Common use of Remedies of Owner Clause in Contracts

Remedies of Owner. Upon the occurrence of an Event of Default by Manager as specified in Section 7.01 hereof, Owner shall be entitled to terminate this Agreement and pursue any other remedy it may have at law or in equity, it being expressly understood that following such a termination, Owner shall have no further obligation to pay any amount accruing with respect to any period following the termination date. Notwithstanding such termination, Manager shall not be relieved of any liability arising as a result of Manager's default. Upon such termination, Manager shall deliver to Owner such funds, books and records of Owner then in the possession or control of Manager, and shall assign to such persons as may be designated by Owner all service contracts and deliver all personal property relating to or used in the operation and maintenance of the Project, except any personal property that was paid for by Manager out of its own funds and which is the property of Manager. Owner acknowledges that an Event of Default by Manager under this Agreement shall not constitute a breach or default under the Purchase Agreement or any other agreement between Owner and Manager.

Remedies of Owner. Upon the occurrence of an Event of Default by Manager as specified in Section 7.01 hereof, Owner shall be entitled to terminate this Agreement and pursue any other remedy it may have at law or in equity, it being expressly understood that following such a termination, Owner shall have no further obligation to pay any Fee or other amount accruing with respect to any period following the termination date. Notwithstanding such termination, Manager shall not be relieved of any liability arising as a result of Manager's default. Upon such termination, Manager shall deliver to Owner such funds, books and records of Owner then in the possession or control of Manager, and shall assign to such persons as may be designated by Owner all service contracts and deliver all personal property relating to or used in the operation and maintenance of the Project, except any personal property that was paid for by Manager out of its own funds and which is the property of Manager. Owner acknowledges that an Event of Default by Manager under this Agreement shall not constitute a breach or default under the Purchase Agreement or any other agreement between Owner and Manager.