Common use of Termination by Reason of Default Clause in Contracts

Termination by Reason of Default. In the event that either of the parties hereto shall fail to perform any covenant required to be performed by such party under the terms and provisions of this lease, including Tenant's covenant to pay rent, and such failure shall continue unremedied or uncorrected for a period of fifteen (15) days after the service of written notice upon such party by the other party hereto, specifying such failure, this lease may be terminated, at the option of the party serving such notice, at the expiration of such period of fifteen (15) days; provided, however, that such termination shall not relieve the party so failing from liability to the other party for such damages as may be suffered by reason of such failure. CONDEMNATION In the event that the leased premises shall be taken for public use by the city, state, federal government, public authority or other corporation having the power of eminent domain, then this lease shall terminate as of the date on which possession thereof shall be taken for such public use, or, at the option of the Tenant, as of the date on which the premises shall become unsuitable for Tenant's regular business by reason of such taking. If only a part of the lease premises shall be taken and Tenant shall remain a tenant of the building, the rent shall be abated proportionately. ASSIGNMENT Tenant may not assign this lease or sublet the premises or any part thereof without the written consent of Landlord which shall not be unreasonably withheld. If any assignment or sublease is made by Tenant with Landlord's consent, Tenant shall remain liable as surety under the terms hereof notwithstanding such assignment or sublease. Landlord has granted consent to allow Tenant to sublease the ground floor of the building for the initial year of the lease or part thereof, Sublease may be to any one or more persons. Landlord shall be permitted to assign this lease. TAXES Landlord shall pay all taxes, assessments, and charges which shall be assessed and levied upon the leased premises or any part thereof during this said term as they become due.

Termination by Reason of Default. In the event that either of the parties hereto shall fail to perform any covenant required to be performed by such party under the terms and provisions of this lease, including Tenant's covenant to pay rent, and such failure shall continue unremedied or uncorrected for a period of fifteen (15) days after the service of written notice upon such party by the other party hereto, specifying such failure, this lease may be terminated, at the option of the party serving such notice, at the expiration of such period of fifteen (15) days; provided, however, that such termination shall not relieve the party so failing from liability to the other party for such damages as may be suffered by reason of such failure. CONDEMNATION In the event that the leased premises shall be taken for public use by the city, state, federal government, public authority or other corporation having the power of eminent domain, then this lease shall terminate as of the date on which possession thereof shall be taken for such public use, or, at the option of the Tenant, as of the date on which the premises shall become unsuitable for Tenant's regular business by reason of such taking. If only a part of the lease premises shall be taken and Tenant shall remain a tenant of the building, the rent shall be abated proportionately. ASSIGNMENT Tenant may not assign this lease or sublet the premises or any part thereof without the written consent of Landlord which shall not be unreasonably withheld. If any assignment or sublease is made by Tenant with Landlord's consent, Tenant shall remain liable as surety under the terms hereof notwithstanding such assignment or sublease. Landlord has granted consent to allow Tenant to sublease the ground floor of the building for the initial year of the lease or part thereof, . Sublease may be to any one or more persons. Landlord shall be permitted to assign this lease. TAXES Landlord shall pay all taxes, assessments, and charges which shall be assessed and levied upon the leased premises or any part thereof during this the said term as they become due.. COMMERCIAL LEASE 3 of 4

Termination by Reason of Default. In (a) If Seller shall be ready, willing and able to close and Purchaser shall default in the event that either performance of the parties hereto shall fail to perform any covenant required of its material obligations to be performed on the Closing Date (a “Purchaser Default”), Seller’s sole remedy by reason thereof shall be to terminate this Agreement and, upon such party under termination, Seller shall be entitled to retain the Deposit (and any interest earned thereon) as liquidated damages for Purchaser’s default hereunder, IT BEING AGREED THAT THE DAMAGES BY REASON OF PURCHASER’S DEFAULT ARE DIFFICULT, IF NOT IMPOSSIBLE, TO ASCERTAIN, AND THEREAFTER PURCHASER AND SELLER SHALL HAVE NO FURTHER RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT EXCEPT FOR THOSE THAT ARE EXPRESSLY PROVIDED IN THIS AGREEMENT TO SURVIVE