Common use of Termination by Owner with Cause Clause in Contracts

Termination by Owner with Cause. Owner shall have the power to terminate this Agreement upon five (5) days’ written notice to Co-Manager if any of the following shall occur: (i) Co-Manager fails to timely pay any sum owed or due to Owner and such sum remains unpaid for more than ten (10) days after written notice from Owner; (ii) Co-Manager commits any fraud, makes any material misrepresentation or misappropriates funds in the performance of its obligations under this Agreement; (iii) Co-Manager files, or there shall be filed against Co-Manager, a petition in bankruptcy; (iv) Co-Manager makes an assignment for the benefit of creditors; (v) Substantially all of the Premises are damaged or destroyed, and Owner decides not to rebuild or restore the Premises; (vi) A substantial portion of the Premises is taken by condemnation or similar proceedings and Owner decides not to continue to operate the Premises; and (vii) Co-Manager shall be in material breach of any other non-monetary obligations contained in this Agreement, and such material breach shall continue for thirty (30) days after written notice thereof from Owner to Co-Manager specifying the particulars of such breach (plus, with respect to breaches which Co-Manager commences diligent efforts to cure within such period, but which cannot reasonably be cured within thirty (30) days, such additional period as is reasonably necessary to cure such breach).

Termination by Owner with Cause. Owner shall have the power to terminate this Agreement upon five (5) days’ ' written notice to Co-Manager if any of the following shall occur: (i) Co-Manager fails to timely pay any sum owed or due to Owner and such sum remains unpaid for more than ten (10) days after written notice from OwnerOwner or another third party; (ii) Co-Manager commits any fraud, willful misconduct, or breach of trust, makes any material misrepresentation or misappropriates funds in the performance of its obligations under this Agreement; (iii) Co-Manager, or any principal of Manager is convicted or pleads guilty or nolo contendere to any felony that involves the Premises; (iv) Manager files, or there shall be filed against Co-Manager, Manager a petition in bankruptcy; (ivv) Co-Manager makes an assignment for the benefit of creditors; (vvi) Substantially all of the Premises are damaged or destroyed, destroyed and Owner decides not to rebuild or restore the Premises; (vivii) A a substantial portion of the Premises is taken by condemnation or similar proceedings and Owner decides not to continue to operate the Premisesproceedings; and (viiviii) Co-Manager shall be in material breach of any other non-monetary non­monetary obligations contained in this Agreement, and such material breach shall continue for thirty (30) days after written notice thereof from Owner to Co-Manager specifying the particulars of such breach (plus, SMRH:479330698.9 with respect to breaches which Co-Manager commences diligent efforts to cure within such period, but which cannot reasonably be cured within thirty (30) days, such additional period as is reasonably necessary to cure such breach).