Term And Scope Section 1 Sample Clauses

Term And Scope Section 1. 1 During the term of this Agreement, Agent is hereby appointed as the sole and exclusive renting agent having the exclusive right to negotiate lease extensions, lease expansions, relocations, renewals and other lease related agreements in the Building by existing tenants in the Building, subject to the provisions of this Agreement. Agent acknowledges and agrees that Xxxxx Xxxxxx (the “Representative”) shall personally supervise such renting activities in the Building. Agent shall have the right, from time to time, to replace the Representative with any other agent or employee of Agent designated by Agent. Everything done by Agent under the provisions of this Section 1 shall be done solely as agent of Owner and not for its own account, and all obligations or expenses incurred thereunder shall be for the account, on behalf and at the expense of Owner, not Agent. Section 1.2 The term of this Agreement shall be on a month to month basis, commencing on the date hereof (the “Commencement Date”) and continuing thereafter until the date (the “Expiration Date”) this Agreement shall be terminated pursuant to the provisions of this Agreement. This Agreement may be terminated: (x) at any time by Owner sending a written notice of termination to Agent, in which event the term of this Agreement shall terminate effective upon the receipt by Agent of such notice of termination; and (y) at any time by Agent sending a written notice of termination to Owner in which event the term of this Agreement shall terminate ninety (90) days after the sending of such notice of termination. Section 1.3 This Agreement shall terminate automatically if: (a) all or substantially all of the Building is condemned or acquired by eminent domain; (b) Owner or Agent files a petition for bankruptcy, reorganization or arrangement under any federal or state statute, or makes an assignment for the benefit of creditors, or takes advantage of any insolvency statute; (c) an involuntary petition of bankruptcy or insolvency under the laws of the federal government or of any state is filed against Owner or Agent and Owner or Agent, as the case may be, shall fail to dismiss the same within sixty (60) days; or (d) Agent’s New York State real estate broker’s license is suspended or revoked. Section 1.4 Upon the termination or expiration of this Agreement, Agent shall deliver to Owner, within ten (10) business days after such termination or expiration, all records, contracts, leases, receipts for deposits, unpa...
Sample 1
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Related to Term And Scope Section 1

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