THE TERMINATION HEREOF. Upon a Purchaser Default hereunder Escrow Holder is hereby irrevocably authorized to draw upon (i) the Deposit B Letter of Credit in an amount equal to the Deposit B LC Deposit and pay the proceeds thereof equal to the Deposit B LC Deposit to Seller (ii) the Deposit A Letter of Credit and pay the proceeds thereof to Seller and (iii) the Replacement LC if posted, and pay the proceeds thereof to Seller. (b) If Purchaser shall be ready, willing and able to close and Seller shall default in any of its material obligations to be performed on the Closing Date, including the failure to provide the Seller Financing pursuant to the terms and provisions of this lease, including Tenant's covenant to pay rent, and such failure shall continue unremedied or uncorrected for a period of fifteen (15) days after the service of written notice upon such party by the other party hereto, specifying such failure, this lease may be terminated, at the option of the party serving Seller Loan Commitment, Purchaser as its sole remedy by reason thereof (in lieu of prosecuting an action for damages or proceeding with any other legal course of conduct, the right to bring such noticeactions or proceedings being expressly and voluntarily waived by Purchaser, at to the expiration extent legally permissible, following and upon advice of such period its counsel) shall have the right to terminate this Agreement, receive a return of fifteen the Deposit (15) daystogether with any interest earned thereon), upon which Seller shall be released from any further liability to Purchaser hereunder; provided, however, that if Seller’s default is as a result of the refusal to direct the Assets to be conveyed under Section 1.11 of the Merger Agreement, Purchaser may seek specific performance of Seller’s obligations hereunder to direct the Assets to be conveyed provided that any such termination shall action for specific performance must be commenced within thirty (30) days after such default and provided, further, that should Purchaser prevail in such action for specific performance, Seller will reimburse Purchaser for its actual out of pocket expenses incurred in connection with the Closing that would not relieve have been incurred had Seller not defaulted under this Agreement. Notwithstanding the party so failing from liability foregoing, (i) if Seller’s default is as a result of a failure to provide the other party Seller Financing, Purchaser may either (A) seek specific performance of Seller’s obligations under the Seller Loan Commitment provided that any such action for specific performance must be commenced within thirty (30) days after such damages default and provided, further, that should Purchaser prevail in such action for specific performance, Seller will reimburse Purchaser for its actual out of pocket expenses incurred in connection with the Closing that would not have been incurred had Seller not defaulted under this Agreement or (B) terminate this Agreement and receive a return of the Deposit (together with any interest earned thereon) and make a Claim against Seller for its actual out of pocket expenses incurred as may be suffered a result of Seller’s failure to provide the Seller Financing in accordance with the terms of the Seller Loan Commitment or (ii) if Seller’s default is as a result of the conveyance of the Assets by reason Seller to a third party, not Affiliated with Purchaser, in violation of such failure. CONDEMNATION In the event that the leased premises shall be taken for public use by the city, state, federal government, public authority or other corporation having the power of eminent domainthis Agreement and specific performance is not available to Purchaser as a remedy, then this lease Purchaser may seek its actual damages from Seller. Except as set forth in the preceding two sentences, in no event whatsoever shall terminate as any of the date on which possession thereof Seller Related Parties be liable to Purchaser for any damages of any kind whatsoever. (c) The provisions of this Section 8.1 shall be taken for such public use, or, at survive the option of the Tenant, as of the date on which the premises shall become unsuitable for Tenant's regular business by reason of such taking. If only a part of the lease premises shall be taken and Tenant shall remain a tenant of the building, the rent shall be abated proportionately. ASSIGNMENT Tenant may not assign this lease or sublet the premises or any part thereof without the written consent of Landlord which shall not be unreasonably withheld. If any assignment or sublease is made by Tenant with Landlord's consent, Tenant shall remain liable as surety under the terms hereof notwithstanding such assignment or sublease. Landlord has granted consent to allow Tenant to sublease the ground floor of the building for the initial year of the lease or part thereof, Sublease may be to any one or more persons. Landlord shall be permitted to assign this lease. TAXES Landlord shall pay all taxes, assessments, and charges which shall be assessed and levied upon the leased premises or any part thereof during this said term as they become duetermination hereof.

