Common use of Right to Terminate the Agreement Clause in Contracts

Right to Terminate the Agreement. ① In the event that either the Lessor or the Lessee falls under any of the following subparagraphs, the other party may terminate this agreement and ask the Lessee to quit the premises immediately even before the expiration of the lease agreement with a written notice: 1. The Lessee consecutively defaults in the payment of monthly maintenance and other expenses more than two (2) months from the due date; 2. The Lessee enters into attachment, provisional attachment, or provisional disposition, or files for auction or bankruptcy, or is unable to continue this agreement due to material change to the Lessee’s property, credit or business; 3. The Lessor’s honor or credit is damaged as a result of the Lessee’s action; 4. While Nuritkum Square is a building of which use is limited to specified tenants involved in certain type of industry, such as, but not limited to, technological development and manufacturing related to information technology, nanotechnology and biotechnology, and distribution business of media and entertainment, the Lessee does not meet the tenant eligibility requirements during the term of agreement; or 5. Either the Lessor or the Lessee breaches the provisions of this agreement or the obligations with regard to this agreement. ② In case of any of the above subparagraphs of paragraph ①, the Lessor may terminate this agreement and take necessary legal proceedings so that the premises may be delivered.

Appears in 2 contracts

Samples: Lease Agreement (GRAVITY Co., Ltd.), Lease Agreement (GRAVITY Co., Ltd.)

AutoNDA by SimpleDocs

Right to Terminate the Agreement. (1) In the event that either the Lessor or the Lessee falls under any of the following subparagraphs, the other party may terminate this agreement and ask the Lessee to quit the premises immediately even before the expiration of the lease agreement with a written notice: 1. The Lessee consecutively defaults in the payment of monthly maintenance and other expenses more than two (2) months from the due date; 2. The Lessee enters into attachment, provisional attachment, or provisional disposition, or files for auction or bankruptcy, or is unable to continue this agreement due to material change to the Lessee’s property, credit or business; 3. The Lessor’s honor or credit is damaged as a result of the Lessee’s action; 4. While Nuritkum Square is a building of which use is limited to specified tenants involved in certain type of industry, such as, but not limited to, technological development and manufacturing related to information technology, nanotechnology and biotechnology, and distribution business of media and entertainment, the Lessee does not meet the tenant eligibility requirements during the term of agreement; or 5. Either the Lessor or the Lessee breaches the provisions of this agreement or the obligations with regard to this agreement. ② . (2) In case of any of the above subparagraphs of paragraph (1), the Lessor may terminate this agreement and take necessary legal proceedings so that the premises may be delivered.

Appears in 1 contract

Samples: Lease Agreement (GRAVITY Co., Ltd.)

AutoNDA by SimpleDocs

Right to Terminate the Agreement.  In the event that either the Lessor or the Lessee falls under any of the following subparagraphs, the other party may terminate this agreement and ask the Lessee to quit the premises immediately even before the expiration of the lease agreement with a written notice: 1. The Lessee consecutively defaults in the payment of monthly maintenance and other expenses more than two (2) months from the due date; 2. The Lessee enters into attachment, provisional attachment, or provisional disposition, or files for auction or bankruptcy, or is unable to continue this agreement due to material change to the Lessee’s property, credit or business; 3. The Lessor’s honor or credit is damaged as a result of the Lessee’s action; 4. While Nuritkum Square is a building of which use is limited to specified tenants involved in certain type of industry, such as, but not limited to, technological development and manufacturing related to information technology, nanotechnology and biotechnology, and distribution business of media and entertainment, the Lessee does not meet the tenant eligibility requirements during the term of agreement; or 5. Either the Lessor or the Lessee breaches the provisions of this agreement or the obligations with regard to this agreement. In case of any of the above subparagraphs of paragraph , the Lessor may terminate this agreement and take necessary legal proceedings so that the premises may be delivered.

Appears in 1 contract

Samples: Lease Agreement (GRAVITY Co., Ltd.)

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