement.
9.2.2 The Lessor may also withdraw from the Agreement before disbursement of the Financed Amount and/or acquisition of the Property from the Seller and/or delivery of the Property to the Lessee, if:
(i) the Lessee has become insolvent; and/or
(ii) the financial position of the Lessee has deteriorated to such an extent that the Lessee’s ability to fulfil the obligations arising from the Agreement is jeopardized; and/or
(iii) the Lessee has submitted false information with the aim of receiving financing by the Lessor.
9.2.3 In case of cancellation or premature termination of the Agreement, the Lessor shall remain the owner of the Property, and the Instalment Payments made by the Lessee during the validity of the Agreement or other amounts paid under the Agreement shall not be returned or otherwise compensated to the Lessee. Notwithstanding the above, the Lessee shall have the right to become the owner of the Property upon appropriate fulfilment of all obligations arising from the Agreement.
9.2.4 Upon cancellation of the Agreement on the basis stipulated in clause 9.2.1 of the General Conditions or upon premature termination of the Agreement on any other basis, the Lessee shall, without delay, transfer possession of the Property to the authorised representative of the Lessor or a Third Party designated by the Lessor at the time and pursuant to the procedure established by the Lessor. The Lessee undertakes to deliver the Property and the accompanying documentation to the Lessor at the latest on the day following the day of premature termination of the Agreement.
9.2.5 Should the Lessee fail to return the Property on the terms and conditions stipulated in the Agreement, the Lessor shall have the right to apply appropriate measures claim for compensation for any and all damages under the applicable Polish law.
3) The Lessor shall be entitled to reclaim possession terminate the Lease prematurely by means of a registered letter with immediate effect, if settlement proceedings or bankruptcy proceedings are commenced with respect to the Lessee’s assets, or if bankruptcy proceedings are closed due to inadequate assets.
4) The Lessee shall be entitled to terminate the Agreement, one-month following a notice to the Lessor, if the Property is not entirely, or in its prevalent part, i.e. in a part exceeding 30% of the Property’s net usable area fit for the type of business specified in Art. In case of delay of return 3 of the PropertyOverview of this Agreement, and at the same time (1) the Lessor does not propose replacement space to the Lessee shall pay and (2) the Lessor a fee for the use of the Property in the amount of 100 (one hundred) euros for each calendar day of delay of delivery.
9.2.6 The Property to be returned by the Lessee to the Lessor and/or a Third Party shall be as complete as and contain the same extras as at the time of delivery reinstatement of the Property to the Lessee, as well as condition fit for the installed additional devices and improvements owned by the Lessortype of business specified in Art. The Property to be returned by the Lessee shall be in the same condition as when the Lessee gained possession 3 of the Property, considering normal wear and tear from Overview of this Agreement (except for the use reinstatement of the Property in accordance with its intended purpose of use under clause 5.2 Lessee’s fixtures) is impossible within two months of the General Conditions, date of occurrence of such circumstances and shall not be damaged or have significant deficiencies.
9.2.7 The Lessor or a person designated by (3) the Lessor shall assess the condition of the Property, wear and tear, and any impairment. If, upon return of the Property, the condition of the Property does not comply with the terms and conditions set forth in the Agreement, the Lessee shall be obliged denies to bring the Property into the required condition at his/her own expense and/or to compensate to the Lessor any expenses incurred by the Lessor and/or the damage caused through impairment of the Property.
9.2.8 When the Property is returned upon premature termination of the Agreement, the market value of the Property shall be ascertained either on the basis of an expert opinion given by an expert designated by the Lessor, or in the course of disposal of the Property. The market value of the Property may also be ascertained in the course of disposal of the Property, with the Lessor and the Lessee separately having agreed that in such cases the market value upon return of the Property shall be the actual sales price of the Property (i.e. proceeds from disposal of the Property, less any sales expenses). Any expenses related to the expert opinion shall be borne by the Lessee. In case of destruction of, loss of or theft of the Property, as well as in other cases where the Property is not returned to the Lessor, the return value of the Property shall be 0 (zero) euros.
9.2.9 In case of cancellation or premature termination of the Agreement on other basis, the Lessee shall be obliged to compensate to the Lessor any expenses borne by the Lessor in connection with the Property – above all, the Cost of Property and cost of financing of the Cost of Property in the extent in which these costs have not been covered by the Downpayment and the Lease Payments made. The Lessee is obliged to compensate to the Lessor the outstanding Financed Amount (i.e. the Financed Amount, less the Lease Payments made). The cost of financing to be compensated by the Lessee to the Lessor shall, among other things, contain cover the cost of fixation Leessees removal to the replacement space. Such regulations shall not apply to the cases, when the Property’s unfitness has been caused by:
a) causes, for which the Lessee is responsible; or
b) causes due to failure to perform or inadequate performance of their duties by external suppliers independent of the interest rates Lessor (and the cost supply of premature termination of the agreements on the fixation of interest rates)electricity, cost of raising funds required for the financing as well as other costs incurred on the organisation and disbursement of the financing.
9.2.10 The Lessee shall immediately compensate to the Lessor any additional expenses and damage related to the cancellation or premature termination of the Agreementwater, includingtelecommunication services, but not limited to, the expenses related to reclaiming possession of and collecting the Property (e.g. transportation expenses) and the expenses related to the disposal of the Property (e.g. expenses related to safeguarding, cleaning, bringing the Property into the required technical condition, brokerage fees or other fees payable to the organisers or mediators of the salecentral heating, etc.).
9.2.11 The value of the Property shall be deducted from the compensation payable under clauses 9.2.9 and 9.2.10
Appears in 1 contract
Premature termination of the Agreement. 9.2.1 The Lessor shall have the right to cancel the Agreement extraordinarily and without any advance notification, if:
(i) the Lessee has submitted false information in the application for the conclusion of the Agreement or in other documents submitted to the Lessor, or has failed to submit information concerning his or her activities or legal status, which significantly affects the performance of the obligations arising from the Agreement;
(ii) the Lessee fails to make the Downpayment or pay the Agreement Fee in a timely manner and/or informs the Lessor of his or her intention not to make the Downpayment;
(iii) the Lessee refuses to accept or delays acceptance of the possession of the Property without a good reason;
(iv) the Lessee partially or completely delays payment of at least one (1) the Instalment Payment or any other payment arising from the Agreementfor 3 (three) consecutive times, and fails to eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(v) The surety or guarantor securing the Lessee's obligations arising from the Agreement is subjected to transformation, is dissolved or declared bankrupt, or a reorganisation plan is approved thereof, reorganising the surety or guarantee provided to the Lessor, and the Lessee fails to provide additional security acceptable to the Lessor within 14 calendar days;
(vi) the value of the Property decreases due to the activity of the Lessee or the Lessee's failure to act, including cases where the Lessee fails to eliminate the deficiencies of the Property which the Lessee is obliged to eliminate under the Agreement;
(vii) the Property is destroyed or rendered unfit for use or possession of the Property is permanently lost by the Parties to the Agreement (including due to theft, robbery or embezzlement);
(viii) the Lessee fails to appropriately insure the Property or to renew the insurance contract pursuant to the procedure provided in the Agreement, or otherwise violates the Property insurance obligation stipulated in Chapter 6 of the General Conditions;
(ix) the Lessee fails to adhere to the requirements established by the Seller or manufacturer of the Property for the technical maintenance, use and/or exploitation of the Property;
(x) the Lessee fails to fulfil any of the obligations arising from the Agreement, and does not eliminate the breach within a 14 (fourteen)-day additional term established by the Lessor;
(xi) withdrawal from the Contract of Sale due to deficiencies discovered in the Property or for any other reason;
(xii) the Lessee or a person incorporated in the same group with the The Lessee is in breach of any contract concluded with the Lessor or a company incorporated in the same group with the Lessor (including a loan agreement, lease agreement, factoring agreement or other financing agreements, collateral agreements or transfer agreements);
(xiii) the Lessor has reason to suspect that the purpose of the transaction is money laundering or terrorist financing, and the Lessee fails to provide sufficient evidence, in the eyes of the Lessor, for verifying the legitimate origin of the funds to be used for making payments under the Agreement;
(xiv) there are other bases, specified in the Agreement or the Lessor's general conditions (General Conditions of AS LHV Pank) or the law, for cancellation of the Agreement.
9.2.2 The Lessor may also withdraw from the Agreement before disbursement of the Financed Amount credit and/or acquisition of the Property from the Seller and/or delivery of the Property to the Lessee, if:
(i) the Lessee has become insolvent; and/or
(ii) the financial position of the Lessee has deteriorated to such an extent that the Lessee’s ability to fulfil the obligations arising from the Agreement is jeopardized; and/or
(iii) the Lessee has submitted false information with the aim of receiving financing by the Lessor.
9.2.3 In case of cancellation or premature termination of the Agreement, the Lessor shall remain the owner of the Property, and the Instalment Payments made by the Lessee during the validity of the Agreement or other amounts paid under the Agreement shall not be returned or otherwise compensated to the Lessee. Notwithstanding the above, the Lessee shall have the right to become the owner of the Property upon appropriate fulfilment of all obligations arising from the Agreement.
9.2.4 Upon cancellation of the Agreement on the basis stipulated in clause 9.2.1 of the General Conditions or upon premature termination of the Agreement on any other basis, the Lessee shall, without delay, transfer possession of the Property to the authorised representative of the Lessor or a Third Party designated by the Lessor at the time and pursuant to the procedure established by the Lessor. The Lessee undertakes to deliver the Property and the accompanying documentation to the Lessor at the latest on the day following the day of premature termination of the AgreementClauses 9.
9.2.5 Should the Lessee fail to return the Property on the terms and conditions stipulated in the Agreement, the Lessor shall have the right to apply appropriate measures to reclaim possession of the Property. In case of delay of return of the Property, the Lessee shall pay the Lessor a fee for the use of the Property in the amount of 100 (one hundred) euros for each calendar day of delay of delivery.
9.2.6 The Property to be returned by the Lessee to the Lessor and/or a Third Party shall be as complete as and contain the same extras as at the time of delivery of the Property to the Lessee, as well as the installed additional devices and improvements owned by the Lessor. The Property to be returned by the Lessee shall be in the same condition as when the Lessee gained possession of the Property, considering normal wear and tear from the use of the Property in accordance with its intended purpose of use under clause 5.2 of the General Conditions, and shall not be damaged or have significant deficiencies.
9.2.7 The Lessor or a person designated by the Lessor shall assess the condition of the Property, wear and tear, and any impairment. If, upon return of the Property, the condition of the Property does not comply with the terms and conditions set forth in the Agreement, the Lessee shall be obliged to bring the Property into the required condition at his/her own expense and/or to compensate to the Lessor any expenses incurred by the Lessor and/or the damage caused through impairment of the Property.
9.2.8 When the Property is returned upon premature termination of the Agreement, the market value of the Property shall be ascertained either on the basis of an expert opinion given by an expert designated by the Lessor, or in the course of disposal of the Property. The market value of the Property may also be ascertained in the course of disposal of the Property, with the Lessor and the Lessee separately having agreed that in such cases the market value upon return of the Property shall be the actual sales price of the Property (i.e. proceeds from disposal of the Property, less any sales expenses). Any expenses related to the expert opinion shall be borne by the Lessee. In case of destruction of, loss of or theft of the Property, as well as in other cases where the Property is not returned to the Lessor, the return value of the Property shall be 0 (zero) euros.
9.2.9 In case of cancellation or premature termination of the Agreement on other basis, the Lessee shall be obliged to compensate to the Lessor any expenses borne by the Lessor in connection with the Property – above all, the Cost of Property and cost of financing of the Cost of Property in the extent in which these costs have not been covered by the Downpayment and the Lease Payments made. The Lessee is obliged to compensate to the Lessor the outstanding Financed Amount (i.e. the Financed Amount, less the Lease Payments made). The cost of financing to be compensated by the Lessee to the Lessor shall, among other things, contain the cost of fixation of the interest rates (and the cost of premature termination of the agreements on the fixation of interest rates), cost of raising funds required for the financing as well as other costs incurred on the organisation and disbursement of the financing.
9.2.10 The Lessee shall immediately compensate to the Lessor any additional expenses and damage related to the cancellation or premature termination of the Agreement, including, but not limited to, the expenses related to reclaiming possession of and collecting the Property (e.g. transportation expenses) and the expenses related to the disposal of the Property (e.g. expenses related to safeguarding, cleaning, bringing the Property into the required technical condition, brokerage fees or other fees payable to the organisers or mediators of the sale, etc.).
9.2.11 The value of the Property shall be deducted from the compensation payable under clauses 9.2.9 and 9.2.10
Appears in 1 contract
Samples: Operational Lease Agreement