Termination by Reason of Default. In (a) If Seller shall be ready, willing and able to close and Purchaser shall default in the event that either performance of the parties hereto shall fail to perform any covenant required of its material obligations to be performed on the Closing Date (a “Purchaser Default”), Seller’s sole remedy by such party under the terms and provisions of reason thereof shall be to terminate this leaseAgreement and, including Tenant's covenant to pay rent, and such failure shall continue unremedied or uncorrected for a period of fifteen (15) days after the service of written notice upon such party termination, Seller shall be entitled to retain the Deposit (and any interest earned thereon) as liquidated damages for Purchaser’s default hereunder, IT BEING AGREED THAT THE DAMAGES BY REASON OF PURCHASER’S DEFAULT ARE DIFFICULT, IF NOT IMPOSSIBLE, TO ASCERTAIN, AND THEREAFTER PURCHASER AND SELLER SHALL HAVE NO FURTHER RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT EXCEPT FOR THOSE THAT ARE EXPRESSLY PROVIDED IN THIS AGREEMENT TO SURVIVE THE TERMINATION HEREOF. Upon a Purchaser Default hereunder XX Xxxxx Realty Corp. is hereby irrevocably authorized to draw upon the Deposit Letter of Credit and retain the proceeds thereof. (b) If Purchaser shall be ready, willing and able to close and Seller shall default in any of its material obligations to be performed on the Closing Date, Purchaser as its sole remedy by reason thereof (in lieu of prosecuting an action for damages or proceeding with any other legal course of conduct, the other party heretoright to bring such actions or proceedings being expressly and voluntarily waived by Purchaser, specifying such failureto the extent legally permissible, following and upon advice of its counsel) shall have the right to terminate this lease may be terminatedAgreement, at the option receive a return of the party serving such noticeDeposit (together with any interest earned thereon), at the expiration of such period of fifteen (15) daysupon which Seller shall be released from any further liability to Purchaser hereunder; provided, however, that if Seller’s default is as a result of the refusal to direct the Assets to be conveyed under Section 1.11 of the Merger Agreement, Purchaser may seek specific performance of Seller’s obligations hereunder to direct the Assets to be conveyed provided that any such termination action for specific performance must be commenced within thirty (30) days after such default and provided, further, that should Purchaser prevail in such action for specific performance, Seller will reimburse Purchaser for its actual out of pocket expenses incurred in connection with the Closing that would not have been incurred had Seller not defaulted under this Agreement. Except as set forth in the preceding sentence, in no event whatsoever shall not relieve any of the party so failing from liability Seller Related Parties be liable to Purchaser for any damages of any kind whatsoever. (c) (i) A “Purchaser Default” under any of the Other Contracts other party for such damages than the Australian LPT Contract and the Xxxxxxxxx Contract (each as may be suffered by reason of such failure. CONDEMNATION In the event that the leased premises defined on Exhibit B) shall be taken for public use by the city, state, federal government, public authority or other corporation having the power of eminent domain, then this lease deemed to be and shall terminate as of the date on which possession thereof shall be taken for such public use, or, at the option of the Tenant, as of the date on which the premises shall become unsuitable for Tenant's regular business by reason of such taking. If only constitute a part of the lease premises shall be taken and Tenant shall remain a tenant of the building, the rent shall be abated proportionately. ASSIGNMENT Tenant may not assign this lease or sublet the premises or any part thereof without the written consent of Landlord which shall not be unreasonably withheld. If any assignment or sublease is made by Tenant with Landlord's consent, Tenant shall remain liable as surety under the terms hereof notwithstanding such assignment or sublease. Landlord has granted consent to allow Tenant to sublease the ground floor of the building for the initial year of the lease or part thereof, Sublease may be to any one or more persons. Landlord shall be permitted to assign this lease. TAXES Landlord shall pay all taxes, assessments, and charges which shall be assessed and levied upon the leased premises or any part thereof during this said term as they become duePurchaser Default hereunder